Market Brief May 31st: GDP from Canada
CNY & AUD, 02:00 a.m. GMT +1, Manufacturing PMI (May) – the index provides data about the manufacturing sector in China. Expectations of analysts show that they predict the Purchasing Managers’ Index to remain the same. If the actual performance beats expectations and the PMI number is higher, this should be read as a bullish sign for the Australian dollar. Conversely, a much weaker reading could drive the Aussie currency down.
EUR, CPI (YoY) (May) (P) – the Consumer Price Index is a key measurement of inflation and consumer trends. It measures changes in the prices of goods and services. Projections for May, 2018 point to increase at 1.6% compared to the same time last year when CPI was reported at 1.3%. Should the actual reading come out better than expected, this could have a bullish impact on the euro. A much, lower result could be met with more negative price action.
CAD, 13:30 p.m. GMT, GDP (Mar) – a major catalyst for action for the Canadian dollar. The change in the total output of goods and services in the Canadian economy is forecast to decline at 0.2% in March versus 0.4% in April. If the reading reported shows a better performance, this should be taken as a positive factor for the Canadian dollar. A strikingly lower result could depreciate the value of the currency.
OIL, 16:00 p.m. GMT +1, Crude Oil Inventories – on Friday, WTI plummeted from $70.48 for a barrel at the beginning of the day to trade at $67.38 in the closing hours. Last Wednesday, the market was surprised by massive increase in production of oil at 5.778M. This week, the expected change is pointing to shrinkage in supply at 2.214M barrels of commercial crude oil held by U.S. firms. If the actual result is higher supply (i.e. stronger number than expected number), this should be read as a negative factor for the pricing of oil. On the other hand, a cut in the level of inventories, could significantly boost the value and price of the commodity.
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