Market Brief May 31st: GDP from Canada


China

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.

European Union

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.

Canada

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.

 

Wishing you Happy and Successful Trading!

 

Risk Warning: The information above constitutes Marketing Communication and does not constitute Investment Advice or Investment Research. The content of the analysis represents the view of our experts on a generic basis, and do not take into consideration individual readers personal circumstances, investment experience or current financial situation. In addition, the analysis above has not been prepared in accordance with legal requirements designed to promote the independence of Investment Research. Readers using the above information should consider the possibility of encountering substantial losses. Therefore, UR Trade Fix Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the above analysis.”  Further to the above ,Forex Trading involves a substantial Risk of Loss and may not be suitable for all Investors. Please see our Website for details regarding UR Trade Fix Limited’s Trading Terms, Policies and Offerings.Read more.

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