Forex Daily News – May 9, 2018
Forex Daily News – March 20, 2018
Europe Market Movements
Analysts predict that the Bank of England’s MPC which meets on Thursday, will not raise interest rates. This expectation has been priced into the value of the Pound, with it falling against the USD. The EUR isn’t doing so well with it trading at 0.8751 this morning, down from 0.8845 on May 7. Follow GBP currency pairs as we near the BoE announcement.
US Market Movements
The USD has gained in strength against major currencies in reaction to President Trump’s Iran announcement yesterday. The ICE US Dollar Index rose by 0.4%, rising above the 93 level for the first time since December. What’s in prospect for the greenback? First of all the PPI early this afternoon, followed by the EIA Crude Oil Stocks. The CAD could also react to the Crude Oil data.
Asia/Oceania Market Movements
Most Asian stocks fell today as investors digested the news out of the White House. The Nikkei fell as did the Shanghai Composite and the Kospi. The NZD has been hit by the climbing USD but it’s been doing better against the AUD, with the Aussie falling from a peak of 1.0754 on May 4, down to 1.0671 today. Keep an eye on the NZD overnight to profit from its reaction to the RBNZ press conference and rate decision.
Trump’s Iran decision did not significantly affect Oil prices since US sanctions alone are insufficient to cause a price rally. Developments in the Middle East may further affect market conditions. Further on the commodities front, Gold prices have fallen in reaction to the climbing USD. Follow the USD and trade Gold futures.
|12:30 GMT||USD: Produce Price Index|
|14:30 GMT||USD: EIA Crude Oil Stocks|
|21:00 GMT||NZD: RBNZ Rate Statement & Interest Rate Decision|
|22:00 GMT||RBNZ Press Conference|
For this week’s complete economic calendar, click here.