Markets Week Ahead: AUD, CAD, GBP, Brexit Talks, Dow Jones, USD, NFPs

The Australian Dollar, Canadian Dollar and Euro await the RBA, BoC and ECB respectively. Brexit talks continue, and rising fears of a no-deal could weigh on the British Pound. Will the Dow Jones an...

Markets Week Ahead: AUD, CAD, GBP, Brexit Talks, Dow Jones, USD, NFPs

The Australian Dollar, Canadian Dollar and Euro await the RBA, BoC and ECB respectively. Brexit talks continue, and rising fears of a no-deal could weigh on the British Pound. Will the Dow Jones an... Via DailyFX - Market News https://ift.tt/32vveVH

S&P 500, DAX 30 and FTSE 100 Forecasts for the Week Ahead

US-China tensions remain, ECB stands ready to expand QE purchases, EU-UK trade talks in focus.

S&P 500, DAX 30 and FTSE 100 Forecasts for the Week Ahead

US-China tensions remain, ECB stands ready to expand QE purchases, EU-UK trade talks in focus. Via DailyFX - Market News https://ift.tt/32vveVH

USD/MXN Outlook: Mexican President Sees Opportunity in Worsening US-China Relationship

López Obrador hopes USMCA will help tighten trade relationships between the US and Mexico

USD/MXN Outlook: Mexican President Sees Opportunity in Worsening US-China Relationship

López Obrador hopes USMCA will help tighten trade relationships between the US and Mexico Via DailyFX - Market News https://ift.tt/32vveVH

Gold Prices Face RBA, BoC, ECB, US Jobs Data and Brexit Talks

The medium-term gold outlook still seems favorable as the Fed, ECB and more keep rates around 0. Immediate event risk ahead includes the RBA and BoC interest rate decisions, US jobs data and Brexit... Via DailyFX - Market News https://ift.tt/32vveVH

US Dollar (USD) Outlook: US-China Tensions Likely to Escalate Further

The US dollar continued to sell-off this week and the greenback’s future will be decided by commentary from the White House and not the Federal Reserve over the coming days and weeks.

US Dollar (USD) Outlook: US-China Tensions Likely to Escalate Further

The US dollar continued to sell-off this week and the greenback’s future will be decided by commentary from the White House and not the Federal Reserve over the coming days and weeks. Via DailyFX - Market News https://ift.tt/32vveVH

Dollar Mostly Subdued Against Rivals

The U.S. dollar recovered after exhibiting weakness in the Asian session, and was down marginally around late afternoon, after briefly moving above the flat line past noon.

The currency was reacting to a slew of economic data from across the globe. Traders were also reacting to updates on the coronavirus pandemic. Rising U.S.-China tensions on Beijing's decision to impose a new security legislation on Hong Hong and the Trump administration's warning to China also had an impact on dollar's movements.

The dollar index, which dropped to a low of 97.95 in the Asian session, rose to 98.55 and was last seen at 98.30, down marginally from previous close.

Against the Euro, the dollar was weaker at $1.1109, losing ground from $1.1077. Data from Eurostat showed eurozone inflation dropped to a four-year low of just 0.1% in May, the official Eurostat agency said.

The Pound Sterling firmed up to $1.2394, but gave up gains, easing to $1.2353, but was still up notably by over 25% from previous close, by late afternoon.

Against the Japanese currency, the dollar was fetching 107.78 yen, compared with 107.64 yen a dollar late Thursday.

The dollar was trading at $0.6668 against the Aussie, nearly 0.5% down from previous close.

The Swiss franc firmed up to CHF 0.9612 from CHF 0.9642, while the Loonie was down marginally at C$1.3775 a U.S. dollar.

In economic news, revised data released by the University of Michigan showed the consumer sentiment index for May was downwardly revised to 72.3 from the preliminary reading of 73.7. Economists had expected the index to be upwardly revised to 74.0.

A report released by MNI Indicators showed its Chicago business barometer dropped to 32.3 in May from 35.4 in April. Economists had expected the barometer to rise to 40.0. With the unexpected decrease, the Chicago business barometer dropped to its lowest level since March of 1982.

Meanwhile, the Commerce Department's report showed an unexpected substantial increase in U.S. personal income in the month of April. The report said personal income spiked by 10.5% in April after tumbling by a revised 2.2% in March. Economists had expected income to plunge by 6.5% compared to the 2% slump originally reported for the previous month.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157962/

Treasuries Move Notably Higher As Trump Holds Press Conference On China

Treasuries showed a notable move to the upside during trading on Friday, more than offsetting the modest decrease seen in the previous session.

Bond prices reached new highs going into the close of trading, ending the day firmly positive. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, slid 5.7 basis points to 0.648 percent.

Treasuries moved higher late in the session as traders reacted to President Donald Trump's highly anticipated press conference about China.

Trump harshly criticized China's handling of the coronavirus, claiming Beijing instigated the "global pandemic" by allowing the disease to spread.

Following China's recent move to approve a controversial security law for Hong Kong, Trump also said he is directing his administration to remove special exemptions for the city.

Trump argued Hong Kong is "no longer sufficiently autonomous" to warrant preferential treatment by the U.S., claiming China has abandoned the idea of "one country, two systems."

The president also announced that he is suspending the entry of certain foreign nationals from China into the U.S. as well as instructing a presidential working group on financial markets to study Chinese companies listed on U.S. exchanges.

Trump also revealed that he is terminating the U.S.' relationship with the World Health Organization, claiming China has total control of the agency.

In U.S. economic news, the Commerce Department released a report unexpectedly showing a substantial increase in U.S. personal income in the month of April, reflecting the distribution of stimulus checks by the federal government.

The Commerce Department said personal income spiked by 10.5 percent in April after tumbling by a revised 2.2 percent in March.

The jump in personal income came as a surprise to economists, who had expected income to plunge by 6.5 percent compared to the 2.0 percent slump originally reported for the previous month.

Meanwhile, the report showed a steep drop in personal spending due to the impact of the coronavirus-induced lockdown.

The Commerce Department said personal spending plummeted by 13.6 percent in April after a revised 6.9 percent slump in March.

Economists had expected spending to tumble by 12.6 percent compared to the 7.5 percent nosedive originally reported for the previous month.

Meanwhile, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved by slightly less initially estimated in the month of May.

The report showed the consumer sentiment index for May was downwardly revised to 72.3 from the preliminary reading of 73.7. Economists had expected the index to be upwardly revised to 74.0.

Despite the unexpected downward revision, the consumer sentiment index is still slightly above the April reading of 71.8.

The monthly jobs report is likely to attract attention next week, with economists expecting the loss of about 10 million jobs in the month of May.

Traders are also likely to keep an eye on reports on manufacturing and service sector activity, the trade deficit, and weekly jobless claims.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157961/

Oil Futures Settle Sharply Higher

Crude oil prices moved higher on Friday, on hopes of a pickup in energy demand and expectations that major oil producers will extend output cuts beyond June 2020.

Higher demand for gasoline following reopening of businesses in almost all states across the U.S., and easing lockdown restrictions in several countries across the world, pushed up oil prices.

The output cuts by OPEC and allied producers too contributed to oil's uptick.

West Texas Intermediate crude oil futures for July ended up $1.78, or about 5.3%, at $35.49 a barrel.

WTI Futures have now posted gains for five straight weeks. Oil prices surged as much as 88% in the month of May, the best monthly returns since the near 45% surge way back in September 1990.

Brent crude futures edged up $0.04 to $35.33 a barrel today.

According to the data released by Baker Hughes, the number of active U.S. rigs drilling for oil declined by 15 to 222 this week, falling for an eleventh straight week.

The total active U.S. rig count is now at 301, down 17 from previous week.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157960/

Gold Futures Settle Notably Higher

Gold prices moved higher on Friday on safe-haven demand as tensions between the U.S. and China escalated, and concerns about another wave of coronavirus resurfaced amid reopening of the economies.

Gold futures for August ended up $23.40, or about 1.4%, at $1,751.70 an ounce. Gold futures gained nearly 3.5% in the month.

Silver futures for July gained about 3%, or 0.53, at $18.499 an ounce, and took their gains for the month to almost 24%, the best monthly returns in more than 9 years.

Copper futures for July moved up by about 0.5% to $2.4255 per pound.

The Sino-U.S. rift deepened after China's parliament approved the controversial security law on Hong Kong, undermining the city's reputation as a financial hub with substantial autonomy.

Traders awaited U.S. President Donald Trump's news conference, due later in the day. It was being speculated that Trump may impose mild new sanctions on visas and Chinese access to the global financial system.

In economic news, revised data released by the University of Michigan showed consumer sentiment in the U.S. improved by slightly less initially estimated in the month of May. The report showed the consumer sentiment index for May was downwardly revised to 72.3 from the preliminary reading of 73.7. Economists had expected the index to be upwardly revised to 74.0.

A report released by MNI Indicators showed its Chicago business barometer dropped to 32.3 in May from 35.4 in April, with a reading below 50 indicating a contraction in regional business activity. Economists had expected the barometer to rise to 40.0. With the unexpected decrease, the Chicago business barometer dropped to its lowest level since March of 1982.

Meanwhile, the Commerce Department's report showed an unexpected substantial increase in U.S. personal income in the month of April. The report said personal income spiked by 10.5% in April after tumbling by a revised 2.2% in March. Economists had expected income to plunge by 6.5% compared to the 2% slump originally reported for the previous month.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157959/

Australia Private Sector Credit Steady In April

Private sector credit in Australia was flat on month in April, the Reserve Bank of Australia said on Friday - following the 1.1 percent increase in March.

On a yearly basis, credit rose 3.6 percent - unchanged from the March reading.

Housing credit was up 0.2 percent on month and 3.1 percent on year, while personal credit dropped 3.0 percent on month and 9.3 percent on year and business credit added 0.1 percent on month and 6.7 percent on year.

Broad money gained 2.9 percent on month and 9.3 percent on year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157825/

*Australia Private Sector Credit Flat On Month, +3.6% On Year In April

Australia Private Sector Credit Flat On Month, +3.6% On Year In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157824/

USD, JPY May Rise as US-China Tension Over Hong Kong Escalates

The anti-risk US Dollar and Japanese Yen may rise as tension between the US and China escalate over a thorny and familiar topic: Hong Kong. Via DailyFX - Market News https://ift.tt/32vveVH

South Korea Industrial Production Falls 6.0% In April

Industrial output in South Korea dropped a seasonally adjusted 6.0 percent on month in April, Statistics Korea said on Friday.

That missed expectations for a decline of 3.2 percent following the 4.6 percent increase in March.

On a yearly basis, industrial production sank 4.5 percent - again missing forecasts for a fall of 2.2 percent after rising 7.1 percent in the previous month.

The Index of All Industry Production was down 2.5 percent on month and 5.0 percent on year.

The Manufacturing Production Index in April fell 6.4 percent on month and 4.7 percent on year. The Manufacturing Shipment Index lost 7.2 percent on month and 7.3 percent on year. The Manufacturing Inventory Index eased 0.4 percent on month but added 2.5 percent on year.

The Production Capacity Index in April eased 0.1 percent on month but climbed.8 percent on year. The Index of Capacity Utilization Rate dropped 7.7 percent on month and 8.5 percent on year.

The Manufacturing Average Capacity Utilization Rate in April was 68.6 percent, down 5.7 percentage points from the previous month. The Index of Services gained 0.5 percent on month but lost 6.1 percent on year.

The Retail Sales Index added 5.3 percent on month but lost 2.2 percent on year. The Equipment Investment Index gained 5.0 percent on month and 1.4 percent on year.

The Domestic Machinery Shipment Index in April added 0.9 percent on year, while the value of Domestic Machinery Orders Received eased an annual 0.2 percent.

In April, the value of Construction Completed at constant prices shed 2.4 percent on month and 2.7 percent on year. The value of Construction Orders Received at current prices plummeted an annual 44.9 percent.

The Composite Coincident Index in April fell 1.1 percent on month. The Cyclical Component of Composite Coincident Index, which reflects current economic situations, shed 1.3 points on month.

The Composite Leading Index eased 0.2 percent on month. The Cyclical Component of Composite Leading Index, which predicts the turning point in business cycle, fell 0.5 points on month.

Also on Friday, Statistics Korea said that the total value of retail sales in South Korea was up a seasonally adjusted 5.3 percent on month in April.

That exceeded expectations for an increase of 1.5 percent following the 1.0 percent decline in March.

On a yearly basis, retail sales fell 2.2 percent - but that also beat forecasts for a fall of 5.0 percent following the 8.0 percent drop in the previous month.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157823/

Japan Industrial Output Sinks 9.1% In April

Industrial output in Japan skidded a seasonally adjusted 9.1 percent in April, the Ministry of Economy, Trade and Industry said on Friday.

That missed expectations for a decline of 5.1 percent following the 3.7 percent drop in March.

Ona yearly basis, industrial production tumbled 14.4 percent - also missing expectations for a fall of 7.7 percent after slipping 5.2 percent in the previous month.

Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it is declining rapidly.

Shipments were down 8.8 percent on month and 15.9 percent on year, while inventories eased 0.3 percent on month and added 2.7 percent on year. The inventory ratio spiked 12.7 percent on month and 28.1 percent on year.

According to the METI's forecast of industrial production, output is expected to fall 4.1 percent on month in May and then rise 3.9 percent in June.

Also on Friday: . The unemployment rate in Japan came in at a seasonally adjusted 2.6 percent in April, the Ministry of Internal Affairs and Communications said - beneath expectations for 2.7 percent but was up from 2.5 percent in March.

The jobs to applicant ratio fell to 1.32, missing forecasts for 1.33 and down from 1.39 in the previous month.

The number of employed persons in April was 66.28 million, a decrease of 800,000 from the previous year. The number of unemployed persons in April was 1.89 million, an increase of 130,000 from a year earlier.

. Overall consumer prices were up 0.4 percent on year in May, the Ministry of Internal Affairs and Communications said - exceeding expectations for an increase of 0.2 percent, which would have been unchanged from the April reading.

Core CPI, which excludes volatile food costs, gained an annual 0.2 percent versus forecasts for a decline of 0.2 percent after easing 0.1 percent in the previous month.

On a seasonally adjusted monthly basis, overall inflation was up 0.1 percent and core CPI rose 0.2 percent.

. The total value of retail sales in Japan was down a seasonally adjusted 9.6 percent on month in April, the Ministry of Economy, Trade and Industry said - shy of expectations for a decline of 7.0 percent following the 4.5 percent drop in March.

On a yearly basis, retail sales tumbled 13.7 percent - also missing expectations for a drop of 11.5 percent after slipping 4.6 percent in the previous month.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157822/

Japan Retail Sales Slide 9.6% On Month In April

The total value of retail sales in Japan was down a seasonally adjusted 9.6 percent on month in April, the Ministry of Economy, Trade and Industry said on Friday.

That was shy of expectations for a decline of 7.0 percent following the 4.5 percent drop in March.

On a yearly basis, retail sales tumbled 13.7 percent - also missing expectations for a drop of 11.5 percent after slipping 4.6 percent in the previous month.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157821/

USD/CAD Rate Snaps April Range Ahead of Canada GDP Report

Canada’s 1Q GDP report may undermine the recent decline in USD/CAD as the update is expected to show the biggest contraction since the data series began in 1961. Via DailyFX - Market News https://ift.tt/32vveVH

Tokyo Overall Inflation Rises 0.4% On Year In May

Overall consumer prices were up 0.4 percent on year in May, the Ministry of Internal Affairs and Communications said on Friday.

That exceeded expectations for an increase of 0.2 percent, which would have been unchanged from the April reading.

Core CPI, which excludes volatile food costs, gained an annual 0.2 percent versus forecasts for a decline of 0.2 percent after easing 0.1 percent in the previous month.

On a seasonally adjusted monthly basis, overall inflation was up 0.1 percent and core CPI rose 0.2 percent.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157820/

Japan Jobless Rate Climbs To 2.6% In April

The unemployment rate in Japan came in at a seasonally adjusted 2.6 percent in April, the Ministry of Internal Affairs and Communications said on Friday.

That was beneath expectations for 2.7 percent but was up from 2.5 percent in March.

The jobs to applicant ratio fell to 1.32, missing forecasts for 1.33 and down from 1.39 in the previous month.

The number of employed persons in April was 66.28 million, a decrease of 800,000 from the previous year. The number of unemployed persons in April was 1.89 million, an increase of 130,000 from a year earlier.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157819/

South Korea Retail Sales Climb 5.3% In April

The total value of retail sales in South Korea was up a seasonally adjusted 5.3 percent on month in April, Statistics Korea said on Friday.

That exceeded expectations for an increase of 1.5 percent following the 1.0 percent decline in March.

On a yearly basis, retail sales fell 2.2 percent - but that also beat forecasts for a fall of 5.0 percent following the 8.0 percent drop in the previous month.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157818/

Japan Industrial Production Drops 9.1% In April

Industrial production in Japan was down a seasonally adjusted 9.1 percent in April, the Ministry of Economy, Trade and Industry said on Friday.

That missed expectations for a decline of 5.1 percent following the 3.7 percent drop in March.

Ona yearly basis, industrial production tumbled 14.4 percent - also missing expectations for a fall of 7.7 percent after slipping 5.2 percent in the previous month.

Upon the release of the data, the METI downgraded its assessment of industrial production, saying that it is declining rapidly.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157817/

*Japan Retail Sales -13.7% On Year In April

Japan Retail Sales -13.7% On Year In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157816/

*Japan Industrial Production -9.1% On Month, -14.4% On Year In April

Japan Industrial Production -9.1% On Month, -14.4% On Year In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157815/

South Korea Industrial Output Sinks 6.0% In April

Industrial production in South Korea was down a seasonally adjusted 6.0 percent on month in April, Statistics Korea said on Friday.

That missed expectations for a decline of 3.2 percent following the 4.6 percent increase in March.

On a yearly basis, industrial production was down 4.5 percent - again missing forecasts for a fall of 2.2 percent after picking up 7.1 percent in the previous month.

The Index of All Industry Production was down 2.5 percent on month and 5.0 percent on year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157814/

*Tokyo Overall Inflation +0.4% On Year In April; Core CPI +0.2%

Tokyo Overall Inflation +0.4% On Year In April; Core CPI +0.2%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157813/

*Japan Unemployment Rate 2.6% In April

Japan Unemployment Rate 2.6% In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157812/

*South Korea Industrial Production -6.0% On Month, -4.5% On Year In April

South Korea Industrial Production -6.0% On Month, -4.5% On Year In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157811/

*South Korea Retail Sales +5.3% On Month, -2.2% On Year In April

South Korea Retail Sales +5.3% On Month, -2.2% On Year In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157810/

Japan Data To Be Released On Friday

Japan is scheduled to release a batch of data on Friday, headlining a busy day for Asia-Pacific economic activity. On tap are April figures for unemployment, industrial production, retail sales and housing starts, plus May figures for consumer confidence and Tokyo inflation.

The jobless rate is expected to rise to 2.7 percent from 2.5 percent in March. Industrial production is tipped to fall 5.1 percent on month and 7.3 percent on year after sliding 3.7 percent on month and 5.2 percent on year in the previous month.

Retail sales are expected to sink 6.6 percent on month and 11.5 percent on year after dropping 4.5 percent on month and 4.6 percent on year a month earlier. Housing starts are tipped to tumbled an annual 12.1 percent after falling 7.6 percent in March.

Overall Tokyo inflation is called flat on year after adding 0.2 percent in April, while core CPI is tipped to fall 0.2 percent on year after easing 0.1 percent in the previous month. The consumer confidence index had a score of 21.6 in April.

South Korea will provide April data for industrial production and retail sales. Industrial production is tipped to fall3.2 percent on month and 0.5 percent on year after rising 4.6 percent on month and 7.1 percent on year in March. Retail sales were down 1.0 percent on month and 8.0 percent on year in the previous month.

Malaysia will see April figures for producer prices; in March, producer prices were down 3.0 percent on month and 1.9 percent on year.

Singapore will provide April figures for producer prices; in March, producer prices were down 6.1 percent on month and 9.4 percent on year.

Thailand will release April numbers for imports, exports and trade balance. In March, imports were worth $18.64 billion and exports were at $20.91 billion for a trade surplus of $2.27 billion.

Australia will see April figures for private sector credit, with forecasts suggesting an increase of 0.3 percent on month and 3.3 percent on year - slowing from 1.1 percent on month and 3.6 percent on year in March.

The Philippines will provide April numbers for producer prices and retail sales; in March, producer prices were down 5.4 percent on year and retail sales were up 1.1 percent on year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157809/

Dollar Loses Ground Against Peers

Data from the Commerce Department showed the real gross domestic product decreased at an annual rate of 5% percent in the first quarter compared to the previously reported 4.8% drop. The economy was expected to shrink by 4.8%.

A report from the Labor Department said initial jobless claims dropped to 2.123 million, a decrease of 323,000 from the previous week's revised level of 2.446 million.

Economists had expected jobless claims to fall to 2.100 million from the 2.438 million originally reported for the previous week.

Meanwhile, the Commerce Department released a separate report showing a substantial decrease in new orders for U.S. manufactured durable goods in the month of April.

The report said durable goods orders plunged by 17.2% in April following a revised 16.6% nosedive in March.

Economists had expected durable goods orders to plummet by 19% compared to the 14.4% slump originally reported for the previous month.

Pending home sales in the U.S. plunged by 21.8% in the month of April, the National Association of Realtors revealed in a report. Home sales plummeted 20.8% in March. Economists had expected pending home sales to slump by 15% in April.

The dollar index dropped to a low of 98.35 and then edged up from there. It was last seen at 99.50, down nearly 0.6% from previous close.

Against the Euro, the dollar weakened to $1.1095, a two-week low, before recovering to $1.1079, but was still trailing Wednesday's close by about 0.65%.

The pound sterling was stronger by nearly 0.5% against the greenback with a unit fetching $1.2317, compared to $1.2258 on Wednesday.

Against the Yen, the dollar was marginally weak at 107.58 yen, after trading higher at 107.90 yen earlier in the day.

The Aussie was stronger at US$0.6638, firming up from US$0.6622.

Against Swiss franc, the dollar weakened to CHF 0.9641, losing about 0.4%, and against the loonie, it was up marginally at C$1.3773, thanks to a drop in crude oil prices.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157808/

Australian Dollar May Wilt, Markets Await Trump China News Conference

The Australian Dollar may be at risk to a reversal against the US Dollar after Trump announced a news conference on China later today. Until then, financial markets may remain in limbo. Via DailyFX - Market News https://ift.tt/32vveVH

Crude Oil Futures Settle Notably Higher

Crude oil prices moved higher on Thursday, driven by data showing a drop in gasoline inventories in the U.S, amid an increase in demand thanks to reopening of businesses in almost all the states in the country.

West Texas Intermediate Crude oil futures for July ended up $0.90, or about 2.7%, at $33.71 a barrel.

Brent crude futures moved up $0.55, or 1.6%, to $35.29 a barrel.

According to the data released by the U.S. Energy Information Administration (EIA), crude inventories were up 7.9 million barrels in the week ended May 22, as against expectations of a near 2-million barrels drop.

Gasoline inventories dropped by about 700,000 barrels last week, beating expectations for an increase of 100,000 barrels. Meanwhile, distillate stockpiles were up 5.5 million barrels in the week, about three times the expected jump.

The American Petroleum Institute (API) reported late Wednesday that stockpiles expanded by 8.7 million barrels for the week ended May 22, compared with analysts' expectations for a draw of 1.9 million barrels.

The API report, which was released a day later than usual because of Monday's Memorial Day holiday, also showed gasoline stockpiles rose by 1.1 million barrels, while distillate fuel inventories climbed by 6.9 million barrels.

Oil's uptick was halted somewhat due to uncertainty about Russia continuing with its output reduction from July. The OPEC and other major producers, have however, stated that they would continue with production cuts till the end of the year.

There are worries about energy demand due to rising tensions between the U.S. and China, with the former warning that any effort by China to go ahead with its proposal to impose a new security law on Hong Kong could invite trade sanctions on the world's second largest economy.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157807/

Gold Futures Settle Slightly Higher

Gold futures ended marginally up on Thursday, coming off 2-week lows, due largely to an escalation in tensions between the U.S. and China over Beijing's plan to impose a controversial new security law Hong Kong.

Gold's cause was also supported by massive stimulus plans from the Japanese government and the European Commission, and possibilities of further monetary easing by several central banks across the globe. A section of traders even hope for negative interest rates in the U.S.

Gold futures for August ended up $1.50, or about 0.1%, at $1,728.30, well off the day's high of $1,743.70.

Silver futures for July ended up $0.210 at $17.967 an ounce, while Copper futures for July settled at $2.4135, gaining $0.0315 for the session.

U.S. Secretary of State Mike Pompeo announced on Wednesday that Hong Kong no longer merits special treatment under U.S. law, following Beijing's plan to impose a controversial new security law on the territory.

The declaration could have major implications for Hong Kong's status as a global financial and trading hub.

A punitive U.S. response to China on the issue of Hong Kong may prompt Beijing to take some proportionate countermeasures, further straining ties between the world's two largest economies.

In economic news, the Labor Department's report said initial jobless claims dropped to 2.123 million, a decrease of 323,000 from the previous week's revised level of 2.446 million.

Economists had expected jobless claims to fall to 2.100 million from the 2.438 million originally reported for the previous week.

Meanwhile, the Commerce Department released a separate report showing a substantial decrease in new orders for U.S. manufactured durable goods in the month of April.

The report said durable goods orders plunged by 17.2% in April following a revised 16.6% nosedive in March.

Economists had expected durable goods orders to plummet by 19% compared to the 14.4% slump originally reported for the previous month.

Pending home sales in the U.S. plunged by 21.8% in the month of April, the National Association of Realtors revealed in a report. Home sales plummeted 20.8% in March. Economists had expected pending home sales to slump by 15% in April.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157806/

*Hungary Mar Gross Wages 9.0% On Year Vs. 9.1% In February

Hungary Mar Gross Wages 9.0% On Year Vs. 9.1% In February

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157734/

*Sweden May Economic Tendency Index 64.1 Vs. 60.0 In April

Sweden May Economic Tendency Index 64.1 Vs. 60.0 In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157732/

*Turkey May Economic Sentiment 61.7 Vs. 51.3 In April

Turkey May Economic Sentiment 61.7 Vs. 51.3 In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157733/

*Sweden May Manufacturing Confidence Rises 5.4 Points To 76.8

Sweden May Manufacturing Confidence Rises 5.4 Points To 76.8

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157731/

NZ Dollar Appreciates Against Most Majors

The NZ dollar advanced against its most major counterparts in Asian session on Thursday.

The kiwi edged up to 0.6207 against the greenback and 66.94 against the yen, from its early lows of 0.6173 and 66.53, respectively.

The kiwi reversed from an early low of 1.7830 against the euro and gained to 1.7767.

The kiwi is seen finding resistance around 0.65 against the greenback, 69.00 against the yen and 1.70 against the euro.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157730/

*NZ Dollar Advances To 0.6207 Vs U.S. Dollar

NZ Dollar Advances To 0.6207 Vs U.S. Dollar

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157729/

Euro Forecast: Key EUR/USD Levels to Watch on Symbolic EU Action

EU recovery fund proposal reduces sovereign risks. Eyes on Bund-BTP spread for Euro signal. Via DailyFX - Market News https://ift.tt/32vveVH

*NZ Dollar Rise To 1.7769 Against Euro, 66.94 Against Yen

NZ Dollar Rise To 1.7769 Against Euro, 66.94 Against Yen

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157728/

*RBA's Lowe: Mid-March Package Working As Expected

RBA's Lowe: Mid-March Package Working As Expected

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157727/

New Zealand ANZ Business Confidence Rises In May

New Zealand business confidence improved in May, the final business outlook survey data from the ANZ Bank showed Thursday.

The business confidence index rose to -41.8 in May from -66.6 in April. The flash score was -45.6.

The full-month May survey showed small further lifts in most indicators versus the preliminary results as the country continued to make good progress on beating back Covid-19 and loosening restrictions on economic activity.

However, the ANZ said the business outlook activity indicators are improving painfully slowly. The levels of the indicators remained pretty bleak, the survey showed.

Further, the ANZ said the recession is just starting to make itself felt.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157726/

Equity Markets Look Increasingly Fragile as US-China Tensions Escalate

The Chinese Parliament has just authorized a new security bill for Hong Kong, a move that is expected to draw a rapid response from the US. Will this temper stock market enthusiasm? Via DailyFX - Market News https://ift.tt/32vveVH

Australia Capital Expenditure Falls Less Than Expected In Q1

Australia's private capital expenditure decreased less than expected in the first quarter, data from the Australian Bureau of Statistics showed Thursday.

Total new capital expenditure fell 1.6 percent sequentially in the first quarter, slower than the 2.6 percent decline in the fourth quarter of 2019. Economists had forecast another 2.6 percent drop in the first quarter.

Investment in buildings and structures dropped 1.1 percent and that in equipment, plant and machinery was down 2.3 percent.

On a yearly basis, total private capital expenditure slid 6.1 percent in the first quarter.

Companies plan to reduce their investment for 2019-20. They expect a total investment of A$115.4 billion, which was 3.8 percent lower than the previous projection.

Likewise, investment for 2020-21 was estimated at A$90.89 billion, down by 8.8 percent from the previous estimate.

Firms' expectations of future capital expenditure point to a sharp downturn in investment in the coming months, Ben Udy, an economist at Capital Economics, said.

According to a survey conducted by the statistical office, Covid-19 has forced 70 percent of Australian businesses to change how they operate.

The survey on Business Impacts of Covid-19 showed that seven in ten businesses had a decrease in revenue as a result of the pandemic.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157725/

*Dutch May Producer Confidence -25.1 Vs. -28.7 In April

Dutch May Producer Confidence -25.1 Vs. -28.7 In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157724/

European Economics Preview: Eurozone Economic Confidence Data Due

Economic sentiment from euro area and preliminary inflation from Germany are due on Thursday, headlining a busy day for the European economic news.

At 3.00 am ET, the Swedish National Institute of Economic Research is set to publish economic tendency survey results.

In the meantime, flash consumer prices and retail sales from Spain and gross wages from Hungary are due.

At 3.30 am ET, Statistics Sweden releases retail sales data for April. Sales are forecast to fall 2.1 percent on month, faster than the 1.7 percent decrease seen in March.

At 4.00 am ET, business and consumer confidence survey data is due from Italy. The business confidence index is seen falling to 79.0 in April from 89.5 in March. The consumer sentiment index is forecast to drop to 88.5 from 101.0 in the previous month.

At 5.00 am ET, EU releases euro area economic sentiment survey results. The economic confidence index is forecast to rise to 70.3 in May from 67.0 in April.

At 8.00 am ET, Destatis is scheduled to issue Germany's preliminary inflation data for May. Economists forecast inflation to slow to 0.6 percent from 0.9 percent in April.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157723/

British Pound (GBP) Latest: Brexit Increasingly a Focus for GBP/USD Price

GBP/USD will likely be buffeted increasingly in coming days by renewed talks between the UK and the EU on their post-Brexit relationship. Via DailyFX - Market News https://ift.tt/32vveVH

*New Zealand May ANZ Business Confidence -41.8 Vs. -66.6 In Apr, Flash -45.6

New Zealand May ANZ Business Confidence -41.8 Vs. -66.6 In Apr, Flash -45.6

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157722/

*Australia Q1 Capital Expenditure Falls 1.6% On Quarter, Consensus -2.6%

Australia Q1 Capital Expenditure Falls 1.6% On Quarter, Consensus -2.6%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157721/

USD May Rise on Virus-Hit Q1 GDP Data & Jobless Claims Report

The US Dollar may catch a haven bid if secondary Q1 GDP data and jobless claims statistics rattle markets and puts a premium on anti-risk assets. Via DailyFX - Market News https://ift.tt/32vveVH

Korea Rate Decision On Tap For Thursday

The Bank of Korea will wrap up its monetary policy meeting on Thursday and then announce its decision on interest rates, highlighting a light day for Asia-Pacific economic activity. The central bank is projected to trim its benchmark lending rate by 25 basis points, from 0.75 percent to 0.50 percent.

Australia will see Q1 numbers for capital expenditure and May figures for the business confidence index from ANZ. Capex is expected to sink 2.6 percent on quarter after falling 2.8 percent in the previous three months. The business confidence index had a score of -66.6 in April.

Taiwan will see May figures for its consumer confidence index; in April, the index score was 73.39.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157720/

Oil Futures Settle Lower On Demand Concerns

Crude oil prices drifted lower on Wednesday as worries about outlook for energy demand resurfaced due to rising tensions between the U.S. and China, and on reports of a likely move by Russia to increase crude output next month.

West Texas Intermediate crude oil futures for July ended down $1.54, or about 4.5%, at $32.81 a barrel.

Brent crude futures shed about 4%, or $1.43, to settle at $34.74 a barrel.

Tensions between the U.S. and China have escalated following China's move to impose new security laws into Hong Kong that would end country's autonomy.

With U.S. Secretary of State Mike Pompeo tweeting this morning that he told the Congress that Hong Kong is no longer autonomous from China, it now looks very likely that U.S. may revoke the special treatment meted out to Hong Kong with regard to exemptions from tariff.

Meanwhile, investors were looking ahead to weekly oil data from Energy Information Administration (EIA) and the American Petroleum Institute (API). While API's report will be out later today, the EIA will release its data Thursday morning.

The reports are delayed by a day this week due to holiday on Monday for Memorial Day.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157719/

Gold Futures Settle Modestly Lower

Gold futures settled on a negative note on Wednesday, despite staging a smart rally from lower levels towards the later part of the session.

Rising tensions between the U.S. and China over Beijing's security laws for Hong Kong triggered buying in the safe-haven asset and limited its losses.

Tensions between the U.S. and China have increased after U.S. Secretary of State Mike Pompeo said Hong Kong is no longer considered autonomous from China.

It is felt that the comments from Pompeo may lead to revocation of special treatment for the Hong Kong economy, which is currently exempt from tariffs levied on Chinese imports.

China's foreign ministry spokesman has reportedly said that Hong Kong is china's internal affair and that China would take necessary countermeasures against interference by external forces.

Gold futures for August ended down $1.40, or about 0.08%, at $1,726.80 an ounce, after being down sharply at $1,701.60 an ounce earlier in the session.

Silver futures for July ended up $0.162, or 0.9%, at $17.757 an ounce, while Copper futures for July declined 1.7% to $2.3800 per pound.

Gold prices declined sharply earlier in the day as reopening of businesses and a drop in new coronavirus cases resulted in an significant improvement in risk sentiment.

Stimulus proposals by the Chinese government and the European Commission contributed to gold's weakness.

The Japanese government is likely to inject a fresh stimulus package worth $1.1 trillion on top of a $1.1 trillion package already rolled out by the government last month.

The European Commission today announced a ?750 billion ($821 billion) aid package to help the EU recover from the coronavirus pandemic. The plan will have to be backed by all 27 nations in the bloc.

In a statement on its website, the EU governing body proposed the creation of a new recovery instrument, dubbed Next Generation EU, to address the economic damage caused by the outbreak.

According to the statement, Next Generation EU will consist of ?750 billion as well as targeted reinforcements to the long-term EU budget for 2021-2027, and will bring the total financial firepower of the EU budget to ?1.85 trillion. The recovery fund would be embedded within the next long-term EU budget, it added.

France and Germany last week proposed to set-up for a 500 billion-euro ($547 billion) fund to aid recovery efforts.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157718/

Australian Dollar Analysis vs British Pound & New Zealand Dollar

GBP/AUD is trading within a critical support range just above a three-year uptrend as AUD/NZD retreats from five-year resistance. Is a selling streak ahead for both of these pairs? Via DailyFX - Market News https://ift.tt/32vveVH

New Zealand Dollar, NZD/USD Eye Uptrend Resumption. Dow Jones Gains

The sentiment-linked New Zealand Dollar is attempting to resume its dominant uptrend, but NZD/USD struggled to capitalize on a turnaround in the Dow Jones today. Via DailyFX - Market News https://ift.tt/32vveVH

*France May Manufacturing Sentiment 70 Vs. 68 In Apr, Consensus 85

France May Manufacturing Sentiment 70 Vs. 68 In Apr, Consensus 85

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157677/

EU to Unveil Covid-19 Recovery Fund Plan, Swiss Franc Sinking

The EU Commission will unveil its proposal for a regional recovery fund to counter economic pain amid the coronavirus outbreak. The Swiss Franc faces selling pressure. Via DailyFX - Market News https://ift.tt/32vveVH

China's Industrial Profits Drop At Slower Pace In April

China's industrial profits declined at a much slower pace in April suggesting that the economic activity gradually started to recover following the coronavirus pandemic, data from the National Bureau of Statistics revealed Wednesday.

Industrial profits dropped 4.3 percent on a yearly basis, following a sharp 34.9 percent decrease in March.

During January to April period, industrial profits decreased 27.4 percent from the same period last year compared to 36.7 percent fall in the first three months of 2020.

Profits of state-owned enterprises plunged 46 percent and that of private companies fell 17.2 percent during January to April.

Data showed that automobiles, electrical machinery and electronics reported a notable recovery in April.

Production and sales increased in April, NBS official Zhu Hong said. The significant improvement in April profits was also partly due to the substantial increase in investment returns and the low base during the same period.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157676/

*Finland Apr Retail Sales Turnover Down 0.4% On Year

Finland Apr Retail Sales Turnover Down 0.4% On Year

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157675/

*Finland Apr Jobless Rate 8.1% Vs. 7.3% In March

Finland Apr Jobless Rate 8.1% Vs. 7.3% In March

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157674/

*Finland May Consumer Confidence -9.0 Vs. -13.9 In April

Finland May Consumer Confidence -9.0 Vs. -13.9 In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157673/

US Dollar vs Mexican Peso Outlook: USD/MXN Remains Brittle After Sharp Sell-Off

The Mexican Peso hit its highest level against the US dollar in more than 10-weeks yesterday and in doing so tested an important support level. Via DailyFX - Market News https://ift.tt/32vveVH

European Economics Preview: French Consumer, Business Sentiment Data Due

Consumer and business sentiment survey results from France are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Statistics Norway is set to issue unemployment and retail sales data. The jobless rate is forecast to rise to 4 percent in March from 3.5 percent in the preceding period.

At 2.45 am ET, France's Insee publishes consumer and business confidence survey results. The consumer sentiment index is forecast to fall to 92 in May from 95 in April. The business confidence index is seen at 85 versus 82 a month ago.

At 3.00 am ET, unemployment data from Hungary is due.

At 3.30 am ET, European Central Bank President Christine Lagarde is set to speak at the European Youth Event 2020.

In the meantime, Statistics Sweden publishes producer prices for April. Prices had fallen 3.6 percent annually in March.

At 4.00 am ET, unemployment data from Norway and manufacturing Purchasing Managers' survey from Austria are due.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157672/

*China Apr Industrial Profits Down 4.3% On Year

China Apr Industrial Profits Down 4.3% On Year

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157671/

British Pound (GBP) Latest: GBP/USD Price Breakout Imminent

GBP/USD continues to trade within a symmetrical triangle chart pattern but a breakout is close and the need for tight stops has therefore risen. Via DailyFX - Market News https://ift.tt/32vveVH

*South Korea May Business Confidence 49 Vs. 52 In April

South Korea May Business Confidence 49 Vs. 52 In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157670/

Australia Q1 Construction Work Falls 1.0%

The total value of construction work done in Australia declined a seasonally adjusted 1.0 percent on quarter in the first quarter of 2020 - standing at A$49.481 billion.

That exceeded expectations for a decline of 1.5 percent following the 3.0 percent drop in the three months prior.

On a yearly basis, total construction work was down 6.5 percent.

The seasonally adjusted estimate of total building work done also fell 1.0 percent and was down 8.0 percent on year to A$28.924 billion in the first quarter of 2020.

Residential building was down 1.6 percent on quarter and 12.5 percent on year to A$17.246 billion. Non-residential building was flat on quarter and eased 0.3 percent on year at A$11.677 billion.

The seasonally adjusted estimate for engineering work done fell 1.1 on quarter and 4.4 percent on year to $20.556 billion in the March quarter.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157669/

Australia Construction Work Sinks 1.0% In Q1

The total value of construction work done in Australia was down a seasonally adjusted 1.0 percent on quarter in the first quarter of 2020 - coming in at A$49.481 billion.

That exceeded expectations for a decline of 1.5 percent following the 3.0 percent drop in the three months prior.

On a yearly basis, the total construction work was down 6.5 percent.

The seasonally adjusted estimate of total building work done also fell 1.0 percent to A$28.924 billion in the first quarter of 2020.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157668/

*Australia Q1'Construction Work Done -1.0% On Quarter, -6.5% On Year

Australia Q1'Construction Work Done -1.0% On Quarter, -6.5% On Year

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157667/

*Australia Construction Work Done -1.5% On Quarter In Q1

Australia Construction Work Done -1.5% On Quarter In Q1

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157666/

Gold Price Forecast: May Low on the Radar Amid Negative RSI Slope

The price of gold may continue to give back the advance from the May low ($1670) as Relative Strength Index (RSI) establishes a negative slope. Via DailyFX - Market News https://ift.tt/32vveVH

FTSE 100, S&P 500, CAC 40 Forecasts: Analyzing Signals in Positioning

Signals from IG Client Sentiment hint that the FTSE 100 and S&P 500 could have room for weakness ahead as the CAC 40 attempts to climb towards key resistance. Via DailyFX - Market News https://ift.tt/32vveVH

Australia Construction Data Due On Wednesday

Australia will on Wednesday see Q1 numbers for construction work completed, highlighting a light day for Asia-Pacific economic activity. Work is expected to sink 1.5 percent on quarter after falling 3.0 percent in the three months prior.

China will release April figures for industrial profits; in March, profits plummeted 36.7 percent on year.

Thailand will provide April figures for industrial production and unemployment. Output is expected to tumble 19.55 percent on year after sliding 11.25 percent in March. The jobless rate was 1.0 percent in the previous month.

Finally, the markets in Indonesia remain closed on Wednesday for Eid-ul-Fitr and will reopen on Thursday.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157665/

Dollar Exhibits Weakness Against Major Currencies

The U.S. dollar was weak against its major rivals on Tuesday as risk sentiment improved significantly amid gradual reopening of businesses across the world after several weeks of lockdown.

While Spain decided to remove a two-week mandatory confinement for all travelers from overseas starting July, Greece reopened restaurants and cafes by imposing new social distancing rules and other health safety measures.

The Japanese government fully lifted the state of emergency on Monday and urged people to adapt to a "new normal".

U.K. Prime Minister Boris Johnson announced plans to reopen outdoor markets and car showrooms on June 1 and non-essential shops from mid-June.

The state of California lifted restrictions on houses of worship and mall, but personal services such as hair salons, nail salons and barbershops will remain closed.

News that US biotech firm Novavax had begun trials for an experimental coronavirus vaccine also bolstered sentiment.

The dollar index dropped to a low of 98.86 in late afternoon trades, and was last seen at 99.00, down nearly 0.9% from previous close.

The Euro was stronger against the dollar with a unit fetching $1.0986, compared to previous close of $1.0899.

Against Pound Sterling, the dollar weakened to $1.2338 from $1.2187, and against the Japanese currency, it was down marginally at 107.54 yen a dollar.

The Aussie was stronger with a unit fetching $0.6659 as against $0.6546 on Friday.

Against the Swiss franc, the dollar was down at CHF 0.9655, lower by about 0.65% from previous close of CHF 0.9719.

The Loonie was pretty stronger at C$1.3776, firming up from C$1.3985.

In U.S. economic news, new homes sales unexpectedly rose 0.6% month-over-month to an annualized rate of 623,000, beating forecasts of a 21.9% drop.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157664/

Crude Oil Futures End Sharply Higher

Crude oil prices moved higher on Tuesday amid rising optimism that relaxation in lockdown restrictions in several countries across the world will help fuel energy demand.

Also, with the Organization of the Petroleum Exporting Countries (OPEC) and its allies committed to a significant reduction in crude outputs, concerns about demand-supply mismatch appear to be easing now.

West Texas Intermediate Crude oil futures for July ended up $1.10, or about 3.3%, at $34.35 a barrel.

Brent Crude futures closed up $0.64, or 1.8%, at $36.17 a barrel today.

In April, the OPEC member countries and their allies, termed as OPEC+, agreed to cut their combined output by nearly 10 million barrels per day in May and June to stabilise the oil market.

Russian energy minister Alexander Novak estimates that the current global crude surplus has fallen to 7mn-12mn barrels per day and that the global oil market will return to balance in June-July.

Supply has already dropped by 14 million to 15 million barrels per day owing to a coordinated production cut by the Opec+ alliance and output declines in other countries, according to Novak.

Moscow estimates the current global surplus at between 7 million and 12 million barrels per day.

The consistent decline in U.S. oil rigs count for the past several weeks too has raised hopes the supply level will come down soon.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157663/

AUD/USD Rate Faces Key Test as March High Sits on the Radar

The Australian Dollar has outperformed against all of its major counterparts so far in May, but AUD/USD faces a key test as it approaches the March high (0.6685). Via DailyFX - Market News https://ift.tt/32vveVH

Yen Sank Despite US-China Hong Kong Tensions, USD/JPY May Fall

The Japanese Yen and US Dollar sank as the Australian Dollar rose despite escalating US-China tensions over Hong Kong. USD/JPY may be readying to turn lower after clearing support. Via DailyFX - Market News https://ift.tt/32vveVH

Gold Futures Settle Sharply Lower As Risk Sentiment Improves

Gold prices drifted lower on Tuesday as riskier assets such as equities rallied amid optimism about a potential coronavirus vaccine, and economic recovery after several countries implemented plans to further relax lockdown restrictions and reopen businesses.

The dollar too fell amid an improvement in risk sentiment. The dollar index slipped to 98.96, losing nearly 1%. It was last seen at 99.00, down 0.85% from previous close.

Gold futures for June ended down $29.90, or about 1.7%, at $1,705.60 an ounce.

Silver futures for July settled lower by $0.098 at $17.595 an ounce, while Copper futures for July ended at $2.4185 per pound, gaining $0.0320 for the session.

Stock markets across Asia and Europe closed higher and U.S. stocks moved up as well, as more countries prepare easing restrictions on social, commercial and travel activities.

The pandemic death toll approached the horrific milestone of 100,000 in the U.S. Meanwhile, photos and videos of Memorial Day weekend celebrations across the U.S. showed plenty of people going to beaches and parks.

In Paris, parks and cafe terraces have reopened, and people are reportedly turning out in large numbers to enjoy an early-morning stroll in sun in Madrid's famous Retiro Park.

Spain and Germany too have reopened gyms and swimming pools. Many other countries, including Greece, Iceland and Italy are also reopening businesses.

Meanwhile, U.S. biotech company Novavax said Monday it started the first human study of its experimental coronavirus vaccine and that it expects initial results on safety and immune responses in July.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157662/

New Zealand Trade Surplus Increases In April

New Zealand's trade surplus widened in April as imports declined faster than exports, data released by Statistics New Zealand showed Tuesday.

The trade surplus increased to NZ$1.3 billion in April from NZ$0.722 billion in March.

Exports of goods fell 4.0 percent annually to NZ$5.3 billion in April.

Imports dropped 22.0 percent yearly to NZ$4.0 billion.

Export to Australia, the EU, China and USA declined in April, while those to Japan increased from last year.

While, imports from the EU, Japan, Australia and USA decreased in April, while those from China increased from previous year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157614/

Singapore Cuts 2020 GDP Outlook

Singapore's economic outlook for 2020 was lowered further due to the deterioration in foreign demand forecast and the expected economic impact of the coronavirus containment measures.

The Ministry of Trade and Industry on Tuesday forecast the city-state economy to shrink "-7.0 to -4.0 percent" this year instead of "-4.0 to -1.0 percent projected in March.

The ministry said there continues to be a significant degree of uncertainty over the length and severity of the coronavirus, or Covid-19, outbreak, as well as the trajectory of the economic recovery, in both the global and Singapore economies.

Gross domestic product shrank 0.7 percent on a yearly basis in the first quarter, reversing a 1 percent rise in the fourth quarter 2019. The first quarter figure was revised from -2.2 percent.

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy contracted 4.7 percent, a pullback from the 0.6 percent expansion in the fourth quarter of last year.

The manufacturing sector expanded by 6.6 per cent year-on-year on account of output expansions in the biomedical manufacturing, precision engineering and transport engineering clusters.

Meanwhile, the construction sector contracted 4.0 percent. Likewise, the wholesale and retail trade sector fell 5.8 percent and the transportation and storage sector declined 8.1 percent.

The accommodation and food services sector logged a sharp fall of 23.8 percent. At the same time, the information and communications sector grew 3.5 percent and the finance and insurance sector expanded 8.0 percent.

The business services sector shrank 3.3 percent in the first quarter.

A very strong performance from the biomedical manufacturing sector meant that Singapore's economy contracted much less in the first quarter than previously thought, Alex Holmes, an economist at Capital Economics, said.

But with a stringent lockdown in place at home and demand cratering abroad, the sector is unlikely to stop a huge contraction in the economy in the second quarter, the economist added.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157613/

*Singapore Apr Manufacturing Output +3.6% On Month Vs. +21.7% In March

Singapore Apr Manufacturing Output +3.6% On Month Vs. +21.7% In March

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157612/

*Singapore Apr Manufacturing Output +13.0% Y/Y Vs. +16.5% In Mar,Consensus -0.6%

Singapore Apr Manufacturing Output +13.0% Y/Y Vs. +16.5% In Mar,Consensus -0.6%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157611/

*Singapore Apr Core CPI -0.3% On Year Vs. -0.2% In Mar, Consensus -0.4%

Singapore Apr Core CPI -0.3% On Year Vs. -0.2% In Mar, Consensus -0.4%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157610/

*Singapore Apr CPI -0.7% On Year Vs. 0% In Mar, Consensus -0.4%

Singapore Apr CPI -0.7% On Year Vs. 0% In Mar, Consensus -0.4%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157609/

South Korea Consumer Confidence Improves In May

South Korea's consumer confidence improved in May after falling in the previous month, survey results from Bank of Korea showed on Tuesday.

The consumer confidence index rose to 77.6 in May from 70.8 in April. In March, the index reading was 78.4.

The indicator for consumer sentiment regarding current living standards increased two points to 79, while that concerning the outlook for living standards rose six points to 85 in May.

Consumer sentiment related to future household income and future spending increased four points each to 87 and 91, respectively.

Consumer sentiment concerning current domestic conditions rose five points to 36 and future domestic economic conditions increased eight points to 67.

The expected inflation rate for the following year was 1.6 percent versus 1.7 percent a month ago.

The survey was conducted among 2,500 households between May 11 and 18.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157608/

*Japan Mar All Industry Activity Index -5.4% On Year Vs. -2.3% In February

Japan Mar All Industry Activity Index -5.4% On Year Vs. -2.3% In February

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157607/

*Japan Mar All Industry Activity Index -3.8% On Month Vs. -0.7% In February

Japan Mar All Industry Activity Index -3.8% On Month Vs. -0.7% In February

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157605/

European Economics Preview: German GfK Consumer Confidence Data Due

Consumer confidence data from Germany is due on Tuesday, headlining a light day for the European economic news.

At 2.00 am ET, the market research group Gfk publishes German consumer sentiment survey results. The forward-looking consumer sentiment index is forecast to rise to -18.3 in June from -23.4 in May.

In the meantime, Swiss foreign trade data and retail sales from Denmark are due.

At 4.00 am ET, Poland's unemployment data for April is due. Economists forecast the jobless rate to rise to 5.7 percent from 5.4 percent in March.

At 6.00 am ET, the Confederation of British Industry is set to issue Distributive Trades survey data for May. The retail sales balance is expected to rise to -50 percent from -55 percent in April.

At 8.00 am ET, Hungary's central bank announces its interest rate decision. The bank is expected to retain its key rate at 0.90 percent.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157606/

Gold Prices Echo US Dollar Drop as Market Mood Improves

Gold prices are finding support despite typically unfriendly market conditions as the US Dollar swoons, boosting the appeal of anti-fiat alternatives. Via DailyFX - Market News https://ift.tt/32vveVH

British Pound (GBP) Latest: GBP/USD Holds Support, Creeping Higher

GBP/USD continues to edge ahead despite a political storm over UK Prime Minister Boris Johnson’s chief adviser Dominic Cummings. Via DailyFX - Market News https://ift.tt/32vveVH

*Japan Apr Services Prices Up 1% On Year Vs. 1.6% In March

Japan Apr Services Prices Up 1% On Year Vs. 1.6% In March

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157604/

*New Zealand Apr Visible Trade Surplus NZ$1.3 Bln Vs. NZ$722 Mln In March

New Zealand Apr Visible Trade Surplus NZ$1.3 Bln Vs. NZ$722 Mln In March

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157603/

*BoJ Chief: Japan's Outlook For Economic Activity, Prices Extremely Unclear

BoJ Chief: Japan's Outlook For Economic Activity, Prices Extremely Unclear

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157602/

*S. Korea May Consumer Confidence 77.6 Vs. 70.8 In April

S. Korea May Consumer Confidence 77.6 Vs. 70.8 In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157601/

*South Korea May Consumer Confidence 77.6 Vs. 70.8 In April

South Korea May Consumer Confidence 77.6 Vs. 70.8 In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157599/

*Singapore Q1 GDP Falls 0.7% On Year Vs. +1% In Q4

Singapore Q1 GDP Falls 0.7% On Year Vs. +1% In Q4

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157600/

*Singapore Downgrades 2020 GDP Outlook To -7% To -4%

Singapore Downgrades 2020 GDP Outlook To -7% To -4%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157598/

EUR/USD Rate Tracks Monthly Range While ECB Rules Out V-Shape Recovery

EUR/USD may trade within a more defined range over the remainder of the month as the recent rebound in the exchange rate fails to trigger a test of the May high (1.1020). Via DailyFX - Market News https://ift.tt/32vveVH

US Dollar May Rise as SGD Falls on US-China Woes, Indian Rupee at Risk

The US Dollar could rise against ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data. Via DailyFX - Market News https://ift.tt/32vveVH

AUD May Fall on Australia-China Tensions, Euro Eyes €500b Proposal

The AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal Via DailyFX - Market News https://ift.tt/32vveVH

USD/CAD Rate to Face Record Decline in Canada GDP

Canada’s 1Q Gross Domestic Product (GDP) report may influence USD/CAD as the update is expected to show the biggest contraction since the data series began in 1961. Via DailyFX - Market News https://ift.tt/32vveVH

*Swiss Franc Drops To 1-week Low Of 0.9736 Against Dollar

Swiss Franc Drops To 1-week Low Of 0.9736 Against Dollar

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157561/

*Swiss Franc Weakens To 1.1853 Against Pound

Swiss Franc Weakens To 1.1853 Against Pound

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157562/

*Euro Drops To 0.8936 Against Pound

Euro Drops To 0.8936 Against Pound

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157560/

*Euro Falls To 1-week Low Of 1.0882 Against U.S. Dollar

Euro Falls To 1-week Low Of 1.0882 Against U.S. Dollar

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157558/

*Euro Slides To 5-day Low Of 1.5224 Against Canadian Dollar

Euro Slides To 5-day Low Of 1.5224 Against Canadian Dollar

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157559/

*Australian Dollar Drops To 0.9133 Against Canadian Dollar

Australian Dollar Drops To 0.9133 Against Canadian Dollar

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157557/

*Germany Q1 GDP Drops Unadj 1.9% Annually Vs. +0.2% In Q4, Flash -1.9%

Germany Q1 GDP Drops Unadj 1.9% Annually Vs. +0.2% In Q4, Flash -1.9%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157556/

*Germany Q1 GDP Down 2.3% On Year Vs. +0.4% In Q4, Flash -2.3%

Germany Q1 GDP Down 2.3% On Year Vs. +0.4% In Q4, Flash -2.3%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157555/

*Germany Q1 GDP Falls 2.2% On Quarter Vs. -0.1% In Q4, Flash -2.2%

Germany Q1 GDP Falls 2.2% On Quarter Vs. -0.1% In Q4, Flash -2.2%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157554/

Finland Producer Prices Fall Sharply On Oil, Electricity

Finland's producer prices declined sharply in April largely driven by fall in prices of oil products, data from Statistics Finland showed Monday.

Producer prices decreased 7 percent year-on-year in April, faster than the 5.6 percent decrease seen in March. Prices have been falling over the last eleven months.

The drop in the producer prices was particularly driven by lower costs of oil products, pulp, paper, paperboard and cardboard, as well as electricity in April.

Producer prices in the domestic market declined 6.3 percent, and that of exports fell 7.8 percent annually.

On a monthly basis, the decline in producer prices slowed to 1.4 percent from 3 percent in March.

Data showed that import prices fell 3.3 percent on a monthly basis. At the same time, prices declined 10.8 percent from the same period last year.

Likewise, export prices decreased 1.3 percent on month and 7.8 percent from last year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157553/

Crude Oil Prices May Be Plotting a Return to $40/Barrel WTI

Crude oil prices may be setting up for a rebound to revisit the $40/barrel level on the WTI benchmark. Gold prices are struggling to make good on an upside break. Via DailyFX - Market News https://ift.tt/32vveVH

Japan Leading Index Lowest Since 2009

The Japan leading index declined less than expected in March, but the reading was the lowest since mid-2009, final data from the Cabinet Office showed Monday.

The leading index, which measures the future economic activity, fell to 84.7 in March from 91.9 in the previous month. The preliminary score was 83.8. The final reading was the lowest since June 2009.

The coincident index that reflects the current economic activity decreased to 90.2 from 95.4 a month ago. This was below the flash reading of 90.5.

At the same time, the lagging index came in at 100.0 versus 100.7 in February. The reading was revised down from 101.7.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157552/

*Finland Apr Producer Prices Fall 1.4% On Month

Finland Apr Producer Prices Fall 1.4% On Month

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157551/

*Finland Apr Producer Prices Down 7% On Year

Finland Apr Producer Prices Down 7% On Year

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157550/

*Japan Mar Coincident Index 90.2 Vs. 95.4 In Feb, Flash 90.5

Japan Mar Coincident Index 90.2 Vs. 95.4 In Feb, Flash 90.5

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157549/

*Japan Mar Leading Index 84.7 Vs. 91.9 In Feb, Flash 83.8

Japan Mar Leading Index 84.7 Vs. 91.9 In Feb, Flash 83.8

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157548/

European Economics Preview: Germany Ifo Business Confidence, GDP Data Due

Business sentiment and revised quarterly national accounts from Germany are due on Monday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany's quarterly national accounts for the first quarter. According to initial estimate, the economy had contracted 2.2 percent sequentially, the fastest fall since the global financial crisis in 2008-09.

At 2.30 am ET, Switzerland's first quarter industrial production and orders figures are due.

At 3.00 am ET, Spain's INE releases producer price data for April. In the meantime, March industrial production from Austria is due.

Half an hour later, Statistics Sweden publishes unemployment data for April.

At 4.00 am ET, Germany's ifo business confidence survey results are due. The business confidence index is expected to rise to 78.3 in May from 74.3 in April.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157547/

Euro Outlook Appears Bearish Ahead of German IFO Data

The Euro may suffer versus its G10 counterparts after German IFO data is released as the region wrestles with the recession-inducing coronavirus pandemic. Via DailyFX - Market News https://ift.tt/32vveVH

Gold Price Outlook Mired Ahead of June by Negative RSI Slope

The price of gold may consolidate throughout the final week of May as the Relative Strength Index (RSI) reverses ahead of overbought territory and tracks a negative slope. Via DailyFX - Market News https://ift.tt/32vveVH

US Dollar May Rise as SGD Falls on US-China Woes, Indian Rupee at Risk

The US Dollar could rise against ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data. Via DailyFX - Market News https://ift.tt/32vveVH

Japan Leading Index Data Due On Monday

Japan will on Monday see final March numbers for its leading and coincident economic indexes, highlighting a modest day for Asia-Pacific economic activity.

The coincident index is tipped to show a score of 90.5, down from 95.4 in the previous reading. The leading index is pegged at 83.8, down from 91.9.

Hong Kong will release April figures for imports, exports and trade balance. In March, imports were down 11.1 percent on year and exports fell 5.8 percent on year for a trade deficit of HKD34.7 billion.

Taiwan will provide April numbers for industrial production and retail sales; in March, industrial production was up 10.41 percent on year and retail sales fell an annual 3.4 percent.

Thailand will see April figures for unemployment; in March, the jobless rate was 1.0 percent.

Finally, the markets in Malaysia, Singapore and Indonesia are closed on Monday for Eid-ul-Fitr. Malaysia and Singapore will reopen on Tuesday, while Indonesia is off until Thursday.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157546/

AUD May Fall on Australia-China Tensions, Euro Eyes €500b Proposal

The AUD may suffer as relations between Australia and China deteriorate amid dwindling growth prospects. Euro traders will be closely watching progress in talks about a €500b recovery fund proposal Via DailyFX - Market News https://ift.tt/32vveVH

NZD/USD Rate Vulnerable to Dovish RBNZ Financial Stability Review

Fresh remarks coming out of the Reserve Bank of New Zealand (RBNZ) may drag on NZD/USD as the central bank retains a dovish forward guidance for monetary policy. Via DailyFX - Market News https://ift.tt/32vveVH

S&P 500 Struggling at Resistance, Volatility Risk Ahead Elevated

The S&P 500 shrugged off risk aversion to end last week higher, but upside momentum seems to be fading. US markets are offline today, raising the risk of volatility. Via DailyFX - Market News https://ift.tt/32vveVH

Markets Weekly Outlook: US Dollar, Dow Jones, Australian Dollar, Crude Oil

The US Dollar has slowed its descent with the Dow Jones leveling off as crude oil prices rise with lockdown easing bets. US-China tensions seem to be heating up which could complicate virus economi...

Markets Weekly Outlook: US Dollar, Dow Jones, Australian Dollar, Crude Oil

The US Dollar has slowed its descent with the Dow Jones leveling off as crude oil prices rise with lockdown easing bets. US-China tensions seem to be heating up which could complicate virus economi... Via DailyFX - Market News https://ift.tt/32vveVH

S&P 500, Nasdaq 100, DAX 30 Forecast for the Week Ahead

The S&P 500 and Nasdaq will look for developments in US-China tensions while the DAX 30 awaits a string of regional data. Possible coronavirus vaccines may also influence sentiment in the week ahead.

S&P 500, Nasdaq 100, DAX 30 Forecast for the Week Ahead

The S&P 500 and Nasdaq will look for developments in US-China tensions while the DAX 30 awaits a string of regional data. Possible coronavirus vaccines may also influence sentiment in the week ahead. Via DailyFX - Market News https://ift.tt/32vveVH

USD/MXN Outlook: Downside Pressure Continues as Investors Cheer Drug Hopes

The possibility of a Covid-19 cure by year end keeps market sentiment high despite ongoing political tensions

USD/MXN Outlook: Downside Pressure Continues as Investors Cheer Drug Hopes

The possibility of a Covid-19 cure by year end keeps market sentiment high despite ongoing political tensions Via DailyFX - Market News https://ift.tt/32vveVH

Euro Forecast: EUR/USD Outlook Lifted Long-Term by Recovery Fund Plan

The long-term outlook for the Euro has been boosted significantly by a Franco-German proposal for a €500 billion coronavirus Recovery Fund, even though an agreement is not yet close.

Euro Forecast: EUR/USD Outlook Lifted Long-Term by Recovery Fund Plan

The long-term outlook for the Euro has been boosted significantly by a Franco-German proposal for a €500 billion coronavirus Recovery Fund, even though an agreement is not yet close. Via DailyFX - Market News https://ift.tt/32vveVH

Gold Price Outlook Bearish on GDP Data, US-China Tension and Covid-19

Gold prices may face heightened liquidation pressure as US-China tensions over Hong Kong heat up ahead of US GDP data amid the coronavirus pandemic.

Gold Price Outlook Bearish on GDP Data, US-China Tension and Covid-19

Gold prices may face heightened liquidation pressure as US-China tensions over Hong Kong heat up ahead of US GDP data amid the coronavirus pandemic. Via DailyFX - Market News https://ift.tt/32vveVH

US Dollar Outlook: US-China Tensions Complicate Virus Recovery Bets

The US Dollar mayfind some strength if tensions between the US and China keep rising, adding an extra layer of uncertainty to the global economic outlook amid the coronavirus outbreak.

US Dollar Outlook: US-China Tensions Complicate Virus Recovery Bets

The US Dollar mayfind some strength if tensions between the US and China keep rising, adding an extra layer of uncertainty to the global economic outlook amid the coronavirus outbreak. Via DailyFX - Market News https://ift.tt/32vveVH

Dollar Exhibits Strength

The U.S. dollar exhibited strength against its peers on Friday amid weak data from Europe and China's decision to not publish its growth target for the year.

An escalation in tensions between the U.S. and China after the latter said it is planning a new Hong Kong national-security law

The dollar index, which rose to 99.87, was last seen moving around 99.75, gaining nearly 0.4% over previous close.

The Euro was weaker at $1.0901, giving up nearly 0.5%. The European Central Bank's April meeting showed the bank was "fully prepared" to provide even more stimulus as soon as June, in an attempt to support the economy amid the coronavirus pandemic.

The British Pound Sterling weakened to $1.2170 from Thursday's close of $1.2220. Sterling was reacting to UK retail sales data and a report showing the country's budget deficit to have widened to a record high.

retail sales volume in UK declined 18.1% in April. That was the biggest monthly fall on record. Economists had forecast sales to decrease 16% after falling 5.2% in March.

Against the Japanese currency, the dollar was little changed with a unit fetching 107.61 yen.

The Aussie was trading at US$0.6539, down from previous close of $0.6565.

Against Swiss franc, the dollar was up marginally with a unit fetching CHF 0.9714, compared with CHF 0.9705 Thursday evening.

The Loonie was weaker at 1.3991 a dollar, retreating from 1.3955, weighed down by weak retail sales data.

The Chinese currency Yuan weakened to 7.1304 a dollar, losing ground from 7.1154 after the Chinese government dropped setting economic growth target for the first time and placed job creation as top priority as coronavirus, or Covid-19, pandemic has ravaged the outlook.

At the annual session of the National People's Congress in Beijing, Premier Li Keqiang said the country will face some factors that are difficult to predict in its development due to the great uncertainty regarding the Covid-19 pandemic and the world economic and trade environment.

Meanwhile, China's decision to write a new national security law into Hong Kong's charter has triggered fresh worries on U.S.-China relations.

Republican and Democratic U.S. Senators said on Thursday that they would introduce legislation to impose sanctions on Chinese officials involved in enforcing proposed security laws in Hong Kong.

The legislation would also impose secondary sanctions on banks that do business with entities found to violate the law guaranteeing Hong Kong's autonomy.

The aggressive intent of the Congress with regard to the tone on China is due to China's alleged role in covering up the initial stages of the coronavirus outbreak.

In another development, the U.S. Senate passed legislation that seeks to delist Chinese companies who don't abide by U.S. accounting laws.

China has warned that it will safeguard its sovereignty, security and interests, and threatened countermeasures.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157545/

Crude Oil Futures End Sharply Lower

Crude oil prices drifted lower on Friday as concerns about outlook for energy demand resurfaced due to rising tensions between the U.S. and China over the Hong Kong issue.

The Chinese government's decision that it will not publish an annual growth target due to uncertainties amid the coronavirus pandemic also weighed on crude oil prices.

Output reductions by OPEC and allies, and data from Baker Hughes showing another drop in oil rig count in the U.S. helped limit oil's slide.

West Texas Intermediate Crude oil futures for July ended down $0.67, or about 2%, at $33.25 a barrel.

Brent crude futures ended down $0.93, or 2.58%, at $35.13 a barrel.

WTI crude futures gained almost 13% in the week, its fourth weekly uptick.

At the annual session of National People's Congress in Beijing, Premier Li Keqiang said the country will face some factors that are difficult to predict in its development due to the great uncertainty regarding the Covid-19 pandemic and the world economic and trade environment.

In political news, China's decision to write a new national security law into Hong Kong's charter has triggered fresh worries on U.S.-China relations.

Republican and Democratic U.S. Senators said on Thursday that they would introduce legislation to impose sanctions on Chinese officials involved in enforcing proposed security laws in Hong Kong.

The legislation would also impose secondary sanctions on banks that do business with entities found to violate the law guaranteeing Hong Kong's autonomy.

The agressive intent of the Congress with regard to the tone on China is due to China's alleged role in covering up the initial stages of the coronavirus outbreak.

According to Baker Hughes, the number of active U.S. rigs drilling for oil dropped to 237 this week, down 21 from previous week.

The total rig count has also dropped by 21 this week to 318.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157544/

Treasuries Move Modestly Higher Amid Concerns About U.S.-China Tensions

After ending the previous session nearly unchanged, treasuries moved modestly higher during the trading day on Friday.

Bond prices gave back some ground after an initial jump but managed to remain in positive territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 2 basis points to 0.657 percent.

The uptick by treasuries came amid concerns about rising tensions between the U.S. and China, as Beijing moved to strengthen control over Hong Kong with new security laws.

U.S. President Donald Trump warned that Washington would react "very strongly" if China follows through on its plans.

The latest developments come after the Senate passed a bill on Wednesday that would potentially delist Chinese stocks from U.S. exchanges.

In other China-related news, the Chinese government abandoned setting an economic growth target for the first time amid uncertainties posed by the coronavirus pandemic.

Trading activity was relatively subdued, however, with a lack of major U.S. economic data keeping some traders on the sidelines.

The upcoming Memorial Day holiday also contributed to the light trading, with some traders looking to get a head start on the long weekend.

Following the holiday weekend, next week's trading may be impacted by reaction to reports on new home sales, consumer confidence, durable goods orders, pending home sales, and personal income and spending.

Bond traders are also likely to keep an eye on the results of the Treasury Department's auctions of two-year, five-year, and seven-year notes.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157543/

Gold Futures Settle Modestly Higher

Gold prices climbed higher on Friday as traders sought the safe-haven asset amid an escalation in tensions between the U.S. and China, and concerns about global growth.

The dollar too firmed up nicely, and its uptick limited gold's gains a bit.

The dollar index rose to 99.87 and was last seen at 99.77, up 0.4% from previous close.

Gold futures for June ended up $13.60, or about 0.8%, at $1,735.50 an ounce, after rising to a high of $1,742.00 intraday.

On Thursday, gold futures for June ended down $30.20, or 1.7%, at $1,721.90 an ounce.

Gold futures shed about 1.2% in the week.

Silver futures for July gained $0.329, or 1.9%, to $17.693 an ounce, while Copper futures for July closed lower by $0.0455, or 1.9%, at $2.3865 per pound.

The Chinese government abandoned setting economic growth target for the first time amid uncertainties posted by the coronavirus pandemic.

On the political front, China's decision to write a new national security law into Hong Kong's charter has triggered fresh worries on U.S.-China relations.

Republican and Democratic U.S. Senators said on Thursday that they would introduce legislation to impose sancions on Chinese officials involved in enforing proposed security lwas in Hong Kong.

The legislation would also impose secondary sanctions on banks that do business with entities found to violate the law guranteeing Hong Kong's autonomy.

The agressive intent of the Congress with regard to the tone on China is due to China's alleged role in covering up the initial stages of the coronavirus outbreak.

In another development, the U.S. Senate passed a legislation that seeks to delist Chinese companies who don't abide by U.S. accounting laws.

China has warned that it will safeguard its sovereignty, security and interests, and threatened countermeasures.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157542/

European Economics Preview: UK Retail Sales, Public Sector Finance Data Due

Retail sales and public sector finance reports from the UK are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics publishes UK retail and government borrowing figures for April. Economists forecast retail sales including auto fuel to decline 16 percent on a monthly basis after easing 5.1 percent in March.

The UK budget deficit is expected to widen to GBP 35 billion in April from GBP 2.33 billion in March.

At 3.00 am ET, Spain's INE releases industrial order data for March. In the meantime, manufacturing confidence survey results are due from Turkey.

At 4.00 am ET, Poland's retail sales data for April is due. Sales are forecast to decrease 16.9 percent annually in April following a 7.1 percent drop in March.

At 7.30 am ET, the European Central Bank is set to issue the account of the monetary policy meeting of the governing council held on April 29 and 30.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157488/

*Yen Hits 3-day High Of 110.59 Versus Franc

Yen Hits 3-day High Of 110.59 Versus Franc

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2157487/