Weekly News 25.05.2020–29.05.2020


This week’s important events include partial resumption of flights by Indian airlines, a possible default of Argentina’s largest province, and Europe’s clean energy recovery plan.

 

Economic Calendar

  • 25.05 08:00 GMT 🇩🇪IFO Business Climate Index — EUR/USD
  • 26.05 14:00 GMT 🇺🇸CB Consumer Confidence Index — EUR/USD
  • 28.05 12:30 GMT 🇺🇸US Q1 GDP EUR/USD
  • 28.05 14:30 GMT 🇺🇸Crude Oil Reserves — USD/CAD
  • 29.05 12:30 GMT 🇨🇦Canada’s Q1 GDP— USD/СAD

 

May 25. India Resumes Domestic Flights

On this day, India starts easing quarantine restrictions on domestic air travel. About one third of regular flights may be resumed. The US and Europe are discussing similar measures. Airlines are suffering huge losses: without immediate resumption of operations, some of them will be bankrupt.

 

May 26. NYSE Reopens. Buenos Aires Resists

The New York Stock Exchange will reopen to a small group of brokers. They will be able to resume their work on the world’s largest trading floor.


On this day, negotiations over a debt restructuring proposal between the authorities of Buenos Aires (Argentina’s largest province) and investors must end. Experts believe that the possible declaration of default will be the strongest blow to the economy of the entire region.

 

May 27. Clean Energy Recovery in the EU

The European Commission will publish a draft on clean energy sector recovery from the COVID-19 pandemic. In particular, clarification may be provided on how the EU plans to support the affected area. The EU is expected to provide around €91 billion annually as grants and loan guarantees for ‘green’ projects.

 

May 28. Ankara Opts for Domestic Travel

Turkey opens its domestic tourism season, which was previously postponed due to the COVID-19 pandemic. The country’s economy is closely tied to the hospitality industry, so this year the republic may not receive millions of dollars.

Meanwhile, the economic indices of the country have started giving positive signals. This leads to a gradual strengthening of the lira.

 

May 29. Oil Test for US Market

The U.S. Energy Department will execute a tender for purchasing 1 million barrels of oil from small and midsize producers from May 27 to May 29. It will serve as a test of the current conditions for trading oil, not the derivatives.


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