Today the focus is on tariffs in Europe and Asia, the Copper Rush, and Childhood Poverty.
The British Average Earnings Index will be released. Forecast: 4.6%. If the results are higher than expected, the GBP could receive a positive push.
Assets to trade: GBP/USD, GBP/JPY, GBP/AUD
The US Building Permits for April will be released. Forecast: 1.770M. If the data exceeds the forecast, the USD could receive a positive push.
Assets to trade: USD/NOK, USD/SGD, USD/JPY
A poverty-fighting measure included in the COVID-19 relief bill passed this year will deliver monthly payments to households including 88% of children in the United States, starting in July. Affects USD
China will extend a tariff exemption for 79 products imported from the United States that is due to expire on May 18, the finance ministry said in a notice published on Monday. Affects S&P 500
In South America’s copper-rich Andes political risk is rising as high poverty and debt levels amid the COVID-19 pandemic drive potentially sharp policy shifts and put mining wealth into the crosshairs of angry citizens and political leaders. Affects Copper
Eurozone governments’ borrowing costs are at multi-month highs and German 10-year bond yields are rising towards 0%, yet ECB policymakers and investors appear unruffled, a sign that they view the bloc’s ongoing economic recovery as the real thing. Affects EUR
The European Commission, which oversees EU trade policy, said on Monday it would suspend a planned hike of retaliatory tariffs for up to six months on US products from lipstick to sports shoes. Affects USD
The Dollar has been steadying recently as inflation concerns wain in the US and the promise of more money to households has people ready to spend. Coupled with relaxing tariffs in major markets, the rebounding economy could continue to push the Dollar up.
The pair is testing its support level around 0.9005 and could push through.
The precious metal is testing its resistance level and could reflect off of it.
The pair will test its support level and could break through after the Bearish Engulfing final candle.