Today the focus is on British tariffs, US job vacancies, & a coming South Korean digital currency.
The German GDP (YoY) for the first quarter will be released. Forecast: -1.7%. If the data is higher than expected the EUR may receive a positive push.
Assets to trade: EUR/GBP, EUR/CHF, EUR/NZD
The German IFO Business Climate Index for May will be published. Forecast: 98.2. If the reading is lower than predicted, the EUR could draw negative pressure.
Assets to trade: DAX, EUR/GBP, EUR/USD
The US CB Consumer Confidence for May will be announced. Forecast: 119.4. If the results are higher than expected, the USD could sustain a positive push.
Assets to trade: USD/SGD, GBP/USD, USD/NOK
British employers called on Prime Minister Boris Johnson on Monday to overhaul regulation and tax rules to help them meet the challenges of Brexit, the post-pandemic recovery, and preparing for a net-zero carbon economy. Affects GBP
Group of Seven countries are close to reaching an agreement on the corporate taxation of multinationals, clearing the way for a global deal later in the year. Affects S&P 500
Wine, chocolate, and lobsters imported into Britain from the United States could face new tariffs under proposals from the British government to rebalance the list of goods it targets as part of an ongoing trade conflict around steel and aluminum. Affects FTSE 100
Even though US manufacturing activity surged to a 37-year high in March, the industry has more than half a million job openings and factories are struggling to find skilled workers for specialized roles. Affects USD
South Korea’s central bank on Monday said it will choose a technology supplier to build a pilot platform for a digital currency, moving a step closer to creating a central bank-backed digital currency. Affects Bitcoin
The world’s best-known crypto has had a rough month, after hitting record highs at the beginning of the year, speculation of more oversight, coupled with concerns over mining pollution have weighed heavily on its value. Elon Musk, who has sway over the crypto masses, has tweeted his support of bitcoin over fiat currencies, possibly sparking a new rally. While countries like South Korea look to embrace the future of blockchain, also help lift the flagship crypto.
The Crypto has tested its support level around 33530 and bounced upward.
The pair has shown a Three Black Crows pattern, indicating the downtrend’s strength as it tests its support level around 1.267.
The metal has pushed below its previous support level and its next major pivot point is the new support line around 4.4503.