U.K. Prime Minister Theresa May has shown no signs of giving in to calls from within her own party to stand aside. She is determined to settle Brexit before stepping away in any form. May continues to aim for a Brexit deal with the opposition that can win a majority in Parliament. The pound fell in response to continued turmoil.
The S&P 500 bounced back and then lost gains after investors heard that Chinese negotiators will arrive today. Gains were short-lived as confidence in progress is dwindling among traders. “We’ll have to see how this thing plays out at the end of the week here, but we would continue to expect this environment as long as the headlines are going back-and-forth,” said Charlie Ripley, a senior investment strategist for Allianz Investment Management.
In emerging markets, the lira extended losses against the dollar thanks to the fallout from Turkey’s decision to re-do municipal elections in Istanbul. The South African rand strengthened as the country headed to the polls for a national election. Emerging markets were a key signal of the last global recession.
Times in GMT
All Day Holiday Russia – Victory Day
USD Fed Chair Powell Speaks
USD PPI (MoM) (Apr)
Predicted: 0.2% Previous: 0.6%
The Japanese index’s 1D TF has shown a Three Outside Down pattern signaling a strong downtrend.
This currency pair’s 1D TF has shown a Three White Knights pattern signaling a continuation of its uptrend.