The White House’s threats of a ban on Huawei products sent shock waves through the tech sector. Component makers around the world saw their prices drop as markets were on edge. President Trump’s desire to stop China from becoming the number one global economy has shaken it and left investors uncertain. The U.S., China, Europe, and Hong Kong were most affected.
Oil prices rose again thanks in part to rising tensions in the Middle East, raising concerns over the security of supply security, and Saudi Arabia’s suggestion to keep OPEC+ output low. Prices remain high despite the best efforts of the U.S.
In an attempt to make her Brexit deal more palatable to her opposition Prime Minister Theresa May has begun weighing a customs-union style arrangement with the EU. Though talks between the two sides broke down, May wants to give her plan the best shot for its ultimate vote. The pound is expected to continue to be the most volatile major currency through electing the new PM.
Times in GMT
USD Fed Chair Powell Speaks (Monday night)
AUD RBA Meeting Minutes
GBP BoE Gov Carney Speaks
GBP Inflation Report Hearings
USD Existing Home Sales (Apr)
Predicted: 5.35M Previous: 5.21M
This currency pair’s 1D TF has shown a Bullish Engulfing signal, indicating a possible trend reversal upward.
The French index’s 1D TF has shown a Three Inside Down pattern, indicating a likely return to its previous downtrend.