News
In the U.K., Prime Minister Theresa May’s new strategy of compromise helped confidence return to the market. The pound rebounded from four-month lows, on news of May indicating she could make commitments on workers’ rights and environmental protections. While her cabinet discussed the idea of allowing members of Parliament a free vote on the option of holding a second Brexit referendum, however, pro-Brexit ministers pushed back against the idea.
The White House decided to grant limited relief for consumers and carriers that do business with Huawei Technologies. This announcement, a day after the moves against the Chinese telecom giant battered stocks helped markets locally and in Europe. Chinese and Korean markets also had some gains, while Japan slid a little.
Oil held gains on signs that OPEC and its allies would likely prolong production cuts beyond June. Rising tension in the Middle East combined with involuntary output cuts from Venezuela and Russia have also been boosting prices while growing stockpiles in the U.S. and the trade war between the world’s two biggest economies keeps gains reigned in.
Spotlight
Times in GMT
07:30
EUR ECB President Draghi Speaks
08:30
GBP CPI (YoY) (Apr)
Predicted: 2.2% Previous: 1.9%
Tentative
GBP Inflation Report Hearings
12:30
CAD Core Retail Sales (MoM) (Mar)
Predicted: 0.9% Previous: 0.6%
14:30
USD Crude Oil Inventories
Predicted: -2.530M Previous: 5.431M
18:00
USD FOMC Meeting Minutes
Analytics
Russel 2000
This U.S. small-cap index’s 1D TF has shown a Bullish Engulfing signal, beginning a possible uptrend.
Gold
Its 1D TF has shown a Bearish Engulfing signal, indicating a continuation of its downtrend. Though whether it will break its support level at around 1265.00 is undetermined.
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