China’s President Xi Jinping has told the country to prepare for hardship in the face of a continued trade war. Xi told a crowd in Jiangxi to join a “new Long March”. His message was meant to prepare the people for the tough road ahead negotiating with the U.S. to bring an end to this dispute. This could be a sign Beijing is digging in its feet going forward, possibly making a resolution less attainable. Nerves frayed by the White House plan to target more Chinese tech companies were largely calmed after the Treasury Secretary Steven Mnuchin said Presidents Trump and Xi are likely to meet at the end of June.
Oil slid yesterday ahead of tomorrow’s U.S. crude inventory report. U.S. production has been in rare form continuing to grow month after month. Permitted the inventory is above 487.8K the global price for oil can be expected to drop slightly.
Prime Minister Theresa May is pushing to ratify her Brexit deal before concerning herself with dates for stepping down. Pleas have been lobbed her way to delay the vote from early to late June. The pound dropped yesterday as no new resolution was reached.
Time in GMT
EUR German GDP (QoQ) (Q1)
Predicted: 0.4% Previous: 0.4%
EUR German Manufacturing PMI (May)
Predicted: 44.8 Previous: 44.4
EUR German Ifo Business Climate Index
Predicted: 99.2 Previous: 99.2
GBP Retail Sales (MoM) (Apr)
EUR ECB Publishes Account of Monetary Policy Meeting
USD New Home Sales (Apr)
Predicted: 675K Previous: 692K
Cable’s 1D TF has shown a Three Outside Down pattern indicating a continuation of the pair’s downtrend.
This precious metal’s 1D TF has shown a Bearish Engulfing signal meaning the current downtrend will continue.