Today we are focusing on Huawei Technologies’ attempt to fight Washington’s ban on its products, regulatory boards’ and airlines’ plans to discuss the future of Boeing’s 737 Max, and the EU’s check-in with a few countries about their national debts.
China’s Huawei Technologies has filed a legal motion to declare the ban on its products unconstitutional, in an attempt to preserve its international dealings. Affects the S&P500
Boeing’s 737 Max may return to the skies in as little as ten weeks, with the final ruling on when it will be deemed airworthy to come from international and local regulatory bodies. Affects Boeing
Italy, France, Belgium, and Cyprus, received letters citing concerns around their national debts being outside the bounds of EU standards, which could result in disciplinary action. Affects the EUR
China has threatened to use rare earths as their next strike in the trade war. Affects Gold
Political tensions continue to rise between the U.S. and Iran as accusations of Iranian munitions being involved in the attacks on oil tankers off the coast of the U.A.E., however, leadership denies involvement. Affects Brent
The Annual Budget of New Zealand will be released. The budget should not be too different from the previous one, however, drastic changes could lead to volatility for the NZD.
The US’s GDP (QoQ) (Q1) will be released. It is expected to drop 0.1% to 3.1%, this affects the USD.
The US’s Pending Home Sales for April will be published. The percentage is expected to drop significantly from 3.8% to 0.9%, which could affect the USD.
The US’s Crude Oil Inventories are expected to be reported at -0.900M. The decrease will affect Brent.
USD / JPY
USD/JPY may start to reverse. For now, quotes are staying near the support level of 109.250, but not pushing through which means a reversal is possible.
Looking to the U.S. GDP which could have an effect on the USD, meaning the pair could climb as the JPY slides against its counterpart.
Silver’s price may grow to the upper border of its channel, as an uptrend has already begun, but the momentum to break out of the channel is yet to be seen.
USD/CAD has shown a Flag pattern. It may break through its lower border.
USD/CAD on this day
- Since 2000, May 30th has been a trading day 15 times.
- In 60% of cases on this day the asset ended a growth period.
- The maximum reinforcement range was 0.75%.
- Trend down was limited to 1.11%.