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Analytics, Daily Review

News, Trends, & Analytics 31.05.2019

U.S. first-quarter GDP growth came in at 3.1%

The U.S.’s GDP report showed growth while inflation pressure was a concern, Turkey’s President Erdogan makes changes for an EU membership and Russia’s central bank may look to raise interest rates.

 

News

Economic growth in the U.S. accelerated in Q1, however, the Fed chose to keep interest rates locked because inflation pressures were still weaker than expected. Affects the USD


Mexico’s Senate should soon approve the United States-Mexico-Canada Agreement (USMCA) once it has passed through congressional committee. Affects the MXN


Turkey is still seeking full EU membership and is amending national website bans to attain it. Affects the TRY


Russia’s central bank Governor Elvira Nabiullina said yesterday a cut to the key interest rate was still possible in the second or third quarter of 2019. Affects the RUB


Leader of the Opposition Labour Party Jeremy Corbyn has said he would ask the EU to consider a customs union and a trade relationship with Britain. Affects the GBP

 

Calendar

12:30 GMT

Canada’s (MoM) (Mar) GDP will be released and is expected to have grown from -0.1 to 0.4. Affects the CAD

 

Technical analysis

Gold

The stock market did not receive positive hints from the U.S. GDP report, therefore investors will be inclined to purchase defensive assets.

Canadian GDP

The chart’s support is rising along with the trend. With the Canadian GDP coming tomorrow and continued Brexit uncertainty, the appeal of safer assets will rise and Gold’s price may go with it.

ETH

There has been a new pump from cryptocurrencies. Ethereum continues to rise.

USD/CAD

USD/CAD has shown a Flag pattern. It may break the lower boundary.

ADU/USD

AUD/USD has displayed a Trippe Top pattern, indicating quotes may go down.

 

AUD/USD on this day

  • Since 2000, May 31st has been a trading day 15 times.
  • 60% of those days the asset ended an uptrend.
  • The maximum reinforcement range was 0.97%.
  • Trend down was limited to 1.41%.

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