Market Overview - Page 616

At 12:45 GMT, US Fed’s William Dudley is scheduled to give a speech today. Comments made can move prices in USD crosses. At 17:00 GMT, FOMC Member Bostic is due to speak about the economic outlook and monetary policy at.

OPEC and non- OPEC members are meeting in Vienna on Thursday for the start of a 3 day summit where production cuts are on the agenda. US Rig counts on Friday showed an increase of 1 to 863 as more.

At 09:00 GMT, Eurozone Consumer Price Index (Apr) will be released with a consensus for 0.5% (MoM) and 1.9% (YoY) from 0.3% (MoM) and 1.9% (YoY) previously. Consumer Price Index – Core (Apr) is expected at 0.3% (MoM) and 1.1%.

The ECB dominated markets yesterday as they shifted their policy stance and signalled their exit from QE. The Bank is looking to reduce its bond buying by 15Bln euro from September and terminate the program completely by December provided market.

While the “Risk On” rally continues in global stocks the Chinese markets are lagging behind over fears of trade tensions and high levels of maturing debt. In stark contrast US markets were higher adding to the gains made in the.

At 10:40 GMT, UK MPC Member Tenreyro is due to deliver a speech titled “Productivity Matters: What is the state of trade?” at the Confederation of British Industry Economic Briefing, in Belfast. Audience questions are expected to follow. This event.

The news broke overnight that Steve Mnuchin had urged the President to give Canada an exemption from the Steel and Aluminium tariffs. USDCAD had already sold off from its high of 1.30657 but extended the move and is now trading.

At 07:55 GMT, German Markit Services PMI (May) will be out with an expected headline number of 52.1 against 52.1 previously. After reaching a multi-year high in February at 57.3, this data has come back into its range under 56.0..

Yesterday’s session was quite after a pickup in volatility last week and there has been little in the way of movement overnight. This is despite some negative headlines that possibly sapped some of the market strength over the last 24.

The new week begins much the same as the old one ended, with markets in risk on mode, equities markets higher, while gold moved down. The USD is weaker against all currencies expect the yen. The mood is mainly positive.

The USDCAD pair has returned to the previously broken red trend line and is consolidating in the area around 1.28363. A break higher targets today’s high at 1.28641, followed by 1.28940 and the area of resistance containing the recent highs,.