Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
EUR supported by the European Commission
The economic situation in the Eurozone is as bad as the ECB’s worst forecasts as reported by the bank’s president Christine Lagarde today. Nevertheless, the EUR is willing to overlook this news and pay more attention to the stimulus extension plans as the European Commission informs. The currency took that as a strong sign that hopes for a better recovery may be fulfilled and rallied against the USD and the GBP. That, however, may be just a temporary rise which will change no larger trend unless there is more fundamentally positive input. Watch for the resistance levels to be crossed or reverse the upswing and adjust your positions accordingly.
Geopolitical factors and inflation remain the main drivers of financial markets. Let’s see how to use that in trading!
Last week was super intense! Geopolitical turbulence made the Russian ruble the most volatile currency. Gold rose and fell by more than 8000 points each time.
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.