Last week, there were sharp swings in USDJPY, a decline in oil prices, and a surge in Tesla stock. What's next?
Evergreen buck is nearly intact
On Friday, the evergreen buck was nearly intact in Asia having traded a bit higher earlier in the day in the face of upbeat mood of progress in China-US trade negotiations.
The USD index tracking the purchasing power of the evergreen buck versus a number of its main peers hit 95.732 adding up 0.02%.
According to some sources already familiar with the matter, US Treasury Secretary Steven Mnuchin actually backs reducing levies on Chinese products.
The given report sent American equities up overnight, despite the Treasury Department rapidly denied the news.
China’s Vice Premier Liu He is going to visit America later this month to take part in another round of trade negotiations.
According to jobless claims data, the American government shutdown has yet to affect jobs.
The number of US citizens who filed for unemployment assistance in America demonstrated the lowest level for five weeks, notwithstanding 27 days of a government shutdown that has up to 800,000 federal staff members furloughed
Besides this, the Chinese Yuan stood still versus the evergreen buck. As a matter of fact, the currency pair USD/CNY hit 6.7768, adding 0.06%.
On Friday, China’s statistics bureau had its final 2017 GDP surge updated downwards to 6.8% from the previous outcome of 6.9%.
The revision showed up ahead of Monday’s publication of preliminary GDP surge figures for the latest quarter as well as full-year 2018.
Earlier some sources have informed Reuters that Beijing is actually considering setting a lower economic surge objective of 6-6.5% next year.
On Friday, the Yuan reference rate was set by the Chinese major financial institution at 6.7665 in contrast with yesterday’s reading of 6.7592.
Additionally, the currency pair USD/JPY managed to ascend by 0.16% reaching 109.39.
As for the currency pair AUD/USD, it stood still sticking with 0.7190.
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.