The US PPI will come out on Thursday, May 12, at 15:30 MT time.
Monday News: China Brings Surprises
This week’s attention should be given to China, which pops up in some news on several occasions.
A 7% drop in the Chinese tech index hit the region, leaving the Asia-Pacific stock index in the red for the second session. It is also due to the Covid lockdown in Shenzhen, the technology hub, which has increased the geopolitical and regulatory risks facing the sector. It happened partly because of strained relations between the US and China.
XBR fell, staying above $106 a barrel. The resistance is $111.70, the support is $106.10.
The ruble showed a slight strengthening against the US dollar. Now USDRUB is approximately $131.
XAU dropped 0.5% to $1975 an ounce after last week’s peak at $2069.
The key indicator of inflation expectations in the US rose to 3% and approached a record high level.
The Bank of England is expected to raise its rates to 0.75% on Thursday, which will be the third increase in a row.
Key events this week:
The US PPI m/m, March 15, 02:30 PM MT
The UK Official Bank Rate, March 17, 02:00 PM MT
The US Fed Funds Rate, March 16, 08:00 PM MT
What are your trading ideas this week? Share in the comments!
The US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).
Representatives from 15 oil-rich nations attend OPEC meetings. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
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.