How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3 Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…
What drives the market on May 7?
The main focus is on the UK as the Bank of England made an announcement this morning. Let’s see what’s happening with the British pound and what else moves the market today.
The pound surged higher after the BoE had reported that interest rates and quantitative easing would stay unchanged. Previously, the central bank maintained the interest rate at 0.1% and increased its bond-buying program by 200 billion pounds. Moreover, Boris Johnson, the British Prime Minister, promised to start reopening of the economy on Monday. As a result, the market sentiment turned positive and the British pound gained.
Surprisingly, Chinese exports rose by 3.5% while analysts expected the 11% drop. However, imports decreased by 14.2%, while only the 10% decline was forecasted. The overall sentiment after the report was positive that the second-largest economy may recover faster than anticipated, and the Chinese yuan jumped. Moreover, the Australian dollar gained on upbeat Chinese export data.
Traders are waiting for tomorrow US unemployment rate, that is expected to be extremely high. Yesterday the ADP report revealed 20.2 million jobs lost that slightly exceeded the expected 20.5 million. That pushed the US dollar up.
The WTI oil price was growing up and then stopped on the $24 mark. As you remember, OPEC+ started to cut the oil production by 10 million barrels a day starting from May 1. It seems that the oil consumption is slowly recovering with the easing of lockdowns all over the world, but it may take a year to return to the pre-crisis level.
Russian-Ukrainian conflict is influencing every economic aspect…
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.