The most important economic data for this week are: US manufacturing PMI, BoC interest rate decision, US services PMI, US job report Tuesday: US manufacturing PMI at 14:00 GMT. The consensus is for an increase from 46.8 to 47.8 points. Even though the expectations are for an improved image of the manufacturing sector in the…
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The most important economic data for this week are: Thursday: US quarterly GDP growth rate on Thursday at 12:30pm GMT. Market participants are expecting the figure to come out at 3.2%, down from 4.9% in the previous quarter. This data might have already been priced in as it’s for the previous quarter, though any significant…
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Below, we look at the key factors impacting economic data this week. Wednesday: UK inflation rate at 7:00am GMT. The consensus is for a decline from 4% to 3.5% in February. If these forecasts hold true, it could mark the lowest yearly inflation figure for Britain and might lead to slight losses for the pound,…
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On the technical side, the price on the chart is currently in a correction status after reaching a yearly high of around $1.31. The Stochastic oscillator is in the extreme overbought levels for the last 10 sessions indicating that a correction to the downside might still have some more power into it. On the other…
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On the technical side, the price on the chart has been making consistent gains since early March with multiple retests to break the upward trendline without being able to do so. This shows the strength of the quid against the dollar in the medium outlook. The 50 day moving average is still trading bove the…
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USOIL, daily Oil prices are on the rise after Saudi Arabia and Russia announced supply cuts for August. Saudi Arabia extended its voluntary production cut of one million barrels per day (bpd) for another month, while Russia announced it would reduce its oil exports by 500,000 bpd in August. Both countries are trying to prop…
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Dollar-loonie is likely to be highly active later this week because of the respective countries’ job reports on Thursday and Friday. Since the NFP has consistently been higher than expected in 2023 so far, it wouldn’t be very surprising to see a stronger result on Friday with a kneejerk higher for USDCAD. That could provide…
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Economic Data for the Week Ahead: Monday 3 April US ISM Manufacturing PMI for March at 3:00 pm GMT+1 Markets welcome the latest manufacturing PMI data from the US, expected to marginally tick lower to 47.1 in March from February’s 47.7 figure. However, the forecast range resides between 48.0 and 44.4. Tuesday 4 April Reserve…
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Gold The performance of Gold is mostly associated with the strength of the US dollar and yields of long-term bonds in both the US and other major economies. Strong labor market in January and stronger than expected CPI print had boosted the US dollar as bond yields started to grow again. That pressured Gold, driving…
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With investors choosing to consider the optimistic scenario, of an increase in oil demand in the world’s two largest economies, there may be scope for further increases in the price of the barrel. Ricardo Evangelista – Senior Analyst, ActivTrades The optimistic bullish trading stance has taken a break this week in Europe, read more... Disclaimer:…
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