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Summary
It’s Friday May 26th, and here is this week’s edition of forex happy hour and market report for the final trading day of the week. The G7 meeting will be the hot topic today as finance ministers and central bankers from 7 industrialized nations - Canada, Italy, France, Germany, Japan, the UK, and the US get together to talk global policy-making. Another risk event is the US GDP report out during the New York session at 12:30 PM GMT, expected to have ticked up to 0.9% on an annual basis. The US will also released their Durable Goods Orders (APR P) at the same time. Because orders for goods have large sway over the actual production, this figure serves as an excellent forecast of U.S. output to come. Durable Goods are typically sensitive to economic changes. When consumers become skeptical about economic conditions, sales of durable goods are one of the first to be impacted since consumers can delay purchases of durable items, like cars and televisions, only spending money on necessities in times of economic hardship. Similarly,, when consumer confidence is restored, orders for durable goods rebound quickly. That will end the trading week. Thanks for watching, have a great weekend and come back for more from Capital Index and Invest Diva next week.
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Editors’ Picks
EUR/USD rises toward 1.0700 after Germany and EU PMI data
EUR/USD gains traction and rises toward 1.0700 in the European session on Monday. HCOB Composite PMI data from Germany and the Eurozone came in better than expected, providing a boost to the Euro. Focus shifts US PMI readings.
GBP/USD holds above 1.2350 after UK PMIs
GBP/USD clings to modest daily gains above 1.2350 in the European session on Tuesday. The data from the UK showed that the private sector continued to grow at an accelerating pace in April, helping Pound Sterling gather strength.
Gold price flirts with $2,300 amid receding safe-haven demand, reduced Fed rate cut bets
Gold price (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark heading into the European session.
Here’s why Ondo price hit new ATH amid bearish market outlook Premium
Ondo price shows no signs of slowing down after setting up an all-time high (ATH) at $1.05 on March 31. This development is likely to be followed by a correction and ATH but not necessarily in that order.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.