Data events from overnight: US data releases solid, uk labour strong - ANZ

Analysts at ANZ explained the data events overnight for the US and European trade.

Key Quotes:

"US data releases were solid, implying the economy is accelerating in the early stages of Q2. Retail sales rose in line with expectations but with upward revisions; Empire Manufacturing rose sharply with prices paid the strongest since 2011; the NAHB index reversed the modest declines of recent months. The Atlanta Fed GDPNow index is indicating growth of 4.0%+ for the current quarter based on available published data. Average hourly earnings data in the May labour market report will be keenly awaited given strong growth and unemployment at cycle lows of 3.9%."

"UK labour market data were strong. The economy created 197k jobs in Q1, and average earnings rose (2.9% y/y vs 2.8%). With labour market growth that strong, the Q1 GDP data (0.1% q/q) looks increasingly out of whack. Elsewhere in Europe, euro area industrial production bounced 0.5% after falling 0.9% in February, and German ZEW current conditions beat forecast."

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

AUD/USD keeps gains above 0.7300 on PBOC's status-quo

AUD/USD picks up fresh bids and regains 0.7300 amid fresh US dollar selling across the board, as the market sentiment remains mixed starting out a fresh week.  Upbeat comments from Aussie PM Morrison and Chinese President Xi Jinping favor the bulls despite PBOC's status-quo. 


USD/JPY extends losses below 104.50 amid risk-aversion

USD/JPY resumes its decline towards 104.00 amid risk-off action in the Asian equities and broad dollar weakness. Markets in Tokyo are off for Respect-for-the-Aged Day, Focus shifts to the Fed Chair Powell's speech. 


Gold due for a breakout, according to key indicator

Gold's multi-week consolidation in a narrowing price range could end with a bullish breakout, as a widely-tracked daily chart indicator is about to turn bullish. The yellow metal has carved out a descending triangle pattern over the past four weeks.

Gold News

The week ahead: Central bankers’ chance to explain themselves

Global equities took another hit at the end of last week, and as we start a fresh week there is some concern that volatility could be creeping back into the markets and that tech has lost some of its lustre, along with gold, which also ended the week lower. 

Read more

WTI buyers attack $41.00 amid US-Iran tension, escalating virus woes

WTI remains heavy below 50-day SMA, drops from $41.18 to begin the week. The energy benchmark keeps trailing 50-day SMA for over two weeks while taking clues from the US-Iran tussle and the coronavirus (COVID-19) headlines. Hopes of further stimulus, China’s optimism favor energy bulls.

Oil News