US durable goods and UK GDP in the limelight – Danske Bank

Sandeep Kanihama FXStreet Contributor

Research Team at Danske Bank, suggests that the main focus today will be on the release of the US durable goods orders for April, which are released at 14:30 CET.

Key Quotes

“Given that the fall in investments in equipment and structures weighed on Q1 GDP growth, today's figures should give us an idea of whether investments are rebounding in Q2.

There are two speeches by voting FOMC members scheduled today. James Bullard (hawkish) is due to speak at 12:10 CET, while Jerome Powell (neutral) is scheduled at 18:00 CET. Given the divisions revealed by the April FOMC minutes, market focus on when to expect the next Fed hike continues to be intense.

Although focus in the UK continues to be on the upcoming EU referendum, there are a few releases of interest scheduled for today. At 10:30 CET, the second estimate of the Q1 GDP is due. While we do not expect revisions to the first estimate of 0.4% growth q/q, it is the first time the expenditure components are released and it will be interesting to see what explains the slowdown in Q1. Also, the GfK consumer confidence is due after markets close.

In Sweden, the calendar is packed, with NIER business and consumer confidence surveys due. Also, trade balance and producer price data are published.

In Norway, the much anticipated Q2 oil investment survey is released at 10:00 CET.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

EUR/USD remains heavy near 1.1600 after hot EU inflation data

EUR/USD remains heavily offered near 1.1600, six-week lows, in the European session on Tuesday. The pair fails to find any inspiration from a surprise pick up in Eurozone inflation for February, as the US Dollar continues to attract safe haven flows amid escalating geopolitical tensions in the Middle East.

GBP/USD attacks 1.3300, refreshing three-month lows

GBP/USD is deep in the red near 1.3300, accelerating its downside to renew three-month lows in European trading on Tuesday. The ongoing escalation in the Iran war, combined with rising Oil prices, weighs negatively on the higher-yielding Pound Sterling as the US Dollar capitalizes on increased haven demand.

Gold falls below $5,300 as stronger USD counter Middle East woes

Gold attracts some intraday selling and falls below $5,300 on Tuesday. The US Dollar climbs to a fresh high since January 20 and turns out to be a key factor exerting downward pressure on the commodity. However, concerns about a broader regional conflict in the Middle East continue to weigh on investors' sentiment and underpin demand for the traditional safe-haven bullion.

Stellar risks deeper losses as derivatives metrics turn negative

Stellar is trading red below $0.16 at the time of writing on Tuesday, after a slight recovery the previous day. Weakening derivatives data caps the recovery, while an unfavorable technical outlook projects a deeper correction for the XLM token in the upcoming days.

Middle East conflict ramps up a gear as energy price spike rips through markets

It’s another risk off day as geopolitical headwinds continue to batter financial markets. Although markets calmed during the US session and US stocks managed to post gains on Monday, this has not fed through to the European session, and stocks and bonds are sharply lower for a second day.

Hyperliquid Price Forecast: HYPE rises on commodities demand amid US-Iran war

Hyperliquid (HYPE) steadies above $33 at press time on Tuesday, marking its fourth consecutive day of recovery in a broadly volatile market due to the ongoing US-Israel strikes on Iran.