The global economic slowdown extends as German industrial production slumped in April. This has caused the German trade surplus to sink as exports plunged and imports decreased. Today’s fundamental analysis will take a look at how the Euro may be impacted throughout today’s trading session as forex traders await the key US NFP report for May. Canada is also scheduled to release its employment report. Will the EURCAD extend its corrective phase throughout today’s trading session? Here are the key factors to keep in mind today for Euro trades...
One of the main drivers, and perhaps the most important one, for traders this week will be the next release of labor statistics from the United States this Friday. NonFarm Payrolls, Average Hourly Earnings, and Unemployment Rate will have a significant impact on the behavior of the US currency. NonFarm Payrolls Last data: 263K Consensus forecast: 196K The US employment market continues to be one of the strongest arguments of the administration of the current US President Donald Trump. Past numbers of 263K of new jobs, together with a 3.6%...
After the US Fed appears to prepare the market for an interest rate cut, all eyes will be on the ECB today. While no change is expected in their current three main interest rates, forex traders have increased their expectations for more stimulus. Calls have increased as PMI data has decrease steeper and faster than anticipated and press conference which will follow 45 minutes after the interest rate announcement will be closely follow. Mario Draghi has been under pressure and hinted that the central bank will support the economy. Will he...
For the single European currency, today is expected to be quite a difficult day. May indexes of business activity in Spain, Italy, and France will be published at the beginning of the forex trading session. The German PMI composite index and Eurozone PMI final data should also come out along with April Eurozone retail sales data. At the same time, US President Donald Trump, willingly or unwittingly supported the GBP with a statement of intent to sign a trade agreement with the UK. According to forecasts, the Spanish and Italian data will...
As global recession fears increase, forex traders pay even more attention to PMI data. Over the past month, manufacturing PMI’s across the globe have come in weaker than expected with a depressed outlook. During the European trading session, forex traders will get a look at final Eurozone services as well as composite PMI data for May. Any further downward revision could pressure the Euro to the downside. Some traders prefer investing in forex during fundamental news releases in order to capture pips from the short-term volatility which often...
