Today is expected to be a relatively busy day for the euro. The final inflation data for May in Spain and France will be published in the first half of the day. In addition, the ECB President Draghi plans to speak after the publication of data on inflation in Spain. Investors are concerned primarily with whether Draghi will strike a blow at the euro with his comments, thus reversing the last Thursday’s growth of the single currency.

Following yesterday’s latest recession signal provided by the Sentix Investor Confidence Index, forex traders received credit card data out of New Zealand which showed a monthly decrease in spending. The New Zealand Dollar remains well supported in the short-term. Chinese consumer prices rose as food prices accelerated to the upside. Forex traders appear to be content with more tariff threats out of the US towards China and are in a holding pattern until the conclusion of the G-20 summit in Japan at the end of the month.

The absence of critical statistics from the EU today is likely to lead to a return of investors’ focus on the economic prospects of the US and eurozone economies, as well as on the May indicators of the US inflation rate. In addition, Australian business statistics may affect future investor sentiment for the Australian dollar. This morning statistics from Australia was published, which in the near future can seriously affect the rate of the national currency, as well as the financial and credit policy of the RBA.

Following yesterday’s UK GDP report for April which saw the economy contract by 0.4% monthly, forex traders will keep a close eye on today’s employment data. Despite yesterday’s mix of disappointing UK economic data, which also featured industrial and manufacturing production as well as construction data posting monthly declines, the British Pound remained stable at solid support levels. Will this trend continue and allow bulls to power the GBPUSD to the upside?

After UK Prime Minister May stepped aside last Friday, the battle to replace her is in full swing. Her divided Tory party will now need to narrow the field to two candidates, with former London Mayor and former Foreign Secretary as well as key Brexit figure Boris Johnson in the lead. How will the British Pound perform as the the next leader will be a Brexiteer who is not afraid of a no-deal Brexit? Forex traders will get key UK economic data today which will feature April’s GDP figure as well as a reading on industrial and manufacturing production.

The economic calendar was pretty calm during today's Asian session. The April data on household spending in Japan set, albeit not strongly, the direction of the market early in the morning. Later, data on mortgage loans in Australia could no longer have a significant impact, as the markets today are almost entirely focused on the upcoming release of labor statistics from the United States. Our NFP forecast> 

The Australian construction sector continues to contract, partially due to seasonality. The ongoing slowdown has resulted in a slump in demand for home loans while investment lending also contracted. On the bright side, the value of loans increased. The Australian Dollar is in the middle of a price action recovery from depressed levels and the interest rate cut by the RBA added to bullish sentiment in a rare contrarian effect. Today’s fundamental analysis will take a look at will impact the AUDUSD currency pair.

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

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 announce more QE and how will this impact the Euro?

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.

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 accompanies announcement.

As geopolitical tension increase and as the trade war the US started with China is turning into a tech war, Gold is attracting bids as forex traders seek safe have from the turmoil in financial markets. Economic data released around the world is also showing a steeper than expected slowdown which has increased recession fears. A growing number of calls for the global economy to contract have emerged with some analysts pointing out that a recession could materialize in as little as three quarters.

The USDCHF has been descending since the start of May and forex traders will get a double dose of US manufacturing data today which will include the key ISM Manufacturing Index. The prices paid and employment sub-indexes will be closely watched as the headline figure is expected to show an improvement over April. Economists further anticipate that construction spending rebounded from last month’s slump and that vehicle sales increased. Will economists be correct with their assessment and how will this impact the US Dollar?

Economic data released out of Australia this morning showed a further decrease in its manufacturing sector as well as a plunge in job advertisements and a further deterioration of house prices. This caused inflationary pressures to ease. Inventories rose as company profits decreased, but the Australian Dollar was able to advance as a report showed that the Chinese manufacturing sector performed better than expected.

Here are the key factors to keep in mind today for US Dollar trades:

Here are the key factors to keep in mind today for British Pound trades:

Here are the key factors to keep in mind today for Australian Dollar trades:

Here are the key factors to keep in mind today for Euro trades:

Despite the optimistic outcome of the elections to the European Parliament, the single European currency was not able to maintain its advantage for a long time. Today, the US dollar has risen against all of its major competitor currencies, while the euro is waiting for a rather busy day in the economic calendar.

Here are the key factors to keep in mind today for Euro trades:

Here is the key factor to keep in mind today for Swiss Franc trades:

Here are the key factors to keep in mind today for British Pound trades:

Here is the key factor to keep in mind today for New Zealand Dollar trades:

Here are the key factors to keep in mind today for US Dollar trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for British Pound trades:

Here are the key factors to keep in mind today for Gold trades:

Here are the key factors to keep in mind today for Euro trades:

Here is the key factor to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for US Dollar trades:

Here are the key factors to keep in mind today for Australian Dollar trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Australian Dollar trades:

Here are the key factors to keep in mind today for US Dollar trades:

Here are the key factors to keep in mind today for Euro trades:

Here is the key factor to keep in mind today for Australian Dollar trades:

Here are the key factors to keep in mind today for Canadian Dollar trades:

Here are the key factors to keep in mind today for British Pound trades:

The last day of the current trading week promises to be stressful enough for the British currency. Traders expect to release statistics on business investment and GDP for the 1st quarter. Data on the volume of industrial production and trade for March will also be released later in the morning.

Here are the key factors to keep in mind today for US Dollar trades:

Here are the key factors to keep in mind today for Gold trades:

Here are the key factors to keep in mind today for Australian Dollar trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for US Dollar trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for British Pound trades:

Here are the key factors to keep in mind today for New Zealand Dollar trades:

Here are the key factors to keep in mind today for British Pound trades:

Here are the key factors to keep in mind today for US Dollar trades: