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Yen Jumps High

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U.S. economic growth cools in the first quarter to its slowest pace in two years, as American consumers reined in spending and a strong USD continued to weaken exports. However, a pick-up in activity is a good sign for the labor market. In this regard, GPD increased at a 0.5% annual rate, the weakest since the first three months of 2014.

USD index declined to 93.75, from a technical point of view. Closing below 94 levels is a negative outlook for USD for the upcoming week. 

EUR was under pressure as German consumer prices declined in April, suggesting that price pressures in Europe's largest economy are still weak, data showed on Thursday. EUR could trade in a narrow range and settle at $1.1350. 

Yen has surged more than 3% vs. USD and EUR, the highest level since 2011.  JPY traded at 108 levels after the BOJ held its record stimulus and thanks to soft USD. The pair could settle at 108 levels by the end of this week.

GBP jumped to a 12 week high vs. USD as the Federal Reserve left interest rates unchanged. On the other hand, the BOE governor has said Britain’s economy appears to be losing steam before June’s EU referendum.

Gold prices surged on Thursday, thanks to weak U.S data and German consumer prices. The yellow metal touched $1,270 and could expand its gains to $1,280 with fading concerns about the pace of the Fed's monetary tightening.

Oil prices touched new high of $47.95, positively affected by soft USD. US Crude oil jumped to $46.11.

The most important economic events:

  • EUR Euro-Zone Consumer Price Index Estimate (YoY) (APR): (GMT 11:00) Important – Forecast (-0.1%) – Previous (-0.1%).
  • EUR Euro-Zone Consumer Price Index - Core (YoY) (APR A) (GMT 11:00) Important – Forecast (0.9%) – Previous (1.0%). 
  • EUR Euro-Zone Gross Domestic Product s.a. (YoY) (1Q A): (GMT 11:00) Important – Forecast (1.4%) – Previous (1.6%). 
  • CAD Gross Domestic Product (YoY) (FEB): (GMT 14:30) Important – Forecast (1.6%) – Previous (1.5%). 
  • USD U. of Michigan Confidence (APR F): (GMT 16:00) Medium

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

 

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