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Daily market overview – 17/05/2016

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Daily market overview – 17/05/2016

Daily market overview – 17/05/2016
May 17
09:00 2016

Yesterday the Euro was much weaker against its peers, even though there were no major reports out of the region as banks were closed for the holiday. Today the region’s trade balance is being observed and a wider surplus of 23.1 billion EUR is expected.

The green bank failed to establish a clear direction in recent trading sessions.

The Empire State manufacturing index fell from 9.6 to -9.0 instead of just dipping to 7.2.

US CPI figures are due today and a pickup from earlier reports is being observed. Also, there are building permits and housing starts data, along with industrial production and capacity utilization figures.

Crude oil prices are on the upswing to start the trading week as markets shrug off initial negativity in the wake of soft data from Сhina reported at the weekend. The WTI contract was off to a quiet start initially as Asian markets came online, but upward momentum swelled alongside a strong push higher from Hong Kong and Shanghai shares at the opening bell.

Gold prices may find a near-term leading position amid pre-positioning for Tuesday’s release of April’s US CPI figures. The report is expected to show the difference between headline and core CPI that hit a three-month low, which may lay the groundwork for a Fed rate hike.

The US Dollar hit a two-month high late last week, however a degree of retracement ahead of the inflation report may see its trading lower, boosting the yellow metal in the process.

Key Market data Tuesday – May 17th:

01:30 – AUD: RBA Meeting Minutes.

08:30 – GBP: CPI.

12:30 – USD: Core CPI + Building Permit.

23:50 – JPY: GDP.

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  1. Yarik
    Yarik May 17, 11:43

    I try to use the data from your daily market overview accurately, but it’s sometimes difficult to set priorities and make the right choice.

    Reply to this comment
  2. Мira Braga
    Мira Braga May 17, 14:46

    Yes, the financial market is a mystery and you don’t know when it will present you a surprise.

    Reply to this comment

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