Analyst
The Chairman of the Federal Reserve, Jerome Powell delivered a webcast at the Peterson Institute for International Economics, Washington, D.C on Thursday. Mr Powell at the webcast highlighted the measures taken so far by the bank to offset the economic effects of the virus while calling on governments around the world to quickly respond with measures to support workers who recently lost income and businesses that are either closed or have witnessed a sharp decline in their activity.
Crude prices have stabilized in the last three weeks as a rebound in demand coupled with a significant drop in supply as supported the commodity. The gradual reopening of major economies after the global lockdown has surged demand with the return of cars to the road and re-opening of closed industries. OPEC and its allies cut supply by 5.96 million barrels per day since the 1st of May and the impact is gradually being felt in the market.
In the week ending May 9, a decrease of 195,000 from the previous week’s level was noticed in the jobless claim data released by the US Department of Labor as 2,981,000 individuals filed for unemployment claims. This week’s data has brought the 2-months rolling data to over 36 million individuals. The fitful re-opening commenced in some states with some re-called workers facing reduced work hours due to risk of infection but this will eventually reduce the number of individuals filing for the insurance in the near term.
With this in mind, let's have a look at events that will further impact the direction of the financial market next week.
Activities and updates from the weekend are expected to dominate sentiment as there is no expected high-impact economic data set for this day.
AUD: Monetary Policy Meeting Minutes will be released by the Reserve Bank of Australia by 2:30 am. The minute is a detailed record of the last meeting of the board of the bank and it provides insight into the economic condition of Australia upon which the rate decisions were based.
GBP: Claimant Count Change will be released by the Office for National Statistics by 7 am. It measures the change in the number of persons filing for unemployment benefits in the previous month.
USD: Building Permits will be released by the Census Bureau by 1:30 pm. This data measures the annualized number of new residential building permits issued the previous month.
GBP: CPI y/y will be released by the Office for National Statistics by 7 am. The data measures the change in the price of goods and services purchased by consumers by comparing the average price of goods and services this year to the same period last year.
CAD: CPI m/m to be released by Statistics Canada by 1:30 pm
USD: FOMC Meeting Minutes from the Federal Reserve by 7 pm. It is a detailed record of the most recent FOMC meeting.
GBP: Flash Services PMI and Flash Manufacturing PMI will be released by Markit at 9:30 am.
USD: Philly Fed Manufacturing Index and Unemployment Claims will be released by 1:30 PM.
USD: Flash Manufacturing PMI set to be released by 2:45 pm.
NZD: Retail Sales q/q will be released by Statistics New Zealand by 11:45 pm. It measures the change in the total value of inflation-adjusted sales at the retail level.
GBP: Retail Sales m/m will be released by the Office for National Statistics by 7 am.
EUR: Manufacturing PMI, as well as Flash Services PMI data, will be released from France and Germany by 8:15 am and 8:30 am respectively. While the Bloc’s Manufacturing PMI and Flash Services PMI comes out by 9 am.
CAD: Core Retail Sales m/m will be released by 1:30 pm. Positive data will boost the commodity supported Loonie.
Time is GMT+1
When I joined the Rally family, I had zero knowledge about forex. I attended their seminars and lectures and it was a thorough and quality experience. Talking about my success in forex , it’s a steady process , I’ve enjoyed lots of profits and a few losses. I’m grateful for the rally trade foundation I have, I look to grow from under the wings of Rally.
Kobi
I was told I could make money in my comfort zone, then I thought; “this could actually happen in my dreams”. But guess what, I made money and I’m still making money in my comfort zone with RALLY TRADE. To my account manager OLUWASEUN: thank you for keeping to your words and for being nice at the same time, thank you for having my back, you’re the best.To RALLYTRADE: thank you for this opportunity and for letting me know I could do more and better with myself..
Ebere Uzodinma
I am so much impressed not by anybody's action or motivation to pronounce my encounter with rally trade company. I would love to say this company has done so much in my life; personally. I listen to a radio station programme about a seminar/training on how to trade forex, I planned to attend though I don't believe it will work for me. After the training I got a call from one of Rally trade staff, in person of Tamuno who done so much to convince me to go in for the trade. This young girl have been so impacting since I stated the trade and she has never for once ignore my request for support and advice; I so much appreciate you...
Oluwatuyi Timileyin Samuel
THANK YOU, THANK YOU, THANK YOU Rally trade team for the excellent work you are doing. I recommend rally trade for anyone who want to profitably trade Forex on a consistent basis.
Oluwaseun Kayode
I have been with rally trade broker for one year now, they are reliable broker and they have excellent performance in term of training, customer service and prompt payment of profit withdrawal. Morealso, i am also beneficiary of one of their partner program (introducing broker) which I have been receiving payment for monthly commission on it. I recommend Rally trade to d prospective individual and company that intend to trade in forex . Thanks to Rally Trade
Adefuwa Ayodele