Weekly Trading Forecast: Trade Wars and Growth Replace Targeted Event Risk Like the FOMC
Following a week of better-than-expected Euro-area GDP, US employment statistics and the Fed’s confusing stance; we find the markets lacking a sense of conviction on basic sentiment. While there are a host of key events ahead (UK GDP, China trade, RBA rate decision) will expected progress on trade wars help reestablish a clear course?
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The Australian Dollar heads into a new week battered by more feeble data and with more to play for at an RBA meeting than usual.
UK politics look set to re-assert themselves and Sterling is very likely to suffer.
A slew of Fed policymakers will hit the lecture circuit this week, while the only ‘high’ rated data release is the April US inflation report due on Friday.
The Euro struggled appreciating despite Italy climbing out of a technical recession and improving Eurozone data. Fears of an EU-US trade war and sentiment signals may sink EUR/USD.
After a loaded week for US equities, event risk looks to subside as the S&P 500 and Dow Jones look for the path of least resistance.
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See how retail traders are positioning in the majors using the IG Client Sentiment readings on the sentiment page.
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