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<b> MARKET</b> ANALYSIS <b> MARKET</b> ANALYSIS

MARKET ANALYSIS

Cutting-Edge Market Commentary for Informed Strategy Making

WEEKLY

OUTLOOK

22.05.2023-26.05.2023





Good morning traders.

USD attracted considerable attention the past week due to debt ceiling concerns and mostly hawkish messages from FOMC members. After a meeting last Tuesday President Biden and Senate leadership both commented that there has been some progress and that they would not allow the US to default. Germany’s ZEW expectations index fell for a third month at -10.7% while in China retail sales, industrial production and fixed asset investment reading came under market consensus as well.
Another busy week ahead in the forex market filled with top-tier events starting from Tuesday 23rd with Germany announcing May’s flash manufacturing PMI. After that, the U.K. is scheduled to report its PMI readings. On Wednesday focus will turn to New Zealand with the RBNZ interest rate decision which is likely to announce another 0.25% hike. On the fundamental front, along with RBNZ interest rate decision, we will have the release of FOMC May meeting minutes.
Lastly but certainly not least the US Bureau of Economic Analysis will announce on Friday the Fed’s preferred inflation measure the Core PCE price index which is expected to come out unchanged at 0.3%.


Have a nice week ahead.


Monday 22 May

Time CEST

Cur.

Event

Forecast

Previous

03:15

CNY

PBoC Loan Prime Rate

3.65%

3.65%

08:30

CHF

Industrial Production (YoY) (Q1)

6.80%

6.10%

16:00

EUR

Consumer Confidence (May)

-14.2

-17.5


Tuesday 23 May

Time CEST

Cur.

Event

Forecast

Previous

09:30

EUR

German Manufacturing PMI (May)

45.7

44.5

10:30

GBP

Manufacturing PMI

48.1

47.8

14:00

USD

Building Permits

1.501M

1.416M


Wednesday 24 May

Time CEST

Cur.

Event

Forecast

Previous

04:00

NZD

RBNZ Interest Rate Decision

5.50%

5.25%

08:00

GBP

CPI (YoY) (Apr)

10.0%

10.1%

20:00

USD

FOMC Meeting Minutes

-

-


Thursday 25 May

Time CEST

Cur.

Event

Forecast

Previous

14:30

USD

Initial Jobless Claims

266K

242K

16:00

USD

Pending Home Sales (MoM) (Apr)

0.1%

-5.2%

22:30

USD

Reserve Balances with Federal Reserve Banks

2.420T

3.280T


Friday 26 May

Time CEST

Cur.

Event

Forecast

Previous

03:30

AUD

Retail Sales (MoM) (Apr)

06%

0.4%

08:00

GBP

Retail Sales (MoM) (Apr)

-0.3%

-0.9%

14:30

USD

Core PCE Price Index (MoM) (Apr)

0.3%

0.3%




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RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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