Daily Update - 17th May 2018
The euro had quite a bad day, hit by weak core inflation in April and political jitters in Italy, coupled with persistent dollar's demand to send the euro to yearly lows against the dollar. The 5-Star Movement and League, the two Italian parties struggling to form a coalition government, were said to be planning to ask the ECB to forgive €250 billion of Italian debt, although the news was later denied by the League’s economic spokesman. The Pound has firmed considerably on Brexit breaking news that “Britain will tell Brussels it is prepared to stay in the customs union beyond 2021 as ministers remain deadlocked over a future deal with the EU”. US data was mixed however US treasury yields yet keeps on increasing in return keeping the dollar high. Australia will release key data related to employment. The figures will be scrutinized by investors for further support to Aussie dollar. from USA we will see the release of two mid-tier reports related to jobs. The reports will indicate the unemployment situation in USA for the first week of May. Neil Kashkari, an FOMC member is scheduled to make a speech. His speech will be scrutinized for any rate hike assumptions from his end.Yesterday’s Market
Yesterday Explained
Today’s Market
Today’s Focus