Wrapping Up The Forex Trading Day – May 17th
Arslan Butt • 1 min read
Today, the global financial markets remained highly erratic throughout the New York session. The Buck drifted lower compared to most of its peer currencies. This was due to unfavorable economic figures and rising concerns about the dramatic tax reform and infrastructure initiative. Let's summarize the major events and changes that occurred today.
Key Events For Today
1- Sterling soared against the U.S. dollar over the U.K. unemployment rate, which fell to 4.6% for the month of March from 4.7% previously.
2- The single currency Euro gained ground against the U.S. upon the release of Eurozone CPI inflation figures for the month of April. This figures increased to 1.9%, (which was in line with the forecast), and higher than 1.5%, which was last month's figure.
3- The Loonie was also strengthened as Canadian manufacturing sales expanded 1.0% for the month of March. The figure didn't only meet expectations, but also beat the previous data.
4- Lastly, the EIA released a report on crude oil inventories which indicated a draw of 1.75 million barrels for the week and a draw of 5.25 million barrels the previous week. As a result, the crude oil edged slightly higher, but the gains remained limited.
Tomorrow, we are likely to have another volatile day in anticipation of major economic events. In particular, the Labor market figures from the Australia and United States are likely to be in focus. Additionally, ECB President Draghi is scheduled to speak. Keep following us for the early morning Forex Signals Brief to get ready for the challenges & opportunities in the market.