Wrapping Up The Forex Trading Day – 30th May
Arslan Butt • 1 min read
Another good day came to an end with consecutive profitable trades in the Nikkei and WTI Crude Oil. However, our forex trading signal on Gold is active but it seems to be in trouble. The precious metal is struggling to break above the newly formed resistance level of $1264.50. Despite the release of several economic events, the market failed to show fluctuations in the U.S sessions. Let’s have a look at major developments in the global financial markets.
Key Events For Today
1- Greenback plunged against its peer currencies due to worse than expected consumer confidence from the Unites States. The figure fell to 117.9 in the month of May from an 119.4, the previous month figure. Surprisingly, it downbeat the expectation of 119.5.
2- One simply can't ignore the importance of the current account for the Canadian Dollar, as Canada is an export-oriented economy with nearly 70% of its business with the United States.
Anyways, the loonie suffered against the buck as a result of Canadian current account deficit, which widened to C$14.1bn for the Q1 of the year 2017. Whereas, the previous deficit was C$11.8bn in the Q4 of 2016. Eventually, this represents the increase in imports or decrease in exports, which definitely is not something Canadian Economy wants.
3 – Lastly, the Eurozone business climate index faded to 0.90 for the month of May from the previous month figure of 1.09. Therefore, the Euro it self-remained weaker, but the EUR/USD pair traded bullish due to weakness in the U.S dollar.
Tomorrow, we have another big day with several macroeconomic events and trade opportunities. Therefore, stay tuned for the fresh forex trading signals and live market updates.