Here are several economic data which may decide the trend of the market.
ECB President Lagarde Speaks at 1:30 PM
Measures: Due to deliver opening remarks at the conference to mark the 30th anniversary of the Bank of Slovenia, in Ljubljana
ECB President Nov 2019 – Nov 2027. Volatility is often experienced during her speeches as traders attempt to decipher interest rate clues
As head of the ECB, which controls short-term interest rates, she has more influence over the euro’s value than any other person. Traders scrutinize her public engagements as they are often used to drop subtle clues regarding future monetary policy
USD: CPI m/m at 6:00 PM
Measures: Change in the price of goods and services purchased by consumers
Released monthly, about 16 days after the month ends
Next Release Date: Jun 10, 2022
Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate;
Forecast- [0.2%]
Previous- [1.2%]
Actual- ?
Impact- The forecast figure seems to be negative for base metals and the dollar while positive for bullions. The actual figure to release at 6:00 PM.
USD: Core CPI m/m at 6:00 PM
Measures: Change in the price of goods and services purchased by consumers, excluding food and energy
Released monthly, about 16 days after the month ends
Next Release Date: Jun 10, 2022
Food and energy prices account for about a quarter of CPI, but they tend to be very volatile and distort the underlying trend. The FOMC usually pays more attention to the Core data – so do traders
Consumer prices account for a majority of overall inflation. Inflation is significant to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate;
Forecast- [0.4%]
Previous- [0.3%]
Actual- ?
Impact- The forecast figure seems to be neutral for base metals and the dollar while positive for bullions. The actual figure to release at 6:00 PM.
Crude Oil Inventories at 8:00 PM
Measures: Change in the number of barrels of crude oil held in inventory by commercial firms during the past week;
Released weekly, 4 days after the weekends;
Next Release date: May 18, 2022
While this is a US indicator, it most affects the loonie due to Canada’s sizable energy sector
It’s the primary gauge of supply and demand imbalances in the market, which can lead to changes in production levels and price volatility
Forecast- [-1.0M]
Previous- [1.3M]
Actual- ?
Impact- The forecast figure seems to be supportive of Crude Oil The actual figure is to release at 8:00 PM.
For more quick updates and economic data, stay tuned with us!
Source: Forex factory