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Starting with Monday the 26th of May. The U.S. markets are CLOSED due to a public holiday, so with no other tradable events of note, we move to Tuesday.
On Tuesday, it’s over to the U.S. for Consumer Confidence data. The Conference Board’s Consumer Confidence Index DECLINED slightly in April, as consumers assessed business and labour market conditions LESS favourably than in March. Although the index now stands at 82.3 - down from 83.9 - consumers STILL see the economy building on the momentum that has been accelerating recently. The improving labour market should also positively impact on sentiment so we anticipate a POSITIVE reading for May which may present PUT opportunities on the EUR/USD.
On Wednesday, we cross to Europe’s powerhouse, Germany, for the latest Unemployment Change figures. German unemployment fell more than TWICE as much as forecast in April, a sign that Europe’s largest economy will continue to lead the recovery in the Eurozone. The number of people out of work in harmony DECREASED for the FIFTH month in a row, highlighting an UPWARD trend in the labour market and prompting Banc De Binary analysts to look at CALL opportunities on the Eurodollar.
Moving onto Thursday and it’s back to the U.S. for the latest Unemployment Claims data. Jobless claims recently fell to the lowest level since 2007 but last week showed an INCREASE to 326k, indicating that the U.S. job market may take more time to show a sustained acceleration. Pending Home sales data is also expected today. After a surprise JUMP last month, analysts believe the downward trend has run its course. This month, therefore, we could be looking at positive data which will open up CALL opportunities on the EUR/USD.
And so to Friday, we end the week in Canada for the latest GDP figures. Real gross domestic product grew 0.2% in February. As the effects of the severe weather impacted into March, analysts predict that figures may be the same or slightly BELOW February’s, with a rebound not expected until the second quarter. However, the Bank of Canada’s overall outlook is positive and has forecast overall nationwide growth of 2.3 per cent in 2014, rising to 2.5 per cent in 2015. This highlights an UPWARD trend which if reflected in Friday’s figures, will create possible CALL opportunities on the USD/CAD.
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