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Pound edges ahead in light trading

Pound edges ahead in light trading

Information is not investment advice

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Fibonacci Levels

 XAG/USD: Silve facing a further consolidation below 23.6% retracement area. Bulls have returned before NFP.

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Ichimoku Kinko Hyo

USD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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US Market View

U.S. stocks are set to open slightly lower Thursday, as investors digest the possibility of the Federal Reserve reining in its ultra-easy monetary policies ahead of key employment data.

The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy. Initial claims for state unemployment benefits totaled a seasonally adjusted 406,000 for the week ended May 22, compared to 444,000 in the prior week, the Labor Department said on Thursday. That was the lowest since mid-March 2020 and kept claims below 500,000 for three straight weeks.

New orders for key U.S.-made capital goods increased more than expected in April and shipments rose solidly, suggesting strong momentum in business spending on equipment growth persisted early in the second quarter. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, jumped 2.3% last month, the Commerce Department said on Thursday. These so-called core capital goods orders increased 1.6% in March. Orders for durable goods, items ranging from toasters to aircraft that are meant to last three years or more, dropped 1.3% in April after rising 1.3% in March. They were pulled down by a 6.7% decline in orders for transportation equipment, which followed a 3.1% decrease in March.

The United States and China, the two largest economies in the world, are back talking to each other about trade. The chief trade negotiators of the two countries held a conversation earlier Thursday, marking the first formal engagement between the trade chiefs since U.S. President Joe Biden took office in January. Both sides agreed that the bilateral trade relationship is very important, as they attempted to put aside the distrust that has existed since the previous U.S. administration instigated a two-year tariff war. The U.S. and Europe seem to be getting on top of the Covid-19 virus, helped by a ramped-up vaccination programs. And now attention is turning to finding out how the virus originated and what governments could have done better in combating it.

 

USA Key Point

  • US Q1 GDP (second reading) +6.4% vs +6.5% expecte
  • Inventory drawdowns cut 2.78 pp from US GDP in Q1.
  • US April prelim durable goods orders -1.3% vs +0.8% expecte
  • US initial jobless claims 406 K vs 425K estimate.
  • Biden to propose $6 trillion budget.
  • The GBP is the strongest and the CHF is the weakest as NA traders enter for the day.
  • UK PM Johnson: There is nothing in the data currently to delay 21 June reopening.
  • ECB's de Cos: Rise in euro area inflation is transitory.

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