EUR/USD is surging despite the worse-than-expected German GDP, gold is approaching the all-time high and GBP/USD is edging up for the 11th day in a row.
Trading plan for June 5
Information is not investment advice
The USD has continued to weaken after the Federal Reserve Chair Jerome Powell hinted the possibility of a rate cut this year. Will the FOMC members bring some optimism to the market? Let’s wait for the speeches by Richard Clarida and Michelle Bowman during the American trading session. In addition, we anticipate higher figures for ISM non-manufacturing PMI. It may bring positive momentum to the greenback as well.
While most of the emerging market currencies take advantage of the USD weakness, we can see the South African rand weakening. The rise of the USD/ZAR happened due to the shocking figures of the South African GDP growth for the first quarter. It declined by 3.2%, making it the largest contraction since 2009.
Also today we anticipate the release by U.S. Energy Information Administration. According to the forecasts, we will see a decline in the output by 300 thousand barrels. The lower level may push the oil prices up.
US-China trade tentions, the rescue package for the American economy and other hot topics in the weekly video. Watch to learn about the most promising opportunities!
How will the NFP release influence the market? Watch the video to discover scenarious for the major pairs!
The market sentiment is indeed risk-on today! Gold has approached to the key resistance at $2 050 and the S&P 500 is eyeing all-time high at 3 390.