Collinson Forex Daily Market Commentary and Market Calendar

Daily Market Commentary

Markets surged on the open, following the announcement of a US/China trade agreement. US equity markets rallied strongly, as did US Bond Yields on the great news, adding to the Friday agreement between the US and the UK. This is what markets were waiting for and market sentiment hit overdrive. The US Dollar also built on recent gains, with the EUR falling below 1.1100, while the GBP dropped to 1.3200. The EUR will remain under pressure, as they are without a trade agreement with the US, and liable for future punitive tariffs. Markets will be pre-occupied with the trade wars and resolutions, while inflation will be measured with the latest CPI number, set to be released in the US tomorrow.
 
Commodity currencies suffered the resurgent reserve, with the AUD slipping below 0.6400, while the NZD finally surrendered 0.5900. The impact of the rising US Dollar, was not as pronounced on the commodity currencies, as this signals an improvement in commodity trading conditions.

Dates & Headline

12/5 Japan Current Account, Japan Trade
 
13/5 Bank of Japan Minutes, Australian Consumer/Business Confidence, UK Employment, German/EU ZEW Economic Sentiment, NFIB Small Business Optimism, German Current Account, US CPI
 
14/5 NZ Credit Card Spending, Japan PPI, German CPI, US Weekly Mortgage Applications
 
15/5 NZ Food Price Inflation, Australian Inflation Report, Australian Employment, UK GDP, UK Industrial/Manufacturing Production, UK Trade Exports/Imports, France CPI, EU Employment, EU GDP, US Weekly Jobless Claims, Empire State Manufacturing Index, Philly Fed Manufacturing Survey, US PPI, US Retail Sales, NAHB House Market Index
 
16/5 NZ Business PMI, Japan GDP, RBNZ Inflation Report, Japan Industrial Production, EU Trade, US Building Permits, US Housing Starts, University of Michigan Economic Sentiment

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