Daily Update - 18th May 2017
The US dollar has now fully reversed all the initial gains following the election victory for President Trump, providing further evidence of the ongoing loss of confidence in the Trump administration's ability to materially boost US growth. UK employment data has mixed results where ILO Unemployment rate was better than expected which supported Pound to continue its gains. CPI figures from Euro zone was no surprise as the reports indicated expected numbers. This meant that Euro was not going to give away it’s winning position as it marched towards EUR/AED 4.10 level. Big day for Australia as we will see jobs data been released. Employment is expected to increase by 5,000 in April, down sharply from 60.9k the prior month, while the jobless rate is forecast to hold steady at 5.9%. Then the focus shifts to Retail sales report from UK which measures the total receipts of retail stores. Monthly percent changes reflect the rate of changes of such sales. Next up will be Retail Sales ex-fuel which is a measure of changes in sales of the British retail sector excluding fuel. Later on, US will release Initial Jobless Claims which is a measure of the number of people filing first-time claims for state unemployment insurance. Day will end with Philadelphia Fed Manufacturing Survey which serves as an indicator of manufacturing sector trends, is interrelated with the ISM manufacturing Index (Institute for Supply Management) and the index of industrial production. The day will end with Monetary policy meetings reports from yesterday’s ECB meeting and a speech from ECB president, Mario Draghi.Yesterday’s Market
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