Forex news from the European session - 2 May 2018
- Time for a cup of tea with the DAX anyone? Cup and handle pattern spotted
- USD/CAD: waiting on the FOMC to move. Be prepared for a 'surprise' outcome
- European growth outstrips UK for first time in 5 quarters.
- GBP/USD: Time for the big picture to find places to enter short for swing trades
- GBP/USD makes gains after UK construction PMI beats estimate.
- Eurozone Q1 advanced GDP reading YoY 2.5% vs 2.5% expected
- Italy Q1 preliminary GDP reading YoY 1.4% vs 1.4% expected
- Apple shares up +3.6% in pre-market trade after results
- GBP/USD up to 1.3645 after UK construction PMI beats estimate
- UK April consruction PMI 52.5 vs 50.5 expected
- USD profit taking ahead of FOMC: Reason for USD long caution
- Germany April final manufacturing PMI. 58.1 vs 58.1 expected
- France April final manufacturing PMI 53.8 vs 53.4 prelim
- Italy April manufacturing PMI 53.5 vs 54.4 expected
- EUR/USD up to session highs as dollar retraces further on the day
- Heads up for GBP traders : Construction PMI ahead. Will it change GBP/USD direction
- Switzerland April manufacturing PMI 63.6 vs 59.8 expected
- China says as long as US has sincerity, both sides can have constructive trade talks
- Spain April manufacturing PMI 54.4 vs 54.2 expected
- Switzerland March retail sales YoY data -1.8% vs prior-0.2%
- European equities having mixed feelings at the open
- UK Cabinet office minister Lidington says no decision on Brexit customs plan today
- USD/CAD: Wait for the FOMC meeting ahead before entering a swing trade.
- Trading ideas for the European session - 2 May 2018
- South Korea Gov't preparing 'Inter-Korean' economic co-operations
- Sources say UK PM May confident of reaching Cabinet agreement on replacing customs union - BBC
- Lawmakers said to have delivered ultimatum to UK PM May - report
- Eurostoxx futures +0.1% in early European trading
- Switzerland April SECO consumer confidence 2 vs 4 expected
- Germany's Altmaier says EU and US must try to find a balanced solution in trade conflict
- What are the big boys looking at for the Australian dollar post-RBA?
- Emerging markets May seasonals : take Won profits when you have them
- Lega's Salvini says either form government with Five Star Movement or face new vote
- Key option expiries for the remainder of the week
- Japan April consumer confidence index 43.6 vs 44.5 expected
- BofAML says the market isn't pricing in enough Fed rate hikes
- FX option expiries for the 1400 GMT cut - 2 May 2018
Markets
- FTSE up 0.39% at 7548.45
- Gold up 0.48% at 1310.22
- WTI down 1.93% at 67.25
- Bitcoin up 2.17% 9180
European markets were back from their break yesterday. However, markets were contained ahead of the FOMC meeting in the next session.
The highlight of the session was the UK construction PMI which beat estimates. At last the pound felt some love with GBP/USD gaining traction off of the 1.3600 level of supply. It currently sits at 1.3653 waiting for the FOMC and then services PMI out of the UK tomorrow.
The EUR/USD had a quiet session and is hanging around yesterday's broken option level at 1.2000. Again, waiting for the FOMC and general USD profit taking / pausing for breath has seen the USD index pare back some of Tuesday's gains during the session.
In all, it was quite a restrained session, but that was to be expected given the FOMC meeting ahead and all eyes fixing firmly on that meeting. It was time for a good reminder to prepare for any surprise we might get out of the FOMC to try and take, quick and easy advantage of it. USD/CAD shorts look a great trade if we see a surprisingly dovish FOMC.
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