At 07:45 (GMT+2), data on Swiss GDP for Q1 2020 will be published. GDP is the broadest measure of economic activity and the primary indicator of the economy's health. It takes into account domestic consumption, investment, government spending, and exports. The Swiss economy is expected to decline by 2.0% QoQ and by 0.9% YoY. The realization of the forecast can put pressure on the franc.
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At 03:30 (GMT+2), data on Australian GDP for Q1 2020 will be published. GDP is the broadest measure of economic activity and the primary indicator of the economy's health. It takes into account domestic consumption, investment, government spending, and exports. The Australian economy is expected to decline by 0.3% QoQ and slow down growth from 2.2% to 1.4% YoY. The realization of the forecast can put pressure on AUD.
A weekly report on the volume of oil reserves in the USA from API is due at 22:30 (GMT+2). The figure shows how much oil and refined products are available in storage. The reduction in reserves traditionally leads to an increase in oil quotes, and an increase in the indicator leads to a decrease in prices for "black gold". Last week, US oil inventories rose by 8.700M barrels. If this trend persists, it may put pressure on oil prices.
The US currency today is weakening against the pound and the euro but is strengthening against the Japanese yen. The dollar is under pressure due to continued protests in the United States. Since Monday, curfew was announced across the country, and President Donald Trump threatened to use troops against the protesters if the governors could not cope with the situation with the help of the police and the national guard. Realization of this threat may entail new casualties and destruction. In addition, the market is worried about China’s reaction to the US abolition of privileged status for Hong Kong. According to Reuters, the PRC government ordered the suspension of purchases of a number of US agricultural products, including soy, cotton, corn, and pork.