At 17:00 (GMT+2), the US Energy Information Administration (EIA) will publish a weekly report on oil and petroleum product inventories. It contains data on changes in the volume of crude oil, gasoline, and distillates in the United States. An increase in stocks usually leads to pressure on prices. Oil reserves are expected to decline for the third consecutive week, this time by another 2.500 million barrels. If the forecast proves correct, it can support quotes.
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Februsry data on orders for durable goods in the USA is due at 14:30 (GMT+2). Durable goods are those whose service life is more than three years. It is a leading indicator of industrial activity. The total volume of orders is expected to decrease for the second consecutive month, this time by another 19.0%, and the core orders (excluding transport) may decrease by 14.0%. The realization of the forecast can put pressure on USD.
At 14:30 (GMT+2), preliminary data on US 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 indicator is expected to remain at −4.8%. The implementation of the forecast can put pressure on USD.
Weekly data on initial jobless claims from the USA will be released at 14:30 (GMT+2). The indicator measures the number of individuals who filed for unemployment insurance for the first time during the past week. These data are collected by the Department of Labor and published in a weekly report. The number of applications is used to measure the state of the labor market, as an increase means that fewer people are hired. The growth of the indicator is expected to continue to slow down and to amount to 2.100 million (the previous figure is 2.438 million).
At 14:00 (GMT+2), data on the German consumer price index in May will be published. It is the main indicator of inflation in the country and determines the change in the level of retail prices for a certain "basket" of goods and services: food, transportation, utilities, healthcare, etc. It significantly impacts monetary policy. YoY, the index is expected to decrease from 0.9% to 0.6%, and MoM, it will enter the negative zone, dropping from 0.4% to −0.1%. The realization of the forecast can put pressure on EUR.
A weekly report on the volume of oil reserves in the USA from API is due at 22:30 (GMT+2). In addition to the oil data, the most important in the report, it also contains information on gasoline and distillate stocks in the United States. Traditionally, their reduction leads to the increase of oil quotes, and growth – to the fall of prices. The last time, the indicator decreased by 4.800 million barrels. The continuation of this trend may support prices.
FOMC Beige Book Economic Review is due at 20:00 (GMT+2). It characterizes the state of the economy in all 12 US federal districts and contains information on the state of all types of industry, agriculture, corporate and consumer spending, the real estate market, and other indicators. The report is published eight times a year before the FOMC planned meetings.
At 14:30 (GMT+2), Canada will publish data on the number of issued building permits for April. The indicator records a monthly change in the number of permits issued by the Canadian government for the construction of real estate and is one of the most important indicators of the construction sector. It is expected that in April the volume of permits issued will be reduced for the third month in a row, this time by another 11%. The realization of the forecast can put pressure on CAD.
At 09:30 (GMT+2), the head of the European Central Bank, Christine Lagarde, will take part in an online conference at the European Youth Event 2020. She can talk about the current situation in the European economy and share a vision of future prospects for its development.
At 16:00 (GMT+2), the Conference Board consumer confidence index for May will be published in the United States. It is based on a survey of 5,000 American households and takes into account their vision of the current and future economic situation. It is a leading indicator that predicts consumer spending that is part of economic activity. High values indicate consumer optimism. The indicator is expected to grow from 86.9 to 88.0 points, which may support the US dollar.