No Result
View All Result
Markets
EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD XAU/USD
Central Banks
FED ECB BoE BoC BoJ SNB RBA RBNZ
Brokers
Wire Transfer Visa/Mastercard Paypal Fasapay Skrill Bitcoin
FCA Cysec CFTC NFA FSA
Forex Guide
Beginners Basics Technicals Fundamentals
Education
Forex Articles Forex School Forex Terms
Forex Strategies
5 Minutes 15 Minutes 30 Minutes 1 Hours 4 Hours Daily
Resources
Indicators Forex Ebooks MT4 MT5
Trading Tools
Live Charts Economic Calendar Fibonacci Calc Pivot Points
Mira FX
  • Markets
  • Education
  • Central Banks
  • Resources
    • Ebooks
    • Indicators
      • MT4 Indicators
      • MT5 Indicators
  • Brokers
    • Deposit Bonuses
    • No-Deposit
    • Demo Contest
    • Live Contest
    • Brokers News
  • Tools
  • Login
  • Deposit Bonuses
  • No-Deposit Bonuses
  • Demo Contest
  • Live Contest
  • Brokers News
  • Brokers
Mira FX
  • Markets
  • Education
  • Central Banks
  • Resources
    • Ebooks
    • Indicators
      • MT4 Indicators
      • MT5 Indicators
  • Brokers
    • Deposit Bonuses
    • No-Deposit
    • Demo Contest
    • Live Contest
    • Brokers News
  • Tools
Mira FX
  • Markets
  • Education
  • Central Banks
  • Resources
  • Brokers
  • Tools
  Latest
Make Money in Forex by Avoiding These Psychological Risks May 24, 2022
Next
Prev

UK Retail Sales and PMI’s for UK, Europe and US in Focus

News Feed by News Feed
May 21, 2021
in Analysis
Reading Time: 3 mins read

Asian Indices:

  • Australia’s ASX 200 index fell by -6.2 points (-0.09%) and currently trades at 7,013.40
  • Japan’s Nikkei 225 index has risen by 157.36 points (0.56%) and currently trades at 28,255.61
  • Hong Kong’s Hang Seng index has fallen by -87.26 points (-0.31%) and currently trades at 28,363.03

UK and Europe:

  • UK’s FTSE 100 futures are currently up 3 points (0.04%), the cash market is currently estimated to open at 7,022.79
  • Euro STOXX 50 futures are currently up 11 points (0.28%), the cash market is currently estimated to open at 4,010.91
  • Germany’s DAX futures are currently up 21 points (0.14%), the cash market is currently estimated to open at 15,391.26

Thursday US Close:

  • DJI futures are currently up 31 points (0.09%), the cash market is currently estimated to open at 34,115.15
  • S&P 500 futures are currently up 14 points (0.1%), the cash market is currently estimated to open at 4,173.12
  • Nasdaq 100 futures are currently up 4 points (0.1%), the cash market is currently estimated to open at 13,498.09

PMI’s across Asia were on the soft side, with Australia’s composite falling to 58.1 from 58.9 prior, dragged down by the service sector. Japan’s flash manufacturing PMI was also lower, falling to 52.5 compared with 53.6. Should this trend continue through to Europe and US (which it sometimes can) then it may make for a slightly underwhelming finish to a week which has seen a strong attempt by equity markets to claw back earlier losses. But with inflation seemingly less of a concern (for today at least) then markets could well lap up any positive reads to help their respective equity markets. At the time of writing, futures markets across Europe and US have opened a touch higher, suggesting it could be a better end to the week than it looked when the week began.

Asian equities moved higher overnight, taking the lead from Wall Street which saw the Nasdaq 100 lead equities higher by nearly 2%. The Nikkei 225 was up around 1% whilst the MSCI’s APAC (ex-Japan) index was up 0.6%. Yet China’s CSI300 and SSE composite were down -0.8% and -0.45% respectively, and the ASX 200 currently trades around -0.15% lower.

Retail sales and PMI in focus for GBP traders

The US dollar index is on track for another bearish close this week and trades near its lowest level since February. Given the Fed aren’t likely to respond to stronger data, a PMI miss for the US may provide the more volatile response from the dollar than a strong PMI set, although it should help US equities remain supported.

Retail sales for the UK is released shortly at 07:00 GMT, so we’ll find out if shoppers have maintained the momentum seen in April’s report. Given restrictions have been eased further, there’s a decent chance there could be some punch numbers in there today.

Separately, The BOE (Bank of England) are set to hold rates at 0.1% until 2023, according to a Reuters survey of economists. They also forecast the UK economy to grow 5.9% in 2021 and 5.3% in 2022. Current estimates for Q1 2020 have now risen to 4.1%, up from 3.5% in the April poll.

GBP/JPY printed a bullish inside day yesterday following the prior day’s bearish outside candle, which suggests demand above Wednesday’s low is building. We can see on the hourly timeframe that the prices have found support at the 20, 50 and 100-dar eMA’s and currently trade above the daily pivot. Should retail sales and PMI come in strong, it could retest yesterday’s high and move towards the daily R1 level at 54.60. Should prices drift lower initially, we’d still consider bullish setups above the daily pivot around 154.10 if evidence of a base presents itself. GBP/USD is in a similar situation to GBP/USD, where the daily pivot resides around 1.4160.


Source

Tags: FOREXcomGBPGBP/JPY
ShareTweetShareSendShareSend

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement

Latest

Forex Psychological Risks

Make Money in Forex by Avoiding These Psychological Risks

JOANA N - MAY 24 | Psychology

Differences between the Foreign Exchange Market and Stock Market

DAVID G - May 23 | BASIC

Why Leverage is Important for Forex Traders?

Joana N - May 23 | Basic

How To Install Metatrader 5 Custom Indicators

MIRA TEAM - May 9 | Basic

Gross Domestic Product, First Quarter 2022

APR 28, 2022 | USD

The pound reacts to rising inflation like EM currency

Apr 13, 2022 | GBP/USD
Advertisement
  • About
  • Advertising
  • Disclaimer
  • Contact
  • Privacy Policy
  • Terms & Conditions
Risk Warning: All information on this website, including any opinions, articles, charts, prices, news, data, Buy/Sell signals, reviews, research and analysis is provided as general market commentary and does not constitute any investment advice. Mira FX is not liable for any damage or loss, including but not limited to, any loss of investment, which may be based either directly orindirectly on the use of or reliance on such information. Before deciding whether or not to take part in foreign exchange or financial markets or any other type of financial instrument, please carefully consider your investment objectives, level of experience and risk appetite. Do not invest more money than you can afford to lose. Note that the high level of leverage in forex trading may work against you as well as for you. Please seek advice of an independent financial advisor if you are not fully aware about the risks associated with foreign exchange trading. Forex trading on margin involves considerable exposure to high risk, and may not be suitable for all investors. Mira FX does not endorse any companies, products or services which are represented on Mira-FX.com The information on this website is subject to change without notice.
No Result
View All Result
  • About
  • Advertising
  • Central Banks
  • Contact
  • Disclaimer
  • Forex Brokers
    • Regulator
  • Index
    • Daily Forex Strategy
    • Forex Ebooks | Language: English
    • H1 Forex Strategy
    • H4 Forex Strategy
    • M15 Forex Strategy
    • M30 Forex Strategy
    • M5 Forex Strategy
  • Markets
    • EUR/JPY
  • Mira FX
  • Privacy Policy
  • Terms & Conditions
  • Tools
    • Economic Calendar
    • Fibonacci Retracement Calculator
    • Live Charts
    • Pivot Point Calculator

© 2022 Mira FX | Copying of materials is allowed only with the presence of an active link to a source page.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In