German ZEW Economic Sentiment, OPEC Meetings, U.S Consumer Price Index (MoM), U.K Gross Domestic Product (QoQ), and more – another big week ahead 👀 Let's take a look!
German ZEW Economic Sentiment – (Tuesday, May 10)
The European Union ZEW Survey-Economic Sentiment will be released at 09:00 GMT on Tuesday, May 10th. The Economic Sentiment Index, published by the Zentrum für Europäische Wirtschaftsforschung, is a measure of institutional investor sentiment that represents the difference between optimistic and pessimistic analysts. A positive figure indicates that the proportion of optimists outnumbers the proportion of pessimists. A positive outlook is regarded as bullish for the EUR, whereas a pessimistic outlook is regarded as negative (or bearish) for the EUR. The most recent European Union ZEW Survey – Economic Sentiment consensus is -41, with the last deviation of -1.09851.
🇪🇺 Beware of potential volatility for EUR/USD.
OPEC Meetings – (Wednesday, May 11)
The OPEC meetings will take place on Wednesday, May 11th, with representatives from 15 oil-rich countries expected to attend. OPEC meetings are typically held in Vienna. They talk about a variety of energy market issues, the most important of which is how much oil they will produce. The meetings are closed to the press, but officials speak with reporters frequently throughout the day, and a formal statement describing policy shifts and meeting objectives is issued after the sessions. OPEC members produce roughly 40% of the world's oil and have agreed on oil production levels. Changes in their production levels can have a significant impact on oil prices because they control so much of the supply side.
🛢️ Beware of potential volatility for OIL.WTI.
US Consumer Price Index (MoM) – (Wednesday, May 11)
The US Consumer Price Index (MoM) will be released at 12:30 GMT on Wednesday, May 11th. The Consumer Price Index is a measure of price changes based on a comparison of retail prices for a sample shopping basket of goods and services published by the United States Bureau of Labor Statistics. Inflation reduces the purchasing power of the US dollar. The Consumer Price Index (CPI) is a key metric for tracking inflation and spending habits. A high rating is generally considered positive (or bullish) for the US currency, whereas a low rating is considered negative (or Bearish). The next Consumer Price Index (MoM) in the United States is expected to be 0.2, with no preceding variance.
🇪🇺 Beware of potential volatility for EUR/USD.
UK Gross Domestic Product (QoQ) - (Thursday, May 12)
On Thursday, May 12th, at 06:00 GMT, the UK Gross Domestic Product (QoQ) will be released. According to National Statistics, the Gross Domestic Product (GDP) is the total value of all goods and services produced in the United Kingdom. The Gross Domestic Product (GDP) of the United Kingdom is a comprehensive measure of economic activity. A rising trend is generally considered positive for the GBP, while a declining trend is generally considered negative (or bearish). The consensus for the next Quarterly Gross Domestic Product (QoQ) in the United Kingdom is 0.7, with a 0.10523 deviation.
🇬🇧 Beware of potential volatility for GBP/USD.
US Producer Price Index (MoM) - (Thursday, May 12)
On Thursday, May 12th, the US Producer Price Index (MoM) will be released at 12:30 GMT. The Producer Price Index of the Bureau of Labor Statistics tracks average price changes in primary markets in the United States by commodity producers at all levels of processing. Commodity inflation is typically measured by the Consumer Price Index (CPI). A high dollar score is generally regarded as positive (or bullish), whereas a low dollar score is regarded as negative. The next Producer Price Index (MoM) in the United States is expected to be 0.4, based on the previous variation of 1.15044.
🇪🇺 Beware of potential volatility for EUR/USD.
That's it for this week!
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