Ireland Wholesale Prices Fall Most In 10 Months

Ireland’s wholesale prices declined at the fastest pace in ten months in April, the Central Statistics Office reported on Friday. Wholesale prices decreased 6.1 percent annually in April, following a 4.2 percent decline in March. This was the biggest fall since June 2019, when prices decreased 6.8 percent. On a monthly basis, wholesale prices fell 1.8 percent in April, following a 2.2 percent decline in the previous month. Prices for export sales decreased by 1.9 percent monthly in April and fell 6.4 percent from a year ago. Prices for home sales fell by 0.5 percent on month and declined 1.5 percent from the previous year. The material has been provided by InstaForex Company – www.instaforex.com…

Comprehensive analysis of movement options for #USDX vs EUR/USD, GBP/USD, and USD/JPY (Daily) on May 26, 2020

Minor operational scale (Daily)
What threatens the last week of May and the beginning of summer with the main currency instruments? Development options for the movement #USDX vs EUR/USD, GBP/USD, and USD/JPY (Daily) on May 26, 2020.____________________
US dollar index
From May 26, 2020, the movement of the dollar index (#USDX) will continue to be determined by working out the boundaries of the 1/2 Median Line channel (101.20-100.20-99.25) of the Minor operational scale – details of movement within this channel are shown on the animated chart.
A breakout of the lower border of the channel 1/2 Median Line Minor – support level of 99.25 – will confirm the further development of the movement of the dollar index in the equilibrium zone (99.50-98.50-97.50) of the Minor operational scale fork with the prospect of achieving the ultimate Shiff Line Minor (96.30).
The breakdown of the upper border of the channel 1/2 Median Line of the Minor operational scale fork – resistance 101.20 – will be important to the continuation of the upward movement #USDX to the starting line SSL (102.60) of the Minor operational scale fork and a maximum of 102.99.
The layout of the #USDX movement options from May 26, 2020 is shown on the animated chart.
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Euro vs…

Euro Little Changed After ECB Minutes

The European Central Bank has published the account of the monetary policy meeting of the Governing Council held on April 29 and 30 at 7.30 am ET Friday. After the release, the euro changed little against its major counterparts. The euro was trading at 1.0908 against the greenback, 117.18 against the yen, 0.8950 against the pound and 1.0596 against the franc around 7:35 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

Euro Steady Ahead Of ECB Minutes

The European Central Bank publishes the account of the monetary policy meeting of the Governing Council held on April 29 and 30 at 7.30 am ET Friday. Ahead of the release, the euro held steady against its major counterparts. The euro was worth 1.0910 against the greenback, 117.24 against the yen, 0.8954 against the pound and 1.0599 against the franc at 7:25 am ET. The material has been provided by InstaForex Company – www.instaforex.com…

Gold Prices Rise As China Abandons GDP Target For 2020

Gold prices inched higher on Friday as U.S.-China tensions escalated and the Chinese government abandoned setting economic growth target for the first time amid uncertainties posed by the coronavirus pandemic. Spot gold rose 0.4 percent to $1,734.88 per ounce, after having dropped 1.4 percent on Thursday. U.S. gold futures were up 0.9 percent at $1,736.65. China’s decision to write a new national security law into Hong Kong’s charter added to concerns over the pace of economic recovery from the coronavirus pandemic. Republican and Democratic U.S. senators said on Thursday they would introduce legislation to impose sanctions on Chinese officials involved in enforcing proposed new security laws in Hong Kong after last year’s pro-democracy unrest. The bipartisan legislation would also impose secondary sanctions on banks that do business with entities found to violate the law guaranteeing Hong Kong’s autonomy. Members of Congress from both parties have been taking a more aggressive tone on China, which has come under the scanner for its alleged role in covering up the initial stages of the coronavirus outbreak. In another development, the U.S. Senate passed a legislation that seeks to delist Chinese companies who don’t abide by U.S. accounting laws. China warned that it will…

Pound Slides As U.K. Retail Sales Plunge, Ramsden Hints At Negative Rate Policy

The pound fell against its major counterparts in the European session on Friday, as Bank of England Deputy Governor Dave Ramsden supported taking rates into negative territory and the nation’s retail sales declined at a record pace in April due to shutdown to contain the spread of coronavirus. Data from the Office for National Statistics showed that retail sales volume declined 18.1 percent on a monthly basis, which was the biggest monthly fall on record. Economists had forecast sales to decrease 16 percent after falling 5.2 percent in March. Excluding auto fuel, retail sales were down 15.2 percent on month in April, bigger than the economists’ forecast of 15 percent and a 3.8 percent decrease seen in March. On a yearly basis, retail sales volume fell 22.6 percent versus March’s 5.8 percent decrease and economists’ forecast of 22.2 percent. Excluding auto fuel, retail sales dropped 18.4 percent in April following a 4.2 percent drop in March. Economists had expected an 18.2 percent decrease. In a separate communiqu?, the ONS said that the UK budget deficit widened to a record high in April due to the unprecedented increase in borrowing by the government amid the Covid-19 pandemic. In April, public sector…

Oil Prices Tumble As China Drops GDP Target For First Time

Oil prices slumped on Friday after China dropped setting economic growth target for the first time, citing uncertainties posed by the coronavirus pandemic. Benchmark Brent crude slumped as much as 4.2 percent to $34.55 a barrel, after rising almost 1 percent on Thursday. West Texas Intermediate (WTI) crude futures were down 5.5 percent at $32.05 a barrel. At the annual session of National People’s Congress in Beijing, Premier Li Keqiang said the country will face some factors that are difficult to predict in its development due to the great uncertainty regarding the Covid-19 pandemic and the world economic and trade environment. Increased U.S.-China tensions over the origin of the novel coronavirus as well as China’s move to strengthen control over Hong Kong with new security laws also added to worries of a deeper global recession. After China moved to impose new national-security laws on Hong Kong, U.S. President Donald Trump said that Washington would react “very strongly” against the attempt to gain more control over the former British colony. The material has been provided by InstaForex Company – www.instaforex.com…

Pound ready to retest $ 1.20

The US dollar again had the opportunity to take advantage of its protective functions, and China helped in this, which introduced an injection of reality into the markets while angering the US. As the US-China conflict continues to boil, the price of the dollar begins to rise. On Friday, it strengthened quite well to a basket of competitors, gaining back some of its losses. At US trading, its rate against major competitors rose by 0.5% and buyers tried to push the dollar index above the psychological mark of 100.
USDX
Tensions between the US and China will continue, at least in the short term, and the dollar will go up especially in relation to currencies such as the euro, the pound, and the offshore yuan. Nevertheless, a trade deal between large partners will be reached sooner or later, since it is in the interests of both parties, they give a cautious forecast at Mizuho Bank.
The rapid buildup of financial assistance from the United States draws not in favor of the US dollar itself. Such support for a pandemic-affected economy could lead to dollar devaluation and fluctuations in other markets.
Meanwhile, the euro, which came under pressure from…