What Events Will Affect Your Trading This Week?
The Saudis gave the oil price a boost over the weekend by saying that they would cut output by 1 million barrels per day in July. WTI traded back up above $74, and Brent was pushing up to $78.
The Reserve Bank of Australia unexpectedly raised interest rates by 25 bps to 3.85% on May 2nd, sending the Aussie dollar higher. It has subsequently retreated from those highs, and analysts expect them to hold it at June's meeting (07:30 Tuesday), but could they surprise the market again with another hike?
The Bank of Canada, having reached 4.5% interest rates in January, has maintained them at this level for the last couple of months. It is expected to continue with this policy when it updates the market at 17:00 on Wednesday. A more volatile session for the Loonie could be at 15:30 on Friday when it releases its latest unemployment data, which is expected to tick up to 5.1% from 5% in April.
Brown-Forman (BF.B), the owners of Jack Daniels whiskey and other drinks brands, has had a flat start to the year, but there was strong buying on Friday pushing shares up almost 4%. After a dismal set of results in Q1, where the firm struggled with higher input costs, investors will hope that Q2 results released before the bell on Wednesday will provide some much-needed cheer.
Read more: https://fxopen.com/blog/en/what-events-will-affect-your-trading-this-week/
Text source: Forex Trading Blog
