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Weekly outlook | Equities firm, silver strong, dollar continues to lose ground


Important events this week:

– CA- Consumer Price Index – The Canadian dollar is currently showing only little momentum. The Loonie gains against the Dollar, but loses against the Euro. The consumer price index could provide further clarity, although it is now expected to be weaker than last month. Over the year as a whole, the index is expected to fall from 3.1% to 2.9%.

The daily chart of the USDCAD currency pair continues to point downwards and is even below the 50-moving average. This could lead to further pressure in the market if the area of 1.3590 is broken. The data will be published on Tuesday, 21 May at 14:00 CET.

– NZ- Interest Rate Decision- The decision in New Zealand should not come as a surprise to the markets for the time being. The interest rate is still expected to remain unchanged at 5.5%. A look at the daily chart shows further potential towards 0.6200 in the NZDUSD currency pair.

If this zone is also broken, the market could quickly continue to 0.6380. However, the prospect of a reduction in rates could cause the market to fall. The decision will take place on Wednesday 22 May at 04:00 CET.

– UK CPI – The UK CPI should provide further information for the interest rate path. The index is expected to fall from 3.2% to 2.1%, which may sound a little optimistic. Global data of the CPI has hardly fallen recently, although the UK could be an exception here. Consumer prices had previously risen sharper and could therefore now fall more.

The weekly chart in the GBPAUD currency pair shows further downside potential. In particular, a break of the 1.8900 zone could then unleash further pressure. The data will be published on Wednesday, 22 May at 08:00 CET.

– US FOMC meeting minutes – The minutes of the US Federal Reserve’s meeting could provide further insight into the bankers’ decision-making process. Currently, the Greenback weakens, due to the recent CPI data, which came out as expected. A lowering of interest rates in the US therefore currently seems very likely in July. The minutes will be published on Wednesday, 22 May at 20:00 CET.

big risers and fallers last week:

– Dollar remains under pressure – The Dollar continues its slide and is losing ground against most other currencies. The EUR has been able to break away further and is now even trading above the 50-moving average on the weekly chart. The 1.1000 zone remains within reach.

– Silver strong – Silver was able to move higher, especially on Friday of last week. Not only did the weaker Dollar provide momentum, but the break of the psychological level of USD 29.00 also released further potential. If prices continue to rise, the market could move towards the USD 34.20 range.

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