Oil Prices Continue to Rally as Saudi Arabia and Russia Agree on Output Cuts

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Oil Prices Rally

Tue 16/5: German ZEW Index to Affect the EUR

Thu 18/5: UK Retail Sales to Affect the GBP

 

 

Last Week’s Recap – BTC Surges to All-Time Highs!

A Bitcoin surge took markets by surprise, last week. Specifically, the cryptocurrency rallied beyond the $1800 margin after Japan legalized BTC as a payment method. Markets wobbled midweek after U.S. President Donald Trump abruptly dismissed FBI Director James Comey in a move that shocked Washington. The week ended with more upheaval after North Korea fired a ballistic missile from its west coast. The missile landed in the sea near Japan’s coast.*

 

Monday Morning Briefing – European Markets Open Higher as Oil Prices Rally

European markets started the week on a bullish note on Monday as oil prices rallied after Russia and Saudi Arabia agreed to extend oil output cuts. The rally may be weighted down by rising global concern however. During the weekend more than 200,000 computers in 150 countries fell victim to a ransomware attack, in an international cyber security threat. On other news, France’s newly inaugurated President Emmanuel Macron will start his first day in office today. First on his agenda will be the appointment of his new prime minister.***

 

Important Events and News Releases that will Define this Week’s Markets:

 

TUE 16/5 – German ZEW Economic Sentiment Index (May) to Affect the EUR

The German Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment Index came in stronger than expected last month at 19.5. The new index data is expected to be released at 9:00 GMT and consensus is that the index will rise to 22.0. It should be noted that an even higher reading would suggest that Germany’s economic outlook is very promising and could push the EUR pairs higher.**

 

THU 18/5 – UK Retail Sales (Apr) to Affect the GBP

U.K. Retail Sales came in much lower than expected for March at -1.8%, so the markets will be looking closely at Thursday’s April’s data which is expected to be released at 8:30 GMT. Note that a higher than expected reading should be taken as a positive signal for the GBP crosses.**

 

*Source: Bloomberg
**Source: Investing.com
***Source: Reuters

 

View all Important economic releases & events this week:
https://www.bdswiss.com/economic-calendar/

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