Date : 30th April 2020. Gold Analysis – 30 April 2020 XAUUSD, H1 • World Gold Council reports 80% year-on-year rise in first-quarter investment demand (MarketWatch) • Yamana Gold (NYSE: AUY) declares $0.015625/share quarterly dividend, a 25% increase from the prior dividend of $0.0125. (Seeking alpha) • The Federal Reserve is committed to using its full range of tools to support the US economy in this challenging time, thereby promoting its maximum employment and price stability goals. (FED Statement) • To support the flow of credit to households and businesses, the Federal Reserve will continue to purchase Treasury securities and agency residential and commercial mortgage-backed securities in the amounts needed to support smooth market functioning, thereby fostering effective transmission of monetary policy to broader financial conditions. (FED Statement) Step by step governments and central banks need to think about their plan for after the pandemic is over, or is at least under control enough for economies to begin restarting. Reviewing the policies and monetary policies relating to gold, there is one simple and important signal to focus on; the replacing of cash flow into the market. One of the best ways the FED has been accomplishing this is by purchasing physical Gold to support the Bonds and other kinds of assets which have been sold in the past months. As we saw in the FED statement, the doors are open to purchasing more. Alternatively, we need either strong economic growth, which is not likely in the short term, as the main chains are broken and it will take time to replace and repair them, , or, more simply, to replace them with assets such as Gold, even if the “Gold Standard” lost its reputation years ago. On the other hand, trust needs time and it is going to be hard to bring the investors back into the market quickly, so safe havens are still needed. Therefore, for the long term, Gold could still stay bid, as demand is growing. Gold Technical Analysis Technical indicators mostly support the side movement, with bullish interest. RSI is flat at 56, OBV trend line is flat too, while Parabolic SAR dots are under the Candles and supporting the bulls. The yellow metal is in a bullish trend, and has $1719 and $1736 to break to confirm its way towards $1800. On the flip side, $1693 and $1684 are the next support levels. Pivot point: 1709.07 Resistance levels: 1724.41 / 1732.95 Support levels: 1700.55 / 1685.20 Today, the expected trading range is between 1685.20 support and 1732.95 resistance. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Ahura Chalki Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 1st May 2020. FX Update – May 1 – Mixed USD AUDUSD, H1 The commodity currencies have come under pressure after US President Trump soured the mood in equity markets, raising his accusations against China about the coronavirus outbreak, threatening new tariffs while, according to an unnamed source connected to the White House cited by Bloomberg, considering blocking a government fund — the Thrift Savings Plan (which is the federal government’s retirement savings fund — from investing in Chinese equities. Sources cited by Reuters said that a range of options against China were being discussed, but considerations were at an early stage. The S&P 500 closed on Wall Street yesterday with a 0.9% decline, which capped out the best month the index has seen since 1987 as shares rebounded from the deep declines that were seen in March. Trading in S&P 500 futures has seen losses accelerate, racking up declines of over 2% so far in the overnight session. Trading conditions have been thinned by the absence of Singapore, China and Hong Kong, which are closed today for Labour Day holidays, and with many European countries also taking the day off. Final PMI survey data out of Japan and Australia reaffirmed the dismal economic picture due to the lockdowns. The biggest mover out of the main currencies has been the Australian dollar, which dropped nearly 1% in posting a three-day low at 0.6446 against the US dollar. The Kiwi dollar also came under pressure, while USDCAD lifted by over 0.6% in printing a three-day high at 1.4027, despite oil prices rising to a two-week high. Elsewhere, EURUSD has been rooting in the mid 1.09s, holding below yesterday’s 16-day at 1.0937. USDJPY has been holding a narrow range in the lower 107.0s. Sterling has come under pressure, giving back gains seen yesterday. The UK currency has been correlating with global equity market direction, similar to a commodity currency, over the last couple of months. The Swiss franc also remains in demand with USDCHF moving down to 0.9630 from 0.9750 yesterday. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 4th May 2020. Events to Look Out for This Week. Welcome to our weekly agenda, our briefing of all the key financial events globally. The week ahead will include the RBA & BOE rate announcements, Service PMI’s and topped by Non-Farm Payrolls on Friday and what has been the case for many weeks now, underpinned on how deep the mark will be on the global economy from the COVID-19 crisis. Monday – 04 May 2020 Final Manufacturing PMI (EUR, GMT 07:00) – The initial reading was a dismal record breaking 33.6. Will the final revision offer any hope of a floor for EU manufacturing? Tuesday – 05 May 2020 Interest Rate Decision & Statement (RBA, GMT 04:30) – The RBA meet and are unlikely to move rates below historic lows at 0.25%. A poll by Reuters of 23 economists expects the RBA to leave policy unchanged on all fronts i.e. cash rate and bond purchases with 22 also expecting no more rate changes until the end of 2021. German Constitutional Court Ruling & EU Economic Forecasts (Both Tentative) The German Federal Constitutional Court is due to announce a ruling regarding the constitutionality of the ECB’s Asset Purchase Programme. The EU will also announce economic forecasts for all 27 EU member states. ISM Non-Manufacturing PMI (USD GMT 14:00) – Last month’s reading of this key indicator was another weak, but much better than expected 52.5 (vs 43.5). Today’s reading is likely to plumb new recent lows at 41 versus an all-time low of 37.6 in November of 2008. Employment Change & Unemployment Rate (NZD GMT 22:45) – Quarterly jobs data from NZ will be the first big data release and impact of the virus. New Zealand has had a relatively low-level virus impact compared to many countries with an extensive test, trace & track regime, a rapid lock-down and a low death rates. Wednesday – 06 May 2020 Markit Services PMI (EUR, GMT 07:00) – As with manufacturing the services and composite numbers are expected to make woeful reading expectations range between 13 and 11. ADP Employment Change (USD, GMT 12:15) – Lasts month’s record -27,000 will be dwarfed by a contraction of over 20 million as the weekly new unemployment claims have been capturing over the last few weeks. Thursday – 07 May 2020 Trade Balance (AUD, GMT 01:30) – The Australian Trade balance is seen as taking a hit with a rise to 6.8 million AUD, the export /import mix could be severely disrupted. Interest Rate Decision & Press Conference (GBP, GMT 11:00 & 11:30) – The BOE officials have already taken substantial steps in the quest to safeguard markets and liquidity provisions as economies face deep recessions this year. No changes expected in rates or outlook or voting expected. New Governor Bailey has had a tough baptism and with the UK still in the grips of virus lockdown his options remain limited. Jobless Claims (USD, GMT 12:30)– US initial jobless claims dropped last week but still exceed the 3.5 million expected at 3.789 million. Today the numbers could be under 2 million and if the drop in initial weekly claims continues, this could suggest that the worst might be over, and that the fiscal policy measures are having some mitigating effects on job losses. Friday – 08 May 2020 Non-Farm Payrolls (USD, GMT 12:30) – The April NFP plunge is likely to be in the order of of over -20 million following the record fall in March of -700,00 as the full data is collated. The weekly unemployment reports have documented a huge hits to factories and service industries from mandatory closures, on top of the demand hit initially associated with the pandemic. A record day is expected. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Stuart Cowell Head Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 5th May 2020. Sterling VS data, BoE and lockdown decision! With RBA out of the way, BoE is the next to announce monetary policy this week. The BoE’s May monetary policy will be accompanied by its quarterly Inflation Report. The central bank has already slashed its policy repo interest rate to near zero while expanding its QE programme and putting in liquidity measures in response to the financial market consequences of the pandemic-forced economic lockdown. As with the Fed and ECB last week, this policy meeting isn’t likely to be too eventful, with the policy framework expected to be left unchanged for now. Large reductions in the central bank’s growth and inflation forecasts can taken as a given in the Inflation Report. Meanwhile, a more eventful announcement, will be the looming decision on the UK’s lockdown, with the government announcing its review on it this Thursday. Although the five criteria the government has listed as necessary to be met before a phased reopening can commence: flattening in the infection rate ability of the health system to cope, with increased diagnostic testing capacity a sustained and consistent fall in daily death rates with confidence the UK is beyond the peak enough testing and personal protective equipment (PPE) to meet future demand that any changes in restrictions will not lead to a second peak look to be nearing accomplishment, Prime Minister Johnson will reportedly extend the lockdown for a third time, although for how long is uncertain. He will also, reportedly, detail a roadmap to economic reopening in the UK. And adding to the uncertainties over the extent of the economic recession in the UK are also the weak data reports, with the latest being the UK final April composite PMI. The UK’s final composite PMI was unexpectedly revised higher, to a reading of 13.8 from the preliminary estimate of 12.9. However this won’t be greeted with joy as the revised outcome still marks a record low (by far) since the series started in 1998, having plunged from 36.0 in March, and from a reading above 50.0 in February. The details of the survey reveal record declines in new work and employment, while input costs in the service sector dropped for the first time in the data series. As has been seen in other countries, the service sector drop was eye watering, diving to 13.4 (revised from 12.3) from 34.5 in March, with April being the first month of data to fully capture the true impact of the coronavirus/lockdown. The data reflects the wide extent of business mothballing due to the pandemic and consequent lockdown, which commenced in the UK on March 23rd. In the manufacturing realm, the small minority of businesses reporting output growth were involved in medical supply chains or producers of food or drink. Many sub-components fell by record amounts, but while staffing levels dropped there were numerous reports that the fall reflected the use of the government scheme to furlough workers. One ray of light came from business optimism for the year ahead, which lifted off its record low that was seen in March, although only modestly, reflecting expectations for a phased reopening of the economy. In the FX market: Sterling is trading mixed so far today, dropping against a generally firmer Dollar while gaining versus an underperforming Euro, and holding steady against the Yen. Cable posted an intraday low at 1.2421 after tumbling back from the intraday high at 1.2461. In contrast, euro weakness drove EURGBP over 0.5% lower, to a four-day low at 0.8708. The release of final UK PMI survey data was of no consequence. In the overall picture however, Sterling remains under pressure against USD which has been extending gains against EUR since last Friday. While the Pound is up by over 8% from the 35-year low that was seen in mid March, the currency remains down by over 6% on the year-to-date. The UK currency has today once again proved sensitive to the backdrop of falling global stock markets. The combo of the UK’s open economy, current account deficit and outsized financial sector, has made Sterling sensitive to swings in risk appetite in global markets. If we turn our attention to Cable, the pair is stuck in between the 61.8% and 50.0% Fibonacci retracement of the down leg from 1.3199 to 1.1409, while it is trading for a second day at the mid-Bollinger Band line. The rejection of the 200-day SMA at 1.2643 for a 2nd time reflects the significance of this strong resistance level, while it kept the asset into more than a month range below 1.2600. To the downside, the 50% Fibo at 1.2300 could be a key level for a potential reversal of a trend lower. Currently, however, the nearterm picture is negative while overall picture is neutral with momentum indicators (RSI at 51, MACD flattened at zero) and BB lines and daily moving averages flattened, suggesting that consolidations could continue in the upcoming days. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 7th May 2020. Commodities Update. Energy Oil Action: USOIL has steadied on either side of the $23.00 level, though remains down nearly 6% on the day, after printing 3-week highs over $26 overnight. The weekly EIA inventory report yesterday revealed a much smaller than expected rise in crude stocks, but also a larger than expected build in distillate supplies, which offset the mildly bullish crude number. The EIA reported that US production slipped to 11.9 mln bpd in the latest reporting week from 12.1 mln bpd the previous week. March production levels were near 13.1 mln bpd. Meanwhile, earlier today, the unexpectedly good trade report out of China, which reported an 8.2% y/y rise in exports, contrary to the median forecast for a 14.1% contraction, catalysed a risk appetite, which also lifted the commodities and commodity currencies. Currently the crude prices remain up by over 230% from the low seen near $10 on April 28th, though prices still remain down by over 74% from the highs seen in January, as the oil market is not out of the woods yet, as production cuts have so far been insufficient to offset the huge virus related crash in demand. Hence, on the products side, EIA data shows that refinery utilisation continues to improve, while from trade side, China’s data shows that economies reopening globally could support the Oil price in the near term . That said, going forward, focus is on economies that are reopening from virus-containing lockdowns, and how successful, extensive and durable this proves to be. This should rekindle demand for oil and other commodities, which should in turn put in an underpinning for Canada’s currency. Metals Metals meanwhile are trading mixed with gold, copper, silver and platinum trading back from their highs, but at the same time holding well above the year’s plunge, suggesting that there are some signs of a stabilisation in sentiment. Palladium is the exception to this, since it has been trading in a negative territory since the end of March. Chinese data helped in the short term timeframe to partially dispel worries of a negative impact on metals demand via exports, although the detailed data are still unavailable. Nevertheless, the mining disruptions remain and should remain in the near future largely responsible for the tight market in metals since for the time being there is demand only from smelters. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
Date : 8th May 2020. Bitcoin: Is there any value in this rally? The 8-week rally in Bitcoin breached $10,000 today for the first time since February and is retesting the 10,000-10,500 Resistance area for the third time since September. Other cryptocurrencies saw a similar price action. This has been concomitant with a rally in global equity markets which are pricing-in a reopening of major economies from virus-containing lockdowns, overlooking dismal data (such as a 6% plunge in Japanese household spending, in data released today, and an expected 16% plunge in US April unemployment, in data to be released later) as being backward looking. Yesterday’s unexpected 8.2% y/y rise in Chinese exports in April, contrary to the median forecast for a 14.1% contraction, was a tonic for investors, while news that the US and China have agreed to strengthen cooperation in trade talks has gone down well, too. However, the main factor that has boosted bitcoin and in general the cryptocurrency market is the anticipation of a major technical event for the digital coin, i.e. Halving. The price of bitcoin is expected to continue to rally in the run-up to the “halving” on May 12. The reward halving, during which the number of new bitcoins being issued are cut by 50%, takes place every four years in BTC’s case. This halving activity is the breakdown of block mining rewards in half and it makes the cost of mining activity more expensive than ever before. This activity tends to lead to a decline in supply and is directly proportional to an increase in demand, which would theoretically lead to higher prices. Hence as the cryptocurrency market historically tends to decline after every halving, it seems that investors have increased their interest ahead of the event by boosting the entire market capitalization of the cryptocurrency market by more than $13 billion from a day before. Currently, the value of the entire market stands at $268.07 billion Other contributory factors probably include the central banks’ monetary policy, as the unprecedented economic destruction is being countered by massive fiscal and monetary policy measures globally. Also Bitcoin has once again rekindled the belief that cryptocurrencies are affected by the global equities performance but also react on major political and geopolitical events. This comes from the fact that cryptocurrency markets plunged following the plummet in oil prices and further sell-off in stocks back in February and March 2020, while they have spiked higher again since March 24 for the same reason, i.e. stocks recovery. Bitcoin more precisely posted more than 150% rebound from $3,762 seen in March, which was slightly above the 2018 bottom. Bitcoin, from a mathematical perspective, looks to be ready to form another parabolic circle with a potential lower peak after the ones that we have seen in 2017 and 2019. There is a repetitive pattern in Bitcoin with lower wave peaks every time. Hence in the upcoming weeks it will be interesting to see if the asset will manage to sustain the positive sentiment and more precisely remain above the $10,000 level. This level is a key area to be closely watched as it reflects 6-month Resistance, a round number but also the break of the 61.8% Fibonacci retracement since 2019 plunge. However, as following every halving the market tends to enter a bear market there is also the risk of a reversal if the top is reached. Hence Bitcoin could turn lower again if we see a potential pullback below the 50% Fib. level or even the 20-week SMA, at the 7,900-8,700 area. Hence please bear in mind that Bitcoin has always been and probably remains a very volatile asset subject to huge price swings. Hence the risk of a substantial drop remains. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
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Date : 11th May 2020. Events to Look Out for This Week. Welcome to our weekly agenda, our briefing of all the key financial events globally. The week ahead is expected to be dominated by the reopening of states and the easing of lockdown restrictions globally. Safety remains a draw even as the panic that gripped markets in March subsided in April — the path out of lockdown remains subject to myriad risks and uncertainties, most prominently that a lockdown/restart has never been tried on this scale before. The degree of success will be a main driver of stocks, bonds and commodities in May. However for the week ahead more precisely, the key event will be the UK GDP numbers, which will show the damage to the UK economy from the virus, given lockdowns began very late in the quarter. Tuesday – 12 May 2020 Consumer Price Index (CNY, GMT 01:30) – The April Chinese CPI is expected to have improved on a monthly and yearly basis. Consumer Price Index and Core (USD, GMT 12:30) – The headline CPI has been estimated at a -0.6% drop in April with a 0.1% core price increase, following respective March readings of -0.4% and -0.1%. The headline will be restrained by an estimated -21% April drop for CPI gasoline prices. As-expected April figures would result in a headline y/y increase of 0.6%, down from 1.5% in March. Core prices should set a 2.0% y/y rise, a down-tick from 2.1% y/y last month. Wednesday – 13 May 2020 Interest Rate Decision, Monetary Policy Statement and Press Conference (NZD, GMT 02:00) – On March 16, the Bank cut 75 bps to 0.25% and pledged that the rate will remain at that level for at least the next 12 months. In the next meeting, the RBNZ is expected to move to zero or even negative rates, after Governor Adrian Orr said last month that negative rates were not off the table, after New Zealand enforced a strict one-month lockdown to limit the spread of the coronavirus that brought economic activity to a standstill. Gross Domestic Product (GBP, GMT 06:00) – The preliminary Q1 GDP is expected to have dipped to -2% q/q following the flat reading of Q4. In a yearly basis, we should see a plunge to -1.6% y/y from 1.1%y/y. Industrial and Manufacturing Production (GBP, GMT 06:00) – The two indices are expected to have declined to -5.8% m/m and -5.6% respectively in March. Such dismal data will suggest that lock downs had a clear devastating impact on the UK economy similar to other economies. Thursday – 14 May 2020 Labour Market Data (AUD, GMT 01:30) – As the world has changed since March as the pandemic prompted widespread shutdowns of economies across the globe, employment change for 2020 is expected to show a significant increase to the unemployment rates globally. For Australia, the April employment change is expected to have significantly decreased to -40K from 5.9K in March, while the unemployment rate is expected to have increased to 5.5% in April, compared to 5.2% in the previous month. Harmonized Index of Consumer Prices (EUR, GMT 06:00) – The final German HICP for April is anticipated to remain unchanged at 0.8% y/y. Jobless Claims (USD, GMT 12:30) – The latest US reports revealed a disappointing round of claims data that prompted downward revisions in April and Q2 growth forecasts. For claims, a 3,169k figure in the first week of May exceeded estimates. But more importantly, continuing claims soared by 4,636k to a much higher than expected 22,647k. Friday – 15 May 2020 Gross Domestic Product (EUR, GMT 06:00) – German preliminary Q1 GDP growth is seen to have dropped at -2.0%q/q and a deduction of 0.2% from 0.3% in a yearly basis. These estimates follow the first estimate for Eurozone Q1 GDP (April 30) which slumped -3.8% q/q in the first estimate, bringing the annual rate down to -3.3% y/y. A pretty bleak picture in Germany and in the Eurozone that is unlikely to change substantially in the coming months. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HotForex Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Andria Pichidi Market Analyst HotForex Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
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