Market News Report: May 18 – May 22, 2020

Market News Report: May 18 – May 22, 2020

We’ve got another series of bad economic data releases last week following global economic lockdown. But will we get a meaningful downward correction after over-month-long rallying in stocks? This week the markets will await another Fed Chair Powell speech along with series of important economic data releases.

FOREX SIGNALS

The week behind

The recent economic data releases have confirmed coronavirus impact on global economies. Last week, we’ve got negative (deflationary) U.S. inflation numbers and Friday’s worse-than-expected Retail Sales data. However, the economic data releases seem to be priced in by the markets.

The week ahead

What about the coming week? Tuesday’s Fed Chair Powell’s Testimony will be closely watched by global financial markets. Next we will get the FOMC Meeting Minutes on Wednesday and the U.S. PMI numbers on Thursday. We will also get series of important economic data releases from the Eurozone, U.K. and Australia this week. Let’s take a look at key highlights:

  • Tuesday’s Fed Chair Powell Testimony will probably be the most important economic event of the coming week.
  • On Wednesday we will get the FOMC Meeting Minutes and on Thursday the U.S. Flash Manufacturing PMI will be released.
  • On Wednesday there will be speeches from the Bank of England’s Governor Bailey and the Reserve Bank of Australia’s Governor Lowe.
  • There will be a bunch of important economic data releases from the Eurozone: the German ZEW Economic Sentiment on Tuesday, German and French PMI’s along with the ECB’s Monetary Policy Meeting Accounts on Friday
  • Oil traders will also await Tuesday’s and Wednesday’s inventories data release.

You will find this week’s the key news releases below (EST time zone). For your convenience, we broken them down per market to which they are particularly important, so that you know what to pay extra attention to, if you have or plan to have positions in one of them. Moreover, we put the particularly important news in bold. This kind of news is what is more likely to trigger volatile movements. The news that are not in bold usually don’t result in bigger intraday moves, so unless one is engaging in a particularly active form of day trading, it might be best to focus on the news that we put in bold. Of course, you are free to use the below indications as you see fit. As far as we are concerned, we are usually not engaging in any day trading during days with “bold” events on a given market. However, in case of more medium-term trades, we usually choose to be aware of the increased intraday volatility, but not change the currently opened position.

Our Market News Report consists of two different time-related perspectives. The investors’ perspective is only suitable for the long-term investments. The single economic data releases rarely cause major outlook changes. Hence, we will only see a handful of bold markings every week. On the other hand, the traders’ perspective is for traders and day-traders, because the assets’ prices are likely to react on a single piece of economic data. So, there will be a lot more bold markings on potentially market-moving news every week.

Investors’ Perspective

Market News Report: May 18 - May 22, 2020

Gold, Silver, and Mining Stocks

Tuesday, May 19

  • 10:00 a.m. – Fed Chair Powell Testimony

Wednesday, May 20

  • 2:00 p.m. U.S. – FOMC Meeting Minutes

Thursday, May 21

  • 9:45 a.m. U.S. – Flash Manufacturing PMI

Crude Oil

Tuesday, May 19

  • 10:00 a.m. – Fed Chair Powell Testimony
  • 4:30 p.m. U.S. – API Weekly Crude Oil Stock

Wednesday, May 20

  • 10:30 a.m. U.S. – Crude Oil Inventories
  • 2:00 p.m. U.S. – FOMC Meeting Minutes

Thursday, May 21

  • 9:45 a.m. U.S. – Flash Manufacturing PMI
  • 2:30 p.m. U.S. – Fed Chair Powell Speech

Stock Markets

Tuesday, May 19

  • 10:00 a.m. – Fed Chair Powell Testimony

Wednesday, May 20

  • 2:00 p.m. U.S. – FOMC Meeting Minutes

Thursday, May 21

  • 9:45 a.m. U.S. – Flash Manufacturing PMI
  • 2:30 p.m. U.S. – Fed Chair Powell Speech

EUR/USD

Tuesday, May 19

  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment
  • 10:00 a.m. – Fed Chair Powell Testimony
  EUR/USD Forecast: Greenback bulls attempting over all any other time

Wednesday, May 20

  • 2:00 p.m. U.S. – FOMC Meeting Minutes

Thursday, May 21

  • 9:45 a.m. U.S. – Flash Manufacturing PMI
  • 2:30 p.m. U.S. – Fed Chair Powell Speech

Friday, May 22

  • 3:15 a.m. Eurozone – French Flash Services PMI
  • 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
  • 7:30 a.m. Eurozone – ECB Monetary Policy Meeting Accounts

USD/JPY

Tuesday, May 19

  • 10:00 a.m. – Fed Chair Powell Testimony

GBP/USD

Tuesday, May 19

  • 10:00 a.m. – Fed Chair Powell Testimony

Wednesday, May 20

  • 2:00 a.m. U.K. – CPI y/y
  • 9:30 a.m. U.K. – BOE Governor Bailey Speech

Thursday, May 21

  • 4:30 a.m. U.K. – Flash Services PMI, Flash Manufacturing PMI
  • 9:45 a.m. U.S. – Flash Manufacturing PMI

Friday, May 22

  • 2:00 a.m. U.K. – Retail Sales m/m

USD/CAD

Tuesday, May 19

  • 10:00 a.m. – Fed Chair Powell Testimony

Wednesday, May 20

  • 2:00 p.m. U.S. – FOMC Meeting Minutes

Thursday, May 21

  • 9:45 a.m. U.S. – Flash Manufacturing PMI
  • 2:30 p.m. U.S. – Fed Chair Powell Speech

AUD/USD

Monday, May 18

  • 9:30 p.m. Australia – Monetary Policy Meeting Minutes

Tuesday, May 19

  • 10:00 a.m. – Fed Chair Powell Testimony

Wednesday, May 20

  • 10:30 p.m. Australia – RBA Governor Lowe Speech

Traders’ Perspective

Market News Report: May 18 - May 22, 2020

Gold, Silver, and Mining Stocks

Monday, May 18

  • 9:30 p.m. Australia – Monetary Policy Meeting Minutes
  • 10:00 a.m. U.S. – NAHB Housing Market Index
  • All Day, Canada – Bank Holiday

Tuesday, May 19

  • 8:30 a.m. U.S. – Housing Starts, Building Permits
  • 10:00 a.m. – Fed Chair Powell Testimony, FOMC Member Kashkari Speech
  • 9:30 p.m. China – PBoC Loan Prime Rate
  • All Day, Eurozone – ECOFIN Meetings

Wednesday, May 20

  • 2:00 p.m. U.S. – FOMC Meeting Minutes
  • 10:30 p.m. Australia – RBA Governor Lowe Speech

Thursday, May 21

  • 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
  • 8:30 a.m. Canada – ADP Non-Farm Employment Change, NHPI m/m
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. – CB Leading Index m/m, Existing Home Sales, FOMC Member Williams Speech
  • 1:00 p.m. U.S. – FOMC Member Clarida Speech
  • 2:30 p.m. U.S. – Fed Chair Powell Speech

Crude Oil

Monday, May 18

  • 10:00 a.m. U.S. – NAHB Housing Market Index
  • 9:30 p.m. Australia – Monetary Policy Meeting Minutes
  • All Day, Canada – Bank Holiday

Tuesday, May 19

  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment, ZEW Economic Sentiment
  • 8:30 a.m. U.S. – Housing Starts, Building Permits
  • 9:00 a.m. China – CB Leading Index m/m
  • 10:00 a.m. – Fed Chair Powell Testimony, FOMC Member Kashkari Speech
  • 4:30 p.m. U.S. – API Weekly Crude Oil Stock
  • 9:30 p.m. China – PBoC Loan Prime Rate
  • All Day, Eurozone – ECOFIN Meetings

Wednesday, May 20

  • 8:30 a.m. Canada – CPI m/m, Common CPI y/y, Core CPI m/m, Median CPI y/y, Trimmed CPI y/y, Wholesale Sales m/m
  • 10:30 a.m. U.S. – Crude Oil Inventories
  • 2:00 p.m. U.S. – FOMC Meeting Minutes
  • 2:00 p.m. Canada – Governor Council Member Lane Speech
  • 7:00 p.m. Australia – Flash Manufacturing PMI, Flash Services PMI
  • 10:30 p.m. Australia – RBA Governor Lowe Speech

Thursday, May 21

  • 8:30 a.m. Canada – ADP Non-Farm Employment Change, NHPI m/m
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. – CB Leading Index m/m, Existing Home Sales, FOMC Member Williams Speech
  • 10:30 a.m. U.S. – Natural Gas Storage
  • 1:00 p.m. U.S. – FOMC Member Clarida Speech
  • 2:30 p.m. U.S. – Fed Chair Powell Speech

Friday, May 22

  • 8:30 a.m. Canada – Retail Sales m/m, Core Retail Sales m/m

Stock Markets

Monday, May 18

  • 10:00 a.m. U.S. – NAHB Housing Market Index

Tuesday, May 19

  • 8:30 a.m. U.S. – Housing Starts, Building Permits
  • 9:00 a.m. China – CB Leading Index m/m
  • 10:00 a.m. – Fed Chair Powell Testimony, FOMC Member Kashkari Speech
  • 4:30 p.m. U.S. – API Weekly Crude Oil Stock
  • 9:30 p.m. China – PBoC Loan Prime Rate
  • All Day, Eurozone – ECOFIN Meetings
  GBP Weekly Forecast (Mar. 2 – 6)

Wednesday, May 20

  • 10:30 a.m. U.S. – Crude Oil Inventories
  • 2:00 p.m. U.S. – FOMC Meeting Minutes

Thursday, May 21

  • 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. – CB Leading Index m/m, Existing Home Sales, FOMC Member Williams Speech
  • 1:00 p.m. U.S. – FOMC Member Clarida Speech
  • 2:30 p.m. U.S. – Fed Chair Powell Speech

Friday, May 22

  • 3:15 a.m. Eurozone – French Flash Services PMI, French Flash Manufacturing PMI
  • 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI
  • 7:30 a.m. Eurozone – ECB Monetary Policy Meeting Accounts

EUR/USD

Monday, May 18

Tuesday, May 19

  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment, ZEW Economic Sentiment
  • 10:00 a.m. – Fed Chair Powell Testimony, FOMC Member Kashkari Speech
  • All Day, Eurozone – ECOFIN Meetings

Wednesday, May 20

  • 4:00 a.m. Eurozone – Current Account
  • 5:00 a.m. Eurozone – Final CPI y/y, Final Core CPI y/y
  • 5:40 a.m. Eurozone – German 10-y Bond Auction
  • 10:00 a.m. Eurozone – Consumer Confidence
  • 2:00 p.m. U.S. – FOMC Meeting Minutes

Thursday, May 21

  • 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. – CB Leading Index m/m, Existing Home Sales, FOMC Member Williams Speech
  • 1:00 p.m. U.S. – FOMC Member Clarida Speech
  • 2:30 p.m. U.S. – Fed Chair Powell Speech
  • All Day, Eurozone – German Bank Holiday, French Bank Holiday

Friday, May 22

  • 3:15 a.m. Eurozone – French Flash Services PMI, French Flash Manufacturing PMI
  • 3:30 a.m. Eurozone – German Flash Manufacturing PMIGerman Flash Services PMI
  • 4:00 a.m. Eurozone – Flash Manufacturing PMI, Flash Services PMI
  • 7:30 a.m. Eurozone – ECB Monetary Policy Meeting Accounts

USD/JPY

Monday, May 18

  • 12:30 a.m. Japan – Tertiary Industry Activity m/m
  • 10:00 a.m. U.S. – NAHB Housing Market Index

Tuesday, May 19

  • 12:30 Japan – Revised Industrial Production m/m
  • 8:30 a.m. U.S. – Housing Starts, Building Permits
  • 10:00 a.m. – Fed Chair Powell Testimony, FOMC Member Kashkari Speech
  • 7:50 p.m. Japan – Core Machinery Orders m/m
  • 9:30 p.m. China – PBoC Loan Prime Rate

Wednesday, May 20

  • 2:00 p.m. U.S. – FOMC Meeting Minutes
  • 7:50 p.m. Japan – Trade Balance
  • 8:30 p.m. Japan – Flash Manufacturing PMI
  • 10:30 p.m. Australia – RBA Governor Lowe Speech

Thursday, May 21

  • 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. – CB Leading Index m/m, Existing Home Sales, FOMC Member Williams Speech
  • 1:00 p.m. U.S. – FOMC Member Clarida Speech
  • 2:30 p.m. U.S. – Fed Chair Powell Speech
  • 7:30 p.m. Japan – National Core CPI y/y

GBP/USD

Monday, May 18

  • 9:30 a.m. U.K. – CB Leading Index m/m
  • 11:00 a.m. U.K. – MPC Member Tenreyro Speech

Tuesday, May 19

  • 2:00 a.m. U.K. – Claimant Count Change, Average Earnings Index 3m/y, Unemployment Rate
  • 5:00 a.m. Eurozone – German ZEW Economic Sentiment, ZEW Economic Sentiment
  • 8:30 a.m. U.S. – Housing Starts, Building Permits
  • 10:00 a.m. – Fed Chair Powell Testimony, FOMC Member Kashkari Speech

Wednesday, May 20

  • 2:00 a.m. U.K. – CPI y/y, Core CPI y/y, PPI Input m/m, PPI Output m/m, RPI y/y
  • 4:30 a.m. U.K. – HPI y/y
  • 9:30 a.m. U.K. – BOE Governor Bailey Speech
  • 2:00 p.m. U.S. – FOMC Meeting Minutes

Thursday, May 21

  • 4:30 a.m. U.K. – Flash Services PMIFlash Manufacturing PMI
  • 6:00 a.m. U.K. – CBI Industrial Order Expectations
  • 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. – CB Leading Index m/m, Existing Home Sales, FOMC Member Williams Speech
  • 1:00 p.m. U.S. – FOMC Member Clarida Speech
  • 2:30 p.m. U.S. – Fed Chair Powell Speech
  • All Day, Eurozone – German Bank Holiday, French Bank Holiday
  Mech System Update: Inside Bar Momentum Strategy 2.0 (May 29 – June 5)

Friday, May 22

  • 2:00 a.m. U.K. – Retail Sales m/m, Public Sector Net Borrowing
  • 3:15 a.m. Eurozone – French Flash Services PMI, French Flash Manufacturing PMI
  • 3:30 a.m. Eurozone – German Flash Manufacturing PMI, German Flash Services PMI

USD/CAD

Monday, May 18

  • 10:00 a.m. U.S. – NAHB Housing Market Index
  • All Day, Canada – Bank Holiday

Tuesday, May 19

  • 8:30 a.m. U.S. – Housing Starts, Building Permits
  • 9:00 a.m. China – CB Leading Index m/m
  • 10:00 a.m. – Fed Chair Powell Testimony, FOMC Member Kashkari Speech
  • 4:30 p.m. U.S. – API Weekly Crude Oil Stock
  • 9:30 p.m. China – PBoC Loan Prime Rate

Wednesday, May 20

  • 8:30 a.m. Canada – CPI m/m, Common CPI y/y, Core CPI m/m, Median CPI y/y, Trimmed CPI y/y, Wholesale Sales m/m
  • 10:30 a.m. U.S. – Crude Oil Inventories
  • 2:00 p.m. U.S. – FOMC Meeting Minutes
  • 2:00 p.m. Canada – Governor Council Member Lane Speech

Thursday, May 21

  • 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
  • 8:30 a.m. Canada – ADP Non-Farm Employment Change, NHPI m/m
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. – CB Leading Index m/m, Existing Home Sales, FOMC Member Williams Speech
  • 1:00 p.m. U.S. – FOMC Member Clarida Speech
  • 2:30 p.m. U.S. – Fed Chair Powell Speech

Friday, May 22

  • 8:30 a.m. Canada – Retail Sales m/m, Core Retail Sales m/m

AUD/USD

Monday, May 18

  • 9:30 p.m. Australia – Monetary Policy Meeting Minutes

Tuesday, May 19

  • 8:30 a.m. U.S. – Housing Starts, Building Permits
  • 9:00 a.m. China – CB Leading Index m/m
  • 10:00 a.m. – Fed Chair Powell Testimony, FOMC Member Kashkari Speech
  • 10:30 a.m. Australia – CB Leading Index m/m
  • 4:30 p.m. U.S. – API Weekly Crude Oil Stock
  • 8:30 p.m. Australia – MI Leading Index m/m
  • 9:30 p.m. China – PBoC Loan Prime Rate

Wednesday, May 20

  • 10:30 a.m. U.S. – Crude Oil Inventories
  • 2:00 p.m. U.S. – FOMC Meeting Minutes
  • 7:00 p.m. Australia – Flash Manufacturing PMI, Flash Services PMI
  • 10:30 p.m. Australia – RBA Governor Lowe Speech

Thursday, May 21

  • 8:30 a.m. U.S. – Philly Fed Manufacturing Index, Unemployment Claims
  • 9:45 a.m. U.S. – Flash Manufacturing PMI, Flash Services PMI
  • 10:00 a.m. U.S. – CB Leading Index m/m, Existing Home Sales, FOMC Member Williams Speech
  • 1:00 p.m. U.S. – FOMC Member Clarida Speech
  • 2:30 p.m. U.S. – Fed Chair Powell Speech

Summing up, the financial markets will likely continue to react to news about globally spreading coronavirus in the near future. However, if you’re an investor and not a trader, you should pay extra attention to Tuesday’s Fed Chair Powell Testimony. In addition, there will be Central Bank Governors’ speeches from Australia and the U.K this week.

 


 

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