Weekly Fundamental News – May 5, 2014
Here are the noteworthy news releases for this full week of May.
For Monday, we will have Eurogroup Meetings and EU Economic Forecasts; as well as the US ISM Non-Manufacturing PMI. Japan will observe Children’s Day.
For Tuesday, we will have Australia’s RBA Interest Rate Announcement and RBA Rate Statement; Italian and Spanish Services PMI; ECOFIN Meetings; Trade Balance for the US and Canada.
For Wednesday, we will have New Zealand’s jobs data; BOJ’s Monetary Policy Meeting Minutes; Australia’s Retail Sales; Canada’s Building Permits; and US Preliminary Nonfarm Productivity, as well as US Federal Reserve Chairwoman Yellen’s speech.
For Thursday, we will have Australia’s employment data; China’s Trade Balance; Switzerland’s CPI; BOE Official Bank Rate and Asset Purchase Facility votes, and Rate Announcement and Statement; ECB’s Rate Announcement and Press conference; US Unemployment Claims.
For Friday, we will have RBA’s Monetary Policy Statement; China CPI; Germany’s Trade Balance; UK’s Manufacturing Production and Trade Balance; Canada’s employment data; and finally, US JOLTS data.
Weekly Technical Analysis: May 5, 2014
EURUSD
EURUSD bulls won last week as they managed to bring price to a weekly close above 1.3850 for the first time in about three weeks. If they can keep support at current levels, we would likely see the 1.3900 level at risk this week. Further support is seen at 1.3800.
GBPUSD
GBPUSD is now comfortable trading in the territory of recent fresh highs as buyers easily took out sellers on the way to 1.6900. The question now is whether more bulls will participate to push price toward 1.7000 this week or in the coming week. Sellers need to smash heavy support lying at 1.6800.
USDJPY
USDJPY spent most of its time trading in the mid-102s last week as both sides struggle to get a firm control. Today, sellers are working early and pushing price through 102. If they succeed, there are still a lot of wood to chop through 101.50.
NZDUSD
NZDUSD is looking for its fifth straight daily advance today after the spectacular bullish price action seen last week. 0.8700 is expected to keep bulls busy for this week, while sellers could find trouble around 0.8600. Further support is found beyond 0.8600.
EURJPY
Like USDJPY, EURJPY is also having trouble finding a good direction to pursue. Contenders continue to defend the 141 and 142 levels, and we could see more sideways trading this week.
