Today we will have another busy day. Macroeconomic reports are coming in one after another from all over the world and have already affected the value of major currencies. First of all, investors expected data on China's GDP for the 1st quarter of 2019. The report showed a 1.4% increase in China's GDP, in line with the forecasts. The unemployment rate in China decreased by 0.1% compared to the previous period. This is not the first report that shows positive dynamics in the Chinese economy. On this basis, investors also reduced their concerns about the slowdown in the global economy. Demand for risky assets, primarily commodity currencies, has increased. The most significant support was received by the Australian dollar, which was able to recover on this news after yesterday's decrease.
In the middle of the day, reports from the EU also met investors' expectations. The consumer price index was 1.4%, and the trade surplus rose and exceeded investors' expectations.
In the afternoon reports from the US and Canada are expected: the trade balance in both countries, the basic consumer price index in Canada, as well as data on crude oil reserves. It should be noted that yesterday the oil was in the minus because of fears of an increase in shale oil production in the United States. However, yesterday's report from the American petroleum Institute showed a decrease in reserves for the week by almost 1 million barrels. As a result, oil began to recover in price and rose in price today, taking into account the positive news from China and expectations of growth in the demand for raw materials.
Safe assets are still under pressure amid optimism on the market. Gold consolidated at the lowest level for 2019 at 1274-1275 dollars.
