Today is expected to be a day with medium volatility. In the morning the focus was on the Australian dollar, which fell against most currencies due to expectations of investors for a further rate decrease. In addition, iron ore is becoming cheaper amid the trade conflict between China and the United States.
The main body of macroeconomic reports today comes from the EU. There were no surprises: the ZEW index of business sentiment in Germany continued decreasing, as in the EU as a whole, and inflation is slowing down. The only positive news was the growth of the trade surplus, almost twice higher than the forecasts. However, this could not stop the decline of the Euro against major currencies, given also the latest news from Britain, where the greatest supporter of Brexit increased his chances in the struggle for the post of Prime Minister. Therefore, the British pound today was also under pressure and fell to its lowest level in a year.
In the USA in the afternoon reports will be published on the construction sector, and in Canada sales in the manufacturing sector for April will become known. At the end of the day we expect new data on the weekly oil reserves in the United States, which in recent years have been steadily growing. Meanwhile, oil is in the red because it turned out that OPEC+ participants could not agree on the date of their meeting, not to mention the extension of the agreement to reduce oil supplies
