U.S. factory activity lowers in April, although Tariffs seem to be imposed in any way

1. U.S. factory activity decelerated for a second consecutive month in April.
2. Manufacturers blamed high commodity prices and suggested that tariffs on steel and aluminum imports could be the reason.
3. Increasing raw material costs are the most recent indication that inflation tensions are building up and this could draw the attention of Federal Reserve officials who commenced a two-day policy meeting on Tuesday.
4. U.S. Commerce Secretary Wilbur Ross on Tuesday said the one-month extension for the new steel and aluminum tariffs granted to the European Union was basically a one time event and that it is not something that will be continuous .
5. White house officials also confirmed quota system will be enacted for Imports of these materials .
6. The USD could weaken on fears of new Tariff tensions and Inflation signs.

Facebook to add New feature

1. Facebook Inc will add features around dating and building long-term relationships on its social platform,
2. Zuckerberg stated that their intention was, creating the dating service with an importance on privacy, a delicate subject for people who use online dating.
3. It could be the case that Facebook is trying to show a concerned side towards its users and to improve the relationships with them after the scandal over its handling of personal information.

Today’s other economic highlights

From the European morning we get the German Manufacturing PMI (Apr), (Neutral for the EUR).

The UK Construction PMI (Could Strengthen GBP) & The European Unemployment Rate & GDP. (Neutral or weaken the EUR)

In the US Session we get the ADP Nonfarm Employment Change (April) Could waken the USD & Crude Oil Inventories (+0.739) (Could weaken Oil Prices).

Last and most important the FOMC Statement along with the Fed interest rate decision. (General USD Volatility)

Speakers : German Buba President Weidmann Speaks

IronFX Daily Report May 2nd