Dozens killed in Gaza during protests

• Media suggest that dozens of Palestinian protestors were killed yesterday after the Israeli army opened fire.
• The protests were sparked by the official opening of the new US embassy in Jerusalem yesterday.
• Politically the importance of the incidence is that it has thrown the middle east into turmoil and that it distanced the US from it’s traditional Western European for a second time in a week.
• Currently we see the case for the incident to be a once off event, however with the Iran nuclear deal in jeopardy, the new Iraqi government being elected and the Turkish election ahead, we could see safe havens and oil strengthening.

No significant progress made in Brexit, says EU

• EU chief Brexit negotiator Barnier said that no significant progress has been made in the Brexit negotiations and that a number of issues remain unresolved.
• UK PM May’s spokesman stated that the “focus is on getting it right” rather than meet a deadline.
• Officials in Brussels seem to doubt on whether the UK will be able to mark substantial progress until the June EU summit.
• The fog still remains on the issue, however any further negative headlines could weaken the pound.

Today’s other economic highlights

1. Germany
   • Preliminary GDP for Q1, Survey: +0.4% qoq Prior:+0.6% qoq, 06:00 (GMT), could weaken the EUR
   • ZEW Economic Sentiment for May, Survey: -8.2 Prior:-8.2, 09:00 (GMT), could weaken the EUR
2. UK
   • ILO Unemployment rate for March, Survey 4.2% Prior: 4.2%, 08:30 (GMT), could support GBP
   • Employment Change for March, Survey: +130k Prior:+55k, 08:30 (GMT), could support GBP
   • Average Earnings (+ Bonus) for March, Survey: +2.6% yoy Prior:+2.8% yoy, 08:30 (GMT), could weaken GBP
3. Eurozone
   • Preliminary GDP for Q1, Survey: +0.4% qoq Prior:+0.4% qoq, 09:00 (GMT), could weaken the EUR
   • Industrial Production for March, Survey: +0.6% mom Prior:-0.8% mom, 09:00 (GMT), could strengthen the EUR
4. New Zealand
   • Milk Auctions, Survey: N/A Prior: 3,465, ≈12:00 (GMT), any reading> 3,465 could strengthen NZD
5. US
   • Core Retail sales for April, Survey: +0.5% mom Prior: +0.2% mom, 12:30 (GMT), could support USD
   • Retail Sales for April, Survey: +0.3% mom Prior: +0.6% mom, 12:30 (GMT), could weaken USD
   • API Crude Oil Stocks, Survey: N/A Prior:-1.850m, 20:30 (GMT), any reading<-1850m could strengthen Oil Prices
6. Speakers: Dallas Fed President Kaplan and FOMC member John Williams speak.

IronFX Daily Report ‘ May 15th’