North Korea ready to denuclearize

1. North Korea said on Saturday it was suspending nuclear and missile tests and scrapping its nuclear test site, and instead pursuing economic growth and peace.
2. World leaders greeted the statement, but some remained hesitant towards Kim’s real intentions.
3. However, In Kim’s declaration it was not clearly stated that existing nuclear weapons and missiles will be destroyed .
4. On Friday the first North Korea-South Korea meeting will take place, after more than a decade. Light could be shed on the matter as to what the future holds for the relationship of the two neighbour countries and where the nuclear matter is really heading.

May ahead of pressure over customs Union

1. As Labour party could be working with Tory rebels in the house of commons, May could be facing another defeat in the house of Commons regarding the customs union issue.
2. On the other hand, the PM may be facing also a possible revolt within the Cabinet among hardline brexiteers.
3. Such a revolt could be triggered by the suspicion that she may break her promise to pull the UK out of the EU customs union.
4. Should the UK inner instability increase we could see the battered pound weakening even further.

Today’s other economic highlights

• France: Preliminary Mfg PMI for April, Survey: 53.5 Prior: 53.7, 07:00 (GMT), could weaken the EUR
• Germany: Preliminary Mfg PMI for April, Survey: 57.6 Prior: 58.2, 07:30 (GMT), could weaken the EUR
• Eurozone: Preliminary Mfg PMI for April, Survey: 56.1 Prior: 56.6, 08:00 (GMT), could weaken the EUR
• US: Preliminary Mfg PMI for April, Survey: 55.0 Prior: 55.6, 13:45 (GMT), could weaken the USD
• Existing Home Sales for March, Survey: 5.55M Prior: 5.54M, 14:00 (GMT), neutral for the USD

As for the rest of the week

• On Tuesday, Australia’s CPI rate for Q1, Germany’s Ifo Business Climate, US Consumer Confidence
• On Thursday, we get Riksbank’s Interest rate decision, ECB interest rate decision
• On Friday, BoJ interest rate decision, France preliminary CPI rate (EU Norm.) for April, Germany’s employment data for April, UK’s preliminary GDP and US preliminary GDP growth rates for Q1

IronFX Daily Report ‘April 23rd’