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May 29, 2018

IronFX, Daily Report: Preparations for Trump-Kim meeting & Italy heading for new elections

Check out today’s economic highlights!

This article is originally referred from IronFX News.

Italy heading for new elections

  • As the Italian president appointed Carlo Cotarelli as Prime Minister yesterday, 5S and League announced that the appointment would not be tolerated, signaling new elections.
  • League leader Matteo Salvini, stated that the country is occupied financially and populist’s rhetoric in general, seems to consider the possible elections as a EU- Euro referendum.
  • Angela Merkel said on Monday she would work with any coalition government formed in Italy, but she also warned that any discussions on economic policy would have to be within the rules governing the euro zone.
  • Further news on the instability in the Eurozone could make the EUR weaker.

Preparations for Trump-Kim meeting continue

  • Japanese media suggested that a top aide to North Korea’s leader landed in Singapore yesterday for further preparations regarding the Trump–Kim meeting.
  • At the same time, a US team of officials also left for Singapore, in order to meet the North Koreans.
  • It should be noted that South Korea’s president Moon stated on Monday that there could be more spontaneous meetings and talks with North Korea.
  • Should there be further positive headlines about the meeting we could see JPY weakening.

Today’s other economic highlights

  1. France: Consumer Confidence for May, Survey:101 Prior:101, 06:45 (GMT), Neutral for EUR.
  2. Sweden: Consumer Confidence for May, Survey: 101.0 Prior: 100.3, 07:00 (GMT), Could support SEK.
  3. US: Consumer Confidence for May, Survey: 128.0 Prior: 128.7, 14:00 (GMT), Could weaken USD.
  4. Speakers: ECB’s Mersch (10:30, GMT) and Lautenschlaeger (16:30, GMT) speak.

IronFX Daily Report ‘May 29th’

Original Source: IronFX News

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