June 5, 2018

IronFX, Daily Report: RBA stays on hold & UK’s Brexit border plan

Check out the important economic events of the day.

This article is originally referred from IronFX News.

RBA stays on hold

  • As was widely expected RBA stayed on hold at +1.50%.
  • The accompanying statement had some dovish tones as it expects inflation to remain low for some time while wage growth remains low and is likely to continue for a while yet.
  • Other points which are worth mentioning is that household consumption remains a source of uncertainty and that there are concerns about the direction of international trade policy in the US.
  • AUD/USD treated the decision as a non event as the market had positioned itself ahead of the release of the decision.
  • Should the financial releases, support a more hawkish stance on behalf of the RBA, we could see the Aussie strengthening.

UK’s Brexit border plan

  • Media reports stated that the UK seeks a breakthrough in the Brexit negotiations deadlock this week.
  • The breakthrough is to be achieved by a UK plan to keep the UK in the EU customs union regime for a longer period of time.
  • However the Irish border issue evolves into a greater deadlock and EU’s chief negotiator Barnier stressed that failure to reach an acceptable solution to the problem could increase risks at the final stage.
  • Both sides seem to aim October as the final deadline to get a deal on the overall Brexit deal.
  • Should there be any further negative headlines about Brexit we could see the pound weakening.

Today’s other economic highlights

  • Eurozone: Services PMI for May, Survey:53.9 Prior:53.9, 08:00 (GMT), could weaken EUR
  • Eurozone: Composite PMI for May, Survey:54.1 Prior:54.1, 08:00 (GMT), could weaken EUR
  • Eurozone: Retail Sales for April, Survey:+0.5% mom Prior:+0.1% mom, 09:00 (GMT), could strengthen EUR
  • UK: Services PMI for May, Survey:53.0 Prior:52.8, 08:30 (GMT), could strengthen GBP
  • US: ISM Non-Manufacturing PMI for May, Survey: 57.5 Prior: 56.8, 14:00 (GMT), Could strengthen USD
  • US: API weekly crude oil inventories, Survey: N/A Prior:+1.001m, 20:30 (GMT), Any reading > 1.001m could weaken oil prices

IronFX Daily Report ‘June 5th’

Original Source: IronFX News

All Forex Brokers

  • IFC Markets
  • FxPro
  • IronFX
  • Axiory
  • FBS
  • Land-FX
  • MyFX Markets
  • Titan FX
  • Traders Trust
  • XM
  • LMFX
  • FXDD
  • ForexClub
  • KVB Kunlun
  • Tradeview
  • EightCap
  • FXOpen
  • HotForex
  • FXGiants
  • Fortrade
  • CM Trading
  • InstaForex
  • ForexMart
  • Valutrades
  • AvaTrade
  • Yadix
  • easyMarkets
  • JustForex
  • Swiss Markets
  • FXTM
  • HYCM
  • FP Markets
  • SimpleFX
  • IC Markets
  • Evolve Markets
  • Tickmill
  • UFX
  • Anzo Capital
  • LiteForex
  • 4xCube
  • OctaFX
  • Tifia
  • XTB
  • AAAFx
  • NordFX
  • FXGlory
  • Capex
  • ClickTrades
  • TopstepFX
  • HotForex ZA (South Africa)
  • XMTrading
  • PaxForex
  • ITRADER Global
  • FortFS
  • MiltonMarkets
  • ETFinance
  • ATFX
  • XBPrime
  • Oinvest
  • VantageFX

All Crypto-Currency Exchanges

  • CEX.IO
  • HitBTC
  • Paxful
  • BitMEX
  • C-CEX
  • Binance
  • YObit
  • Wisebitcoin
  • Bibox
  • BKEX
  • CoinPark
  • CoinEx
  • CoinField
  • bybit
  • Bitpanda

This website uses cookies

By using our site, you acknowledge that you have read and understand our Privacy Policy (Cookie Policy), and our Terms of Service.