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In today’s hyperactive forex trading market, forex traders need to get constant financial news in order to anticipate the market, trade successfully and earn money. This is no easy task, considering the amount of live forex news being broadcast every single days. The purpose of the eToro forex news blog is to help traders focus on the most important live events and signals in the currency market as well as bringing you detailed analysis of the financial world
FX Daily
In the US, the revised GDP figure for Q1 published on Thursday, pointed a -5.5% contraction in an annual pace for the quarter. Although the figure still points a rapid contraction in the US economy, the figure was slightly better than market assessments of a -5.7% contraction. The Core consumer expenditure and real consumer expenditure, figures which reflect the status of the consumer to some extent and play a role in the assessments of inflation, were up 1.6% and 1.5% respectively which was generally in line with market expectations and most importantly did not surprise for the worst .Initial Jobless claims rose to 627,000 which was higher than the market expectation of 602,000 and up by 19,000 published a week ago, showing unemployment is still expanding in a rapid pace and still does not point any significant signs of improvement in the Job market. However, market sentiment was largely unaffected as markets have got used to high unemployment figures and furthermore the unemployment is still considered a lagging indicator, which continues to expand for some time after the economy has stylized.
In the Euro zone, the industrial new orders figure fell -35% YoY and -1% MoM as the process of inventory reduction continues .The market expectation was lower- 32.8% .contraction could mean GDP growth for the year could also surprise for the worst, with the Euro zone economy still deteriorating rather than stabilizing.
Overall the market sentiment was rather mixed with the US equities closing higher and in Europe the equities trade was mixed. The Dollar was slightly lower losing some of it gains from a day before and depreciated against most of the majors the Euro traded rather flat against the Dollar the Yen and the Swiss Franc and depreciated around 0.5% against the Sterling. Source
Trading in the Foreign Exchange market might carry potential rewards, but also potential risks. You must be aware of the risks and are willing to accept
them in order to trade in the forgein exchange market. Don't trade with money you can't afford to lose.
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