Asian shares were mixed on Monday as investors awaited key U.S. inflation readings for guidance on monetary policy, while Bitcoin tried to steady after being hammered on news of China’s clampdown on mining and trading of cryptocurrencies.
It is a quiet week for traders this week, with the tail-end of earnings season capping off a period of recent volatility.
Inflation will be at the back of investors’ minds in the US, while government borrowing figures in the UK will give a read on the state of play of public finances.
More is happening on the continent, with EU business confidence and economic sentiment readings on the slate, alongside GDP readings from some of its biggest economies.
Crypto traders will be on guard this week, following a choppy week for several tokens. Regulation fears have sent a number of popular currencies deep into the red in the last week.
On Monday, bitcoin (BTCUSD), the most popular cryptocurrency, was trading at about $36,393 at GMT+3, while just a month earlier it had been hitting heights of above $60,000. Ethereum (ETHUSD) had also taken a knock over the last month but seems to be climbing again.
For the UK this week, the focus will turn to the monthly government borrowing figures out on Tuesday.
For the EU, Germany’s IFO business confidence survey and key economic sentiment data to be released for the region on Friday.
For the US, investors will be looking at inflation and President Joe Biden is also releasing his fiscal 2022 budget proposal on May 28th.
Also, this week, NZD traders await interest rate decision from Germany’s IFO business confidence survey. Fed Governor Lael Brainard is to speak about digital currencies at the virtual Consensus by CoinDesk Conference on Monday; given the recent volatility in the cryptocurrency market, her comments will be closely watched.
This Week’s High Impact Events
The times below are GMT+3.
Monday24th May
15.05 – Japan – BoJ Gov. Kuroda Speaks
Potential instruments to Trade: JPY Crosses.
17.30 – UK – BoE Gov. Bailey Speaks
Potential instruments to Trade: GBP Crosses.
Tuesday25th May
11.00 – Europe – German IFO Business Climate
Potential instruments to Trade: EUR Crosses.
17.00 – US – CB Consumer Confidence
Potential instruments to Trade: USD Crosses.
Wednesday26th May
05.00 – New Zealand–RBNZ Monetary Policy Statement & Rate Statement
Potential instruments to Trade: NZD Crosses.
06.00–New Zealand – RBNZ Press Conference
Potential instruments to Trade: NZD Crosses.
17.30 – US – Crude Oil Inventories
Potential instruments to Trade: USD & CAD Crosses.
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