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Global stocks push higher
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Core PCE for April above expectations
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EURUSD returns above 1.2200
Most European indices were in the green on Friday thus ending the trading week in upbeat mood. The German DAX added 0.74% while the French CAC 40 rose 0.75%. Major indices from the region closed higher for the whole week as well. Wall Street is gaining ahead of a long weekend in America and stocks are heading for a winning week too. Tech stocks are top gainers at press time while small caps are underperforming.
Today’s calendar was dominated by a set of economic data from the US. The long-awaited core PCE inflation for April came in above expectations (3.1% YoY vs exp. 2.9% YoY), rising at the highest pace since 1992. Chicago PMI for May soared to 75.2 (vs exp. 68.0) which is the best result since 1973.
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Create account Try a demo Download mobile app Download mobile appCryptocurrencies experience a significant drop on Friday with Bitcoin falling roughly 8%. The US dollar gained before the US inflation data, but the greenback has already pared all gains. EURUSD returned above 1.2200 in the evening. Meanwhile, gold bulls are testing $1900 an ounce.
Traders should prepare for thinner volume on Monday as investors from the US and the UK will have time off due to holidays. Apart from that, markets look forward to PMI figures from China for May, industrial production data from Japan and several CPI prints from European countries, including Germany, Italy and Spain.
EURUSD was falling ahead of today’s US inflation figures as the US dollar was strengthening against major currencies. However, the greenback pared all gains and EURUSD is trading near 1.2200 again. As a result, the main currency pair is trading in an upward channel again. Source: xStation5
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