🗓 Important upcoming events and publications for May 17 (GMT):

🇪🇺 09:00 Eurozone consumer price Index. Risks for #EUR: Low. It is expected price growth rate is at 1.7% y/y. Since the beginning of the year, inflation in the region has been accelerating. Higher values are favourable for the Euro.

🇺🇸 14:00 U.S. Consumer Sentiment Index. Risks for #USD: Moderate. The preliminary May estimate is expected to show slight growth from 97.2 to 97.8. The indicator is gradually recovering from the drop in January. Growth above expectations could support the dollar.

🛢 17:00 U.S. Baker Hughes U.S. Rig Count. Risks for #Brent, #WTI: Moderate. The indicator has been decreasing since the beginning of the year, reflecting the decline in drilling activity, despite the relatively high Crude prices. A sharp decline may support the growth of oil prices.

Detailed economic calendar

#USD continue its growth to the major currencies as #EUR sank below 1.1200, #GBP fell under 1.2800. Chinese assets are reduced: #CNY at its lowest level since November, the major indexes (#ChinaA50, #HengSeng) lose more than 1.2%. The U.S. index futures #SPX, #DJI in decline this morning after growth the day before. #Bitcoin is recovering from a 16% collapse earlier.

#Bitcoin lost more than $1400 or 16% at one moment as buying lose momentum

Read more in our Bit-comment

Golden Cross or another selloff: what is around the corner for BTC?

Bitcoin stumbled over the resistance level near $8,200, which in July last year also stopped the growth. The relative strength index RSI on the daily charts marks a divergence as new price highs are not confirmed by new index highs. Even more alarming, the RSI fell sharply in the region below 70, probably marking the beginning of a longer correction.

Interestingly, the sale occurred just the day after the 50-day average crossed the 200-day bottom-up. In technical analysis, this is considered a strong buy signal called the Golden Cross.

Read what to expect further

Chinese war of words and further dollar growth

Asian markets are worried about the increase in anti-American rhetoric in the Chinese media against the background of escalating trade conflicts

USDCNY exceeded 6.94, getting closer to the psychologically important level 7.0
SPX turned to a decline after touching the 50-day moving average.

The single currency face increased pressure the beginning of the London trading session this week
Chart of the day: NZDUSD one step from Death Cross after more than 2 month of decline

More on this in FxPro Markets review

#WeekendReading
These 8 points are a handful of ‘rituals’ that professional and successful traders implement in their trading lives every time they’re in front of a computer.

Read our story about Trader's rituals

Trade wars escalation worries were the main theme of the outgoing week that pressured risk-sensitive currencies. #GBP, #AUD, #ZAR and #TRY were the major losers to #USD. #JPY and #CHF are in positive territory. But there is an exception – #RUB – that showed the largest increase against the dollar.

#WaveAnalysis: EURUSD is expected to fall further and retest the next support level 1.1100
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#WaveAnalysis: Sugar is expected to fall further and retest the next support level 11.00
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🗓 Important upcoming events and publications for week ended May 24 (GMT):

Monday, May 20
🇺🇸 23:00 Fed Chairman Jerome Powell Speaks

Tuesday, May 21
🇦🇺 02:15 RBA Governor Philip Lowe Speaks
🇬🇧 08:30 BOE Governor Mark Carney Speaks
🇳🇿 22:45 New Zealand Retail Sales

Wednesday, May 22
🇬🇧 08:30 U.K. Retail Sales
🇺🇸 18:00 FOMC Meeting Minutes


Thursday, May 23
🇩🇪 08:00 German Ifo Business Climate Index
🇬🇧 08:30 U.K. Retail Sales
🇯🇵 23:30 Japan CPI

Friday, May 24
🇺🇸 12:30 U.S. Durable Goods Orders

Detailed economic calendar

@fxpro

#USD is rising for the 6th consecutive trading session against major currencies, but the rise of #AUD and the decline in the #JPY as a sign of some increase in appetite for risk. This is also evidenced by the decline in #Gold and the growth of #Brent. Chinese indices remain under pressure.

#Bitcoin shoot up to 8000 again but still struggle to pass it

Read more in our Bit-comment

#WaveAnalysis: Corn is expected to rise further and retest the next round resistance level 400.00
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#WaveAnalysis: GBPAUD is expected to fall further and retest the next support level 1.8300
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#USD mainly no changed to major currencies over the last 24h, except #AUD, that fell under renewed pressure after some retreat. Stock indices (#ChinaA50, #SPX, #Nikkei225) was added this morning, but far from return Monday loss. #Gold develops decline, #Brent fell back to $71.50.

Huawei issue creates market pressure
Alphabet and some other American IT companies have suspended business with Huawei, which is one of the first examples of major consequences for a Chinese company being blacklisted by the US government.

The last turn of the trade wars provoked a market reaction in the form of key indices decline, which returned the demand for US government bonds and defensive yen and franc.

Read more in FxPro Markets review

Crypto market settles after a rally

Technical analysis suggests that the market is “settling down” after an impressive rally. Important signals for the bulls can be dynamic above the $8,300 mark, which was resistance level since last July and during the previous week. Alternatively, a decline below $7,000 could be a signal that the current growth impulse could not pass $8,000, which could trigger a stronger correction.

Read more in our Bitcoin review

🗓 Important upcoming events and publications for the next 24 hours (GMT):

🇬🇧 15:00 Prime Minister Theresa May Speaks. Risks for #GBP: High

🇳🇿 22:45 New Zealand Retail Sales. Risks for #NZD: High. It is expected growth by 0.6 q/q after the jump by 1.7% q/q earlier. Values below expectations could increase pressure for kiwi dollar.

Wednesday, May 22
🇬🇧 08:30 U.K. Consumer Price Index. Risks for #GBP: High. Values below expectations could return pressure for pound sterling.

Detailed economic calendar

#WaveAnalysis: #CADJPY is expected to rise further and retest the next round resistance level 84.00
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