Japan’s Q1 GDP Rises 0.5%

Beating estimates, Japan’s first-quarter GDP grew at a pace of 0.5%. On a year over year basis, Japan’s GDP advanced 2.1% during the January through March period, supported by government spending.

Capex fell 1.2% on the year while private consumption was down 0.3% marking the impact of the US and China trade wars. The Beijing administration showed little interest in resuming talks with the US, deeming the US behavior bullying.

Eurozone Core Inflation Rises 1.3%

The final inflation figures for the eurozone showed that headline consumer prices grew at a pace of 1.7% while core inflation was up 1.3%, beating estimates. The gains in consumer prices came due to higher airfare and transportation costs. The euro was muted as among other things, Italy’s prime minister brushed aside concerns of breaking the fiscal rules.

EUR/USD Likely to Fall Further

The common currency could possibly continue to extend the declines as price tests the 1.1140 support. There is scope for price to correct from this support in the near term. The upside could see the euro testing the minor resistance level at 1.1182. A successful break above this level could see the euro extending the correction to test 1.1250 resistance.

eurusd

 

UK Political Uncertainty Continues

Lawmakers in the UK called for Theresa May to resign by June 30th as she prepares to deal with a fourth vote later in the month. But the opposition Labor party has vowed to block the deal as the ruling Tory party prepares for potential candidates vying for the seat at 10 Downing.

Can the GBP/USD Continue the Declines?

The GBP/USD fell to a 4-month low on Friday. The steep declines saw prices testing the lower support at 1.2716. The Stochastics oscillator indicates oversold levels currently. While it is too early to tell, watch for a higher low to form near the current levels. To the upside, the initial target is seen at 1.2895 followed by 1.2975.

gbpusd

 

Gold Weakens as USD Gains on Consumer Sentiment

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