Market Movers for May 30, 2019

On Thursday, May 30, 2019, the markets will be interested in the release of economic calendar data, which usually results in changes in price movements - the economic agenda is a key tool for the basic analysis of the news to predict markets’ performance. Therefore, caution must be taken to determine the results of these actual data to make the right trading decision. The economic news today are:

Australian Building Permits: In Australia, building approvals fell by 15.5% on a monthly basis in March, following a 19.1% increase the previous month. Analysts had expected construction approvals to fall by 14%. This was the largest decline since December 2017. Private-sector buildings, excluding homes, and between states and territories, declined, overall building approvals in NSW, Victoria, Queensland and South Australia declined, while approvals in Western Australia increased.

Expectations for April 2019: An increase of 0.1% in building permits.

Australia's private capital spending ratio: In Australia, private capital expenditure rose by 2.0% on a quarterly basis in the fourth quarter of last year after the reading in the previous period was revised downwards to a stable reading. The reading for the current quarter was higher than analysts' expectations of an increase of 0.5%. The growth was driven by a 3.2% increase in buildings and structures and a 0.7% increase in equipment and machinery. Forecasts for the first quarter of 2019: an increase of 0.5%.

New Zealand's annual budget: The annual budget, issued annually, issues the projected income and expenditure levels, loans, planned investments, and fiscal targets for the year. Borrowing levels and domestic spending have an impact on the economy. While increased spending helps increase contractors' businesses, jobs are revived, and borrowing levels have a major impact on the country's credit rating and provide insights into the underlying financial situation.

US GDP: In the first quarter of this year, the US economy grew at an annualized rate of 3.2%, exceeding analyst expectations of 2.0% growth. In the previous quarter, the economy expanded 2.2%. Growth was driven by personal consumption expenditure, investment in private stock, government spending, exports and fixed non-residential investment.

Sara Patterson
Sara Patterson has a Master’s Degree in political science and enjoys analyzing both current events and the international markets to get a fuller perspective of the currency market. Before turning to financial writing, she taught English writing skills to high-school age students. Sara’s work has been published on various financial and Forex blogs.