Market Movers for May 21, 2019

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During the transactions of Tuesday, May 21, 2019, the markets will focus on the announcements from the economic agenda, which usually results cause changes to price movements. The economic calendar is a main tool for basic analysis to predict market performance, and should therefore be careful until we know what are the actual results of this data to make the right trading decision. Economic news today are:

Minutes of the Reserve Bank of Australia’s monetary meeting: The Reserve Bank of Australia releases the minutes of the monetary policy meeting two weeks after the announcement of the monetary rate. The minutes provide a detailed account of the latest RBA Board meeting. It also includes an in-depth analysis of the economic conditions affecting the Members' decision on interest rates.

Hearings of the UK Inflation Report: The Bank of England Governor and members of the Monetary Policy Committee are testifying on a quarterly basis on inflation in the country as well as the country's economic outlook before the Treasury Committee of the Parliament. Hearings continue for a few hours and often cause fluctuations in the performance of the pound against other major currencies, especially the direct comments of currency markets. The British economy is still facing uncertainty about the future of the Brexit, Britain's exit from the European Union, and the Bank of England has repeatedly stressed that the tightening of the bank's monetary policy will depend on what will be agreed upon in the final exit agreement to be officially scheduled by the end of October.

New Zealand retail sales: In New Zealand, retail sales rose 1.7 percent quarter-on-quarter in December after the previous reading was revised up to 0.3 percent. The reading was higher than analysts' expectations of a 0.5 percent rise in retail sales. This was the biggest gain since the quarter of January 2017. Sales of pharmacies and retailers and food and beverage service providers have rebounded. Specialized food outlets, cars and spare parts .Clothes, shoes and accessories; retailers of electrical and electronic goods. Housing suppliers and fuel outlets, which saw better sales during this period.

Expectations for the first quarter of 2019: retail trade is expected to increase by 0.6 percent.

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.