Major oil producing nations met in Vienna Thursday and the Market expected they’d announce an extension to oil production cuts that would have likely supported the commodity-based currencies such as the AUD and CAD.

The Canadian Dollar rallied strongly Wednesday after the BOC gave off some positive signs about the Canadian economy going forward but the currency gains were reversed Thursday when the extension to oil production cuts the market expected didn’t eventuate. The Kiwi Dollar was guilty by association and was also down against most of its major rivals. The Pound slipped lower after first quarter GDP figures showed the economy grew at 2%, which was less than the 2.1% leading economists expected.

It’s the USA’s turn today to announce the latest GDP, Durable Goods, and Personal Consumption figures. The Personal Consumption data I believe will be the one the market wants to see, the US consumer is the largest consumer of goods and services in the world and if data shows consumption is increasing it will be another sign to the Fed the US economy is doing well and is ready to withstand another interest rate increase.

Whilst Donald Trump has been out of the country it appears the markets have been more concerned with the core fundamentals than with the political dramas of the Trump administration. The stock market has recovered from last Thursday’s monster sell off and the US Dollars May decline has stalled. Weekly jobless claims in the United States remain at some of the lowest levels not seen in 40 years. Looking ahead to next week and Monday is Memorial Day in the United States and therefore US markets will be closed and this will impact currency price movements between midnight Monday and Tuesday 7am AEST.

About the Author: Andrew Barnett

Andrew is a professional trader and successful investor who has a strong focus on education. He is a regular Sky News Money Channel Guest and one of Australia’s most awarded and respected financial experts, and is regularly contacted by the Australian Media for the latest on what is happening with the Australian Dollar. Director at LTG GoldRock, Andrew Barnett, guides thousands of traders around the world in the live market on a daily basis, advising them on buy and sell directions, as well as trading his own personal account. Andrew, a regular key-note speaker at trading and wealth-creation events throughout the Asia Pacific region, is an authorized representative registered with the Australian Securities and Investment Commission (ASIC).

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The post Today’s Key Market Drivers – 26th May 2017 appeared first on LTG GoldRock.