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Trading Plan for May 16, 2019

The trading action today will mostly be driven by the news and the sentiment.

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During the Asian trading session, the US president Donald Trump signed an order which restricts Chinese telecommunication firms from selling their equipment in the US. He called Huawei activities a threat to national security. China, in its turn, said to take necessary measures to protect their firms. The escalation of the trade war affects the risk sentiment in the markets. Pay attention to the AUD/USD.

Also today the British PM Theresa May meets with the Conservative party members at 14:30 MT time, where she is expected to announce the day of her departure. If she disagrees to step down before June 15, the uncertainties will increase and potentially hurt the GBP. The pound is currently trading at its February’s lows. Let’s check GBP/USD.

As for the economic calendar, we have the speech by the BOC Governor Stephen Poloz on the agenda at 18:15 MT. His positive comments may support the CAD.

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