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Q1 GDP was revised downward in the second estimate by 0.2% to show 5% contraction vs. the originally reported decline of 4.8%. Q1 2020 marks the largest quarterly decline since Q4 2008 dropped 8.4% during the height of the Great Recession. Q1 was dragged down by the coronavirus pandemic which only began to have an impact in the last two weeks of the quarter, meaning Q2 figures are likely to be far worse – many economists are predicting the worst GDP drop in US history, with estimates of up to 40% contraction.

Good morning, traders! Welcome to our weekly preview of the economic calendar and market narratives in the week just ahead of us. We’re coming in on Tuesday this week, following a bank holiday in the US and the UK as markets reopen for a shortened four-days of trading.

Happy Friday, traders! Welcome back to our weekly market wrap, taking a look back at our last five trading days with a particular focus on the news, market narratives, and economic data that had the biggest impact on the gold markets, as well as the US Dollar and correlated assets, and may continue to in the near- to medium- term.

Happy Thursday, traders. Let’s talk about everybody’s favorite water cooler topic: monetary policy!

The IHS Markit flash composite PMI, which measures activity in services and manufacturing combined, rose from 27.0 in April to 36.4 in May according to the latest IHS report. The services PMI rose from 26.7 to 36.9, and the manufacturing PMI rose from 36.1 to 39.8. Overall, the report indicates that the private sector contracted at a slower rate in May with the reopening of some parts of the US economy.

Another 2.44 million Americans applied for jobless benefits last week, more or less in line with market forecasts. 38.6 million people have applied for benefits since the escalation of the coronavirus pandemic in March. While the claims numbers are unprecedented in pre-pandemic times, last week marks the seventh week of consecutive decline from the peak of 6.9 million claims seen in late March.

The manufacturing industry has sunk further as a result of the coronavirus pandemic according to the latest report from the Philadelphia Federal Reserve. The Philadelphia Fed manufacturing index came in at -43.1 vs. - 47.5 expected for May following a reading of -56.6 the month before when the index hit a 40-year low. While business conditions have improved slightly, the pace of recovery is below market expectations.

Federal Reserve officials at the regularly scheduled FOMC meeting ending April 29, the meeting minutes for which were released this afternoon, discussed concerns over the damage already inflicted on the American economy by the current crisis as well as threats to the potential economic recovery and financial system in the months ahead. While committing to full measures of support for the US economy, the committee discussed possibilities of additional easing or stimulus while appearing to rule out others.

Homebuilding in the US fell to the lowest rate in 5 years, according to the housing report released on Thursday by the Commerce Department.  April housing starts plummeted 30.2% to a seasonally adjusted annual rate of 891,000 last month, the lowest level since 2015. Annually, housing starts fell 29.7%, with declines seen in all four regions.

Hello traders, welcome to our preview of this week’s trading calendar, with a focus on the macroeconomic data and market narratives that are mostly likely to impact gold prices, as well was pricing for the US Dollar and other correlated assets.

Happy Friday, traders! Welcome back to our weekly market wrap, focusing on the news, events, and economic data that had the biggest impact over the last trading days on gold prices as well as the US Dollar and other correlated assets—and may continue to have an impact in the future.

The University of Michigan (UoM) consumer sentiment index came in at 73.7, beating expectations of 65 for May and above the 71.8 reading seen in April. Chief economist for the survey, Richard Curtin, echoed commentary supporting the government stimulus packages which have helped cushion some of the damage from the coronavirus pandemic.