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GBP/USD : enters a consolidation phase
Information is not investment advice
XAU/USD: Gold facing a further consolidation above 50% retracement area. Bulls are preparing for a breakout
Ichimoku Kinko Hyo
EUR/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.
US Market View
U.S. stocks are seen opening higher Wednesday, continuing the recent rally, after it stalled during the previous session, ahead of more retail earnings. The data slate is largely empty Wednesday, but investors will keep close attention on a speech from Federal Reserve Vice Chair Randal Quarles on Wednesday as concerns surrounding inflation and potential tapering continue.
Crude oil prices edged lower Wednesday, despite strong U.S. crude supply data, as traders digest the possible return of Iranian exports.
Tuesday’s U.S. crude oil supply data from the API showed a draw of 439,000 barrels for the week ending May 21, suggesting an improvement in demand after the 620,000-barrel build recorded during the week before.
Federal Reserve officials have been out in force this week, pushing the mantra that the U.S. central bank is going to look through the rising inflationary pressures, keeping the accommodative policies on hold for the immediate future.
The latest to speak Wednesday is scheduled to be Federal Reserve Vice Chair for Supervision Randal Quarles.
The market still has concerns surrounding inflation and potential tapering, and it will be interesting to see whether Quarles has changed his stance after he outlined a very dovish view in late March.
Inflation has become the dominant theme, after the recent sharp jump in consumer prices. Federal Reserve officials have made it clear that they see these rising inflationary pressures as temporary, and thus the central bank’s ultra-easy monetary policies will remain in place for some time to come.
Crude oil prices edged higher Wednesday, helped by strong U.S. crude supply data, although gains are small as traders digest the possible return of Iranian exports.
USA Key Point
- US futures keep slightly higher ahead of North American trading.
- EUR/USD eases back under February high as dollar steadies so far today.
- Tokyo governor says will seek extension of state of emergency.
- China regulator reportedly calls on banks to unwind retail exposure to commodities-linked investment products.
- NZD/USD holds higher post-RBNZ but buyers still dipping their toes.
- US market potential time increase and potential favour.
- USD/CHF set to extend its fall towards the 2021 low at 0.8757.
- NZD/USD to edge higher towards the 0.7465 mark.
- EUR/USD Price Analysis: Extra gains likely above 1.2266.
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