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GBP/USD Price Analysis: Sits near multi-month tops, around mid-1.4100s
Information is not investment advice
XAU/USD: Gold facing a further consolidation above 23.6% retracement area. Bulls have returned the last days but recently have entered a consolidation phase.
Ichimoku Kinko Hyo
CHF/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 sharply lower Tuesday, with investors continuing to clobber the heavily-weighted tech sector on rising inflation worries. The tech-heavy nasdaq closed sharply lower Monday, down 2.6% at the session’s low, as investors deserted the mega cap high growth stocks, which were behind much of the index’s gains over the last year. This selloff is expected to continue Tuesday on fears that the pace of inflation will eventually lead the Federal Reserve to tighten its ultra easy monetary policy before its current guidance. A worry is that interest rates that have been slashed to help nurse the world economy through the coronavirus pandemic will start to rise again and shatter the assumptions that have been used to keep buying eye-wateringly priced stocks.
The cost of raw materials from copper to wood to wheat have been soaring over the last month, testing the views of top central bankers that rises in global inflation will be transitory as economies emerge from COVID lockdowns.U.S. breakeven rates, which factor in inflation, have scaled multi-year peaks. Most euro zone bond yields edged back up on Tuesday while a market gauge of long-term inflation expectations was nearing its highest in over two years. A host of Federal Reserve and European Central Bank speakers this week will be closely watched by markets to assess how authorities are likely to respond
The euro rose on Tuesday, hovering just below a 2-1/2 month high hit in the previous session, after data showed German investor sentiment surged to its highest level in May since the start of the COVID-19 pandemic. The ZEW economic research institute said its survey of investors' economic sentiment rose to 84.4 points from 70.7 the prior month. The last time it hit a higher level was in February 2000. A Reuters poll had forecast a rise to 72.0.
The energy sector will also be in focus as the shutdown of the nation’s biggest fuel pipeline by hackers entered its fifth day, raising concerns about price spikes heading into the summer driving season.
Germany hopes for a swift agreement on a COVID-19 certificate that could allow citizens to travel more easily in the European Union, as more and more countries are opening up amid falling infection rates ahead of the summer holiday season. European affairs ministers met on Tuesday in Brussels to discuss the details of the "green certificate" that the EU aims to introduce in June, but talks between the European Commission, EU lawmakers and EU governments have yet to reach an agreement.
USA Key Point
- Risk pullback mostly confined to equities for now.
- Dollar a little more mixed in European morning trade
- Germany May ZEW survey current situation -40.1 vs -41.6 expected
- OPEC leaves 2021 world oil demand growth forecast unchanged at 5.95 million bpdUSD/CAD: Break below 1.2062/48 to trigger a severe downfall
Futures for Canada's main stock index rose on Monday, following positive global markets and gains in crude oil prices. First Citizens BancShares Inc's announcement of purchasing the loans and deposits of failed Silicon Valley Bank also boosted investor confidence in the global financial system...
Investor confidence in the global financial system has been shaken by the collapse of Silicon Valley Bank and Credit Suisse. As a result, many are turning to bearer assets, such as gold and bitcoin, to store value outside of the system without...
Greetings, fellow forex traders! Exciting news for those with an eye on the Australian market - the upcoming interest rate decision could be good news for Aussies looking to refinance or take out new loans. The Mortgage and Finance Association Australia CEO, Anja Pannek, has...
Hold onto your hats, folks! The Japanese yen took a nosedive after the Bank of Japan (BOJ) left its ultra-loose policy settings unchanged, including its closely watched yield curve control (YCC) policy. But wait, there's more! The BOJ also removed its forward guidance, which had previously pledged to keep interest rates at current or lower levels. So, what's the scoop? Market expectations had been subdued going into the meeting, but some were still hoping for tweaks to the forward guidance to prepare for an eventual exit from the bank's massive stimulus