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GBP/USD Price Analysis: Sits near multi-month tops, around mid-1.4100s

GBP/USD Price Analysis: Sits near multi-month tops, around mid-1.4100s

Information is not investment advice

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Fibonacci Levels

 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.

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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.

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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

 

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Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?

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