Brent: Future is Still Sunny
What happened? Brent returned to the rising channel on Wednesday by gaining 4% during the trading session…
Gold and silver will remain in a very strong bullish trend.
Information is not investment advice
Fibonacci Levels
XAU/USD: Gold facing a further consolidation on a full-time retracement area. Bulls continue to consolidate before try to move higher.
Ichimoku Kinko Hyo
AUD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
US Market View
World stocks and copper prices hit new peaks on Monday on bets that interest rates will remain low and the economy will continue its recovery, while oil prices jumped after a cyber attack on a U.S. pipeline operator. The S&P500 hovered near record highs on Monday as investors awaited economic data this week for more clarity on the pace of economic recovery, while higher commodity prices supported shares of miners, energy and steel companies. The S&P500 and the Dow ended at record closing highs on Friday as an unexpected slowdown in monthly jobs growth eased inflation worries and fueled bets that the U.S. Federal Reserve would remain accommodative for longer. While some tech stocks got a boost Friday in the wake of the disappointing jobs report, some portfolio managers say that blow-out earnings from several large tech companies over the last few weeks are not enough to keep making outsized bets on the sector.
Wednesday’s CPI figures for April get top billing on the U.S. economic calendar this week amid concerns among investors that rising price pressures could prompt the Fed to start scaling back monetary support measures sooner. While inflation is on the rise, Fed policymakers have repeatedly said the increase is due to temporary factors.PPI figures are due out on Thursday, followed by retail sales data on Friday. Retail sales jumped in March boosted by stimulus checks and this effect is expected to carry over into April.
Top U.S. fuel pipeline operator Colonial Pipeline has shut, without saying when it would reopen, after a cyber-attack involving ransomware on Friday. Colonial is the main source of gasoline for the East Coast and also serves some of the largest U.S. airports. The incident has highlighted how vulnerable U.S. energy infrastructure is to hackers.
The UK is to release data on first quarter GDP on Wednesday which is expected to confirm that the recovery from the pandemic is already underway. While growth over the whole period is expected to have contracted the monthly figures for March may show a sharp increase as the vaccination rollout allowed pandemic restrictions to be eased.
USA Key Point
- The GBP is the strongest and the JPY is the weakest as the NA session begins.
- Fed's Evans: Friday's jobs numbers were 'definitely surprising'.
- Eurozone May Sentix investor confidence 21.0 vs 15.0 expected.
- Cable gains to fresh highs since late February as buyers keep break above 1.4000.
Michael Eliades
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