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The US dollar fell to its lowest in nearly three months. Further weakness comes

The US dollar fell to its lowest in nearly three months. Further weakness comes

Information is not investment advice

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Fibonacci Levels

 XAG/USD: Silver facing a further consolidation above 23.6% retracement area. Bulls have returned recently.

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Ichimoku Kinko Hyo

USD/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 higher Tuesday, with the tech-heavy nasdaq leading the way, helped by renewed confidence in the Federal Reserve retaining its ultra-easy monetary policy, while strong earnings from the retail sector again testify to the strength of consumer demand.

European stocks ground out new post-pandemic highs, the cyclical-heavy national indices benefiting from the gradual shift in global investor preferences to value overgrowth. The German DAX hit an all-time high as the country’s Constitutional Court effectively drew a line under the attempts of euro critics to stop the ECB’s purchases of government bonds.  

The dollar fell to its lowest in nearly three months as Federal Reserve officials continued to play down inflation concerns. Fresh comments from influential Federal Reserve officials restored confidence in an extended period of ultra-loose monetary policy. The move lower had been started by Fed vice-chair Clarida, who said on Thursday that April’s higher-than-expected inflation numbers were no reason to start tapering the Fed’s asset purchases.

Elon Musk has a new antagonist, and it’s one with a cult following of his own. Michael Burry, famous from his role in shorting mortgage-backed securities over a decade ago, has opened a short position on Tesla, according to a regulatory filing by his hedge fund Scion Asset Management. Analysts estimated the value of the bet against Tesla at around $530 million. As it’s not detailed when the position was opened, it’s impossible to know whether the bet is in the money or not. However, Tesla’s shares lost nearly 7% in the first quarter, and are currently 35% off their peak.  

 

USA Key Point

  • French vaccinations continue to gather pace, hit 3.5 million doses last week.
  • Cable eyes the highs for the year as dollar slump extends.
  • Eurozone Q1 GDP second estimate -0.6% vs -0.6% q/q prelim
  • ECB's Villeroy: There is no risk of lasting inflation return in the euro area.
  • EUR/USD climbs above 1.2200 for the first time since February as dollar stays sluggish.
  • Inflation the biggest tail risk for markets - BofA May fund manager survey.
  • ECB's Villeroy: French economy to grow at least 5.5% this year.
  • European equities open higher, DAX at a record high.
  • Dollar keeps weaker to start the session.

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USD/CAD Reversal Pattern

After a notable rally all the way to 1.28, USD/CAD dropped back to 1.2730 yesterday, confirming our outlook mentioned a few days ago about the need for a downside retracement before the upside trend resumes.

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When Twitter Inc. and Snap Inc. posted quarterly revenue that blew past analysts’ expectations, the results bumped up the shares of the two of their larger rivals: Facebook Inc. and Alphabet Inc.

EUR/USD Holding After ECB Decision

EUR/USD managed to rise for a very short period of time right after the ECB decision to as high as 1.1798 before declining and giving away its entire gains.

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