Friday, June 24, 2022
HomeForexMarket Update – May 23 – USD Dips, Stocks Pressured, Futures Higher

Market Update – May 23 – USD Dips, Stocks Pressured, Futures Higher


USD slipped again, Stocks had a torrid day on Friday, but recovered in final hour, Bear market talk dominated weekend press. Asian markets rose, and US Futures up 1.6% after improvements in Shanghai covid news as isolation times were reduced, but record cases in Beijing.  Biden in Tokyo, offered olive branch to Kim, says US recession “not inevitable” and is willing to us force to defend Taiwan.  AUD & NZD rally on new Aussie PM.  

  • USDIndex down to 12-day low at 102.6 and 5th down day of last seven.
  • EquitiesUSA500 0.57 (0.005%) at 3901, US500FUTS at 3952 now.
  • Yields down 10-yr closed at 2.788%,  now up at 2.79%   
  • Oil & Gold both had positive sessions –  USOil rallied to test $110.00 earlier today from $103.50 on Thursday.  Gold holds $1850 today from lows at $1788 last week. 
  • Bitcoin rotates through $30K – Lagarde says crypto assets are ‘worth nothing.’
  • FX marketsEURUSD up from 1.0355 to 1.0600, parity calls falling. USDJPY under 128.00, and Cable back to 1.2570.  AUD again outperformed in Asia.  

OvernightGBP House Prices  hotter than expected  & RBA’s Kent says the Bank’s estimate of the neutral rate is 2 to 3%.

Today – German Ifo Survey, Speeches from BOE’s Bailey ECB’s Villeroy & Fed’s Bostic

Biggest FX Mover @ (06:30 GMT) AUDUSD (+1.20%) Rallied from lows at 0.7000  on  Friday to 0.7125 today, following new labor PM’s electionMAs aligning higher, MACD signal line & histogram moving higher line, RSI 70, OB & rising, H1 ATR 0.0020, Daily ATR 0.0111.

 

Click here to access our Economic Calendar

Stuart Cowell

Head Market Analyst

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distribution.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments