Date : 17th May 2021.
Market Update – May 17 – USD lifts, Gold rallies, BTC Sinks.
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Market News Today – USD remains weak (USDIndex down to 90.27). Equities all closed higher (US100 biggest gainer up 2.32%), 457 of USA500 have reported earnings and 87% have beat expectations. Futs. softer today. Commodities tear continues, GOLD breaks $1850. 10-yr Yields slip with USD to 1.62% from 1.70% last week. BTC bombed 12% before recovering, Musk suggested Tesla selling some or all of $1.5b investment (later denied). Asian markets mixed on mixed Chinese data, (Retail Sales missed significantly, Ind. Output in line, Unemployment improved.)
This week – Economic data slim, Earnings from Walmart, Home Depot, Target, Lowes and Cisco.
EUR – down a tad to 1.2135, JPY holds over 109.00 down to 109.20, Cable holds over 1.4100 AUD holds 0.7760 and CAD holds 1.2100
USOIL back over $65.00 from lows at $63.00 on Thursday, Gold – rallied to 3 mth high $1855 Commodities remain robust. BTC down to test under $42,000, back to $44,000 now.
European Open – Futures are also mixed, with US indices in the red, while DAX and FTSE 100 futures are both up 0.1%. The UK is taking another step towards a full re-opening of the economy today, but amid warnings of caution against the background of new virus variants. In the Eurozone, restrictions vary considerably across countries, with some already at the level of openness that the UK is now going back to. In FX markets both EUR and GBP eased against a largely stronger Dollar earlier, only to improve as the session opened. Data releases today remain thin on the ground, with only the final reading for Italian HICP numbers of note.
Today – US NY Fed Manufacturing, BoE’s Haldane, Vlieghe, Tenreyro, Fed’s Bostic, Clarida, Kaplan Earnings from RyanAir & Advanced Auto Parts.
Biggest (FX) Mover @ (07:30 GMT) GBPNZD (+0.50%) rallied from 5-day lows below 1.9420 on close to test 1.9550 today. Faster MAs remain aligned higher, RSI 61 & moving higher, MACD histogram & signal line aligned higher and testing 0 line. Stochs rising and OB zone from earlier. H1 ATR 0.0024, Daily ATR 0.0155.
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Please note that times displayed based on local time zone and are from time of writing this report.
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