Date : 9th May 2023.
Market Update – May 9 – Calm Ahead of US CPI Tomorrow.
Trading Leveraged Products is risky
The USD ticked higher (USDIndex 101.21), with tight credit markets and business loans weak but not as bad as expected. US Stocks closed flat and Asia is subdued with little data ahead of US CPI tomorrow. Sterling came off 1-year highs but remains supported with BOE later in the week. LinkedIn announced 700 job losses and will close China app. Ueda – YCC will end when price goal achievement “foreseen”. AUD & JPY higher, EUR weighed to start the European session.
Overnight – Chinese trade balance data exceeded expectations, Japanese household spending missed significantly and a key UK Retail Sales survey beat.
*FX – USDIndex once again found support at 100.88, currently holds over 101.00, EUR has pushed under 1.1000 from 1.1050 yesterday. JPY slips below 135.00 from a technical intra-day resistance at 135.34 earlier. Sterling declined from 1-year highs at 1.2670 yesterday but holds 1.2600 today.
*Stocks- US markets closed flat (-0.17% to 0.18%) (#TSN -16.41%, #AMD +5.79%) – US500 closed +2 pts 4138, FUTS are trading at 4148 today and still below the key resistance at 4175 & 4150.
*Commodities – USOil – Futures added to Friday’s gains and touched $73.50 and trades at $72.60 today. Gold – tested back into $2000 on Friday, but held $2020 yesterday, trades at $2025 now.
*Cryptocurrencies – BTC tumbled over 5.5% from Friday highs over $29.6k under the key $28k support level, and tested into $27k as BINANCE twice stalled withdraws over the weekend. Trades at $27.4k now.
Today – Speeches from ECB’s Lane & Schnabel, Fed’s Williams & Jefferson. Earnings from Daimler Truck, Ubisoft, Direct Line, Airbnb & Occidental Petroleum.
Biggest FX Mover @ (06:30 GMT) NZDJPY (-0.29%). Has broken a 3-day rally from 83.50 to 85.85 yesterday and is back at 85.30 now. MAs aligned lower, MACD histogram & signal line positive but declining, RSI 44.21 & falling, H1 ATR 0.140 Daily ATR 0.00621.
Always trade with strict risk management. Your capital is the single most important aspect of your trading business.
Please note that times displayed based on local time zone and are from time of writing this report.
Click HERE to access the full HFM Economic calendar.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE!
Click HERE to READ more Market news.
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 FX and CFDs 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 distributed without our prior written permission.