*South Korea Industrial Production -1.2% On Month, -8.9% On Year In April

South Korea Industrial Production -1.2% On Month, -8.9% On Year In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212796/

Retreat in US Yields Supports Gold, But for How Long? XAU/USD, XAU/EUR Price Setups

Gold rose on Tuesday, tracking the decline in US Treasury yields after a deal in Washington to raise the government’s debt ceiling. But is the short-term downtrend in the yellow metal over? Via DailyFX - Market News https://ift.tt/0lB7TEk

Australian Dollar Falls Against Majors

The Australian dollar weakened against other major currencies in the Asian session on Tuesday.

The Australian dollar fell to a 4-day low of 0.6510 against the U.S. dollar, from an early 6-day high of 0.6559.

Against the yen and the Canadian dollar, the aussie dropped to a 4-day low of 91.28 and more than a 6-month low of 0.8856 from yesterday's closing quotes of 91.80 and 0.8883, respectively.

Against the euro and the NZ dollar, the aussie edged down to 1.6444 and 1.0788 from an early 6-day high of 1.6351 and a 4-week high of 1.0825, respectively.

If the aussie extends its downtrend, it is likely to find support around 0.63 against the greenback, 88.00 against the yen, 0.86 against the loonie, 1.68 against the euro and 1.05 against the kiwi.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212724/

*New Zealand Apr Building Permits Down 2.6% M/M Vs. +6.6% In Mar, Consensus +1.6%

New Zealand Apr Building Permits Down 2.6% M/M Vs. +6.6% In Mar, Consensus +1.6%

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212709/

GBP/USD Price Forecast: Pound Faces Uphill Battle Despite Debt Ceiling Optimism

GBP/USD has not been able to reverse recent losses while fundamental and technical analysis may suggest further hardship for the pound. Via DailyFX - Market News https://ift.tt/IT1jdG3

Bitcoin & Ethereum Week Ahead: Upside Capped For Now?

Developments on higher timeframe charts suggest the recent rebound is not a sign of the resumption of the multi-week uptrend. Indeed, chances are that cryptocurrencies could be settling in a range in the interim. Via DailyFX - Market News https://ift.tt/IT1jdG3

Crude Oil Dips as US Dollar Steadies with a Pending Debt Deal Vote. Where to for WTI?

The crude oil price gave up yesterday’s gain today while the US Dollar regained the ascendency in some pockets of the currency market as the debt deal faces an imminent vote. Via DailyFX - Market News https://ift.tt/IT1jdG3

Ahead of Euro Area Inflation: EUR/USD, EUR/GBP, EUR/AUD Price Setups

The euro is beginning to look a bit oversold at least against the US dollar ahead of key Euro area inflation data, opening the door for a minor rebound. What is the outlook for EUR/USD, EUR/GBP, and EUR/AUD? Via DailyFX - Market News https://ift.tt/IT1jdG3

Crude Oil Looks to OPEC+ Meeting for Cues; Is Natural Gas Resuming its Downtrend?

Market sentiment received a boost after a weekend deal in Washington to raise the government’s debt ceiling. Will the gains sustain for crude oil and natural gas? Via DailyFX - Market News https://ift.tt/jvxdIaJ

US Dollar Poised After Debt Deal Break Through. Will the DXY Index Retreat?

The US Dollar ascendency could face some scrutiny this week after the US debt ceiling issues appear set to be resolved in the coming days. Will USD slide on a resolution? Via DailyFX - Market News https://ift.tt/jvxdIaJ

Japanese Yen After US Debt Deal: USD/JPY, EUR/JPY, GBP/JPY

The JPY is maintaining a weak bias against the USD following the sentiment boost after the US debt deal, just as expectations of another US Fed rate hike grow. Against its peers, however, the outlook differs. Via DailyFX - Market News https://ift.tt/jvxdIaJ

Hong Kong Trade Data Due On Monday

Hong Kong will on Monday release April figures for imports, exports and trade balance, highlighting a light day for Asia-Pacific economic activity.

In March, imports were down 0.6 percent on month and exports fell 1.5 percent on month for a trade deficit of HKD40.6 billion.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212681/

Gold Price Dented by US Dollar Rally with Higher Yields as Debt Ceiling Woes Recede

The gold price outlook appears to be tangled with the fortunes of the US Dollar as it continues to attract attention on rising Treasury yields and a possible debt ceiling resolution. Via DailyFX - Market News https://ift.tt/jvxdIaJ

Markets Week Ahead: Nasdaq 100, Dow Jones, US Dollar, Gold, Debt Ceiling, NFPs, AI Frenzy

An AI-fueled frenzy drove the Nasdaq Composite higher as the Dow Jones sank. In the background, solid economic data is feeling Fed rate hikes again, sinking gold and boosting the US Dollar. What is in store for markets ahead? Via DailyFX - Market News https://ift.tt/jvxdIaJ

Euro Weekly Forecast: EUR/USD Recovery Hinges on Debt Ceiling Deal

A big week ahead in terms of event risk as Euro eyes a recovery. Euro Area inflation likely to be overshadowed by a potential deal on the debt ceiling. Time for a EUR/USD retracement? Via DailyFX - Market News https://ift.tt/n9vKENY

Oil Futures Settle Higher

Crude oil prices climbed higher on Friday after Russia played down the prospect of additional output cuts by OPEC+.

Russian Deputy Prime Minister Alexander Novak said on Thursday that he doesn't think there will be new steps with regard to production cuts.

Oil was also supported by reports that U.S. lawmakers are closing in on a deal that would raise the government's $31.4 trillion debt ceiling for two years while capping spending on most items.

West Texas Intermediate crude oil futures for July ended higher by $0.84 or about 1.2% at $72.67 a barrel. WTI crude futures gained about 1.6% in the week, after surging 2.2% last week.

Brent crude futures settled at $76.95 a barrel, gaining $0.69 or about 0.9%. Brent futures gained 1.8% in the week.

According to the data released by Baker Hughes, total active drilling rigs in the U.S. fell by another 9 to 711, the lowest count in a year.

Drilling rigs targeting crude oil in the U.S. fell by 5 to 570, its lowest number since last May, and gas rigs dropped by 4 to 137, the lowest since March last year. Total rigs targeting crude oil in the Permian Basin gained 1 to 347.

"The upcoming week could deliver a make-or-break moment for oil as we will see if Chinese manufacturing is rebounding, if the US labor market is reading to soften, how oil giants Exxon and Chevron address climate ambitions at their AGMs, and what if the Saudis and Russians can reach agreement on what to drive OPEC+ do with output," says Edward Moya, Senior Market Analyst at OANDA.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212680/

Treasuries Finish Volatile Session Roughly Flat

Treasuries saw considerable volatility over the course of the trading session on Friday before eventually ending the day roughly flat.

Bond prices spent most of the day swinging back and forth across the unchanged line. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, edged down by less than a basis point to 3.810 percent.

The volatility on the day came as traders kept a close eye on the latest developments regarding the debt ceiling negotiations.

Recent reports suggest lawmakers are inching closer to an agreement that would raise the debt limit for about two years and cap federal spending at the same level as fiscal 2023 for two years.

A report from CNBC said the deal would also include rescinding some of the $80 billion allocated for the IRS by last year's Inflation Reduction Act.

House Speaker Kevin McCarthy, R-Calif., told reporters negotiators made progress during a meeting Thursday night and expressed optimism they would make "more progress today and finish the job."

However, clear sticking points remain in the ongoing talks, including implementing work requirements for social assistance programs like food stamps.

Bond traders were also reacting to a Commerce Department report showing a reacceleration in the annual rate of consumer growth in the month of April.

The report said the annual rate of consumer price growth accelerated to 4.4 percent in April after slowing to 4.2 percent in March. Economists had expected the pace of growth to slow to 3.9 percent.

The annual rate of growth by core consumer prices, which exclude food and energy prices, also accelerated to 4.7 percent in April after slowing to 4.6 percent in March. Economist had expected the pace of growth to be unchanged.

On a monthly basis, consumer prices rose by 0.4 percent in April after inching up by 0.1 percent in March, while core consumer prices also increased by 0.4 percent in April after rising by 0.3 percent in March.

Ryan Sweet, Chief US Economist at Oxford Economics, said the data will "keep the discussion about the Fed skipping a hike in June and then resume tightening in July alive."

Any Memorial Day weekend developments on the debt ceiling front may impact trading early next week, while the Labor Department's monthly jobs report is likely to attract attention later in the week.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212679/

*Tokyo Overall Consumer Prices +3.2% On Year In May; Core CPI +3.2% On Year

Tokyo Overall Consumer Prices +3.2% On Year In May; Core CPI +3.2% On Year

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212614/

Tokyo Inflation Data Due On Friday

Japan will on Friday release May numbers for inflation in the Tokyo region, which is seen as a leading indicator for the nationwide trend - highlighting a busy day for Asia-Pacific economic activity.

Overall Tokyo inflation is expected to climb 3.9 percent on year, accelerating from 3.5 percent in April. Core Tokyo CPI is expected to gain 3.3 percent, easing from 3.5 percent in the previous month.

Japan also will see April figure for producer prices, with forecasts suggesting an increase of 1.4 percent on year, easing from 1.6 percent in March.

Australia will provide April figures for retail sales, with analysts looking for a gain of 0.3 percent on month, slowing from 0.4 percent in March.

Malaysia will release April data for consumer prices, with inflation expected to rise 3.3 percent on year, easing from 3.4 percent in March.

Singapore will see April numbers for industrial production, with forecasts calling for an increase of 0.9 percent on month and a fall of 3.9 percent on year. That follows the 9.3 percent monthly spike and the 4.2 percent contraction in March.

Taiwan will provide Q1 figures for gross domestic product, with forecasts suggesting a decline of 3.02 percent on year for the second straight quarter.

Finally, the markets in Hong Kong are closed on Friday for Vesak Day and will re-open on Monday.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212613/

Crude Oil Price Retreats on OPEC+ Perspective and a Firm US Dollar. Where to for WTI?

Crude oil prices gave up recent gains today with speculation around the upcoming OPEC+ meeting and some conflicting commentary from some of its members. More range trading for WTI? Via DailyFX - Market News https://ift.tt/35dhJUg

Dollar Extends Gains Against Major Counterparts

The U.S. dollar stayed firm against its major rivals on Thursday as prospects of tighter monetary policy rose after data showed jobless claims came in lower than expected last week, the nation's first-quarter GDP growth was revised upwards.

Data from the Commerce Department showed that gross domestic product climbed by 1.3% in the first quarter compared to the previously estimated 1.1% increase. Economists had expected the pace of GDP growth to be unrevised.

Data from the Labor Department showed that initial jobless claims crept up to 229,000 in the week ended May 20th, an increase of 4,000 from the previous week's revised level of 225,000. Economists had expected jobless claims to inch up to 245,000 from the 242,000 originally reported for the previous week.

On the debt ceiling deal front, U.S. House Speaker Kevin McCarthy, R-Calif., told reporters the two sides remain "far apart," with ongoing talks hitting a snag over Republicans' demand for spending cuts.

With just over a week left - including a holiday weekend - U.S. Treasury Secretary Janet Yellen reiterated her dire warning that the U.S. could have a hard time paying its bills.

Fitch Ratings placed the United States "AAA" credit on "rating watch negative," signaling downside risks to U.S. creditworthiness.

The dollar index climbed to 104.31, gaining about 0.4%.

Against the Euro, the dollar firmed to 1.0724 from 1.0752. The dollar is trading at 1.2320 against Pound Sterling, gaining from 1.2365.

Against the Japanese currency, the dollar is stronger, fetching 140.05 yen a unit. The dollar is up against the Aussie at 0.6505, and up marginally against Swiss franc, fetching CHF 0.9059. The dollar has firmed against the Loonie to CHF 1.3644 from C$ 1.3594.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212612/

Treasuries Extend Downward Trend Amid Interest Rate Uncertainty

Treasuries moved notably lower over the course of the trading day on Thursday, extending the downward trend seen over the past two weeks.

Bond prices staged a recovery attempt after seeing initial weakness but moved back to the downside as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 9.5 basis points to 3.814 percent.

The ten-year yield closed higher for the ninth time in the past ten sessions, reaching its highest closing level in well over two months.

The continued weakness among treasuries partly reflected ongoing uncertainty about the outlook for interest rates.

The minutes of the Fed's latest monetary policy meeting on Wednesday showed even central banks are unclear on whether further rate hikes will be necessary.

Some economists also saw the latest batch of U.S. economic data as support of more monetary policy tightening by the Fed.

The Labor Department released a report showing modest increase in first-time claims for U.S. unemployment benefits in the week ended May 20th, the uptick followed unusually large downward revisions to claims in the prior two weeks.

The Labor Department said initial jobless claims crept up to 229,000, an increase of 4,000 from the previous week's downwardly revised level of 225,000.

Economists had expected jobless claims to inch up to 245,000 from the 242,000 originally reported for the previous week.

Jobless claims in the week ended May 6th were also downwardly revised to 231,000 from 264,000, which had marked the highest level since the week ended October 30, 2021.

"After climbing through much of Q1, initial claims have mostly moved sideways, a reminder that labor market conditions are still tight," said Nancy Vanden Houten, Lead U.S. Economist at Oxford Economics.

She added, "While we expect the Fed to leave rates steady at its June meeting, the minutes from this month's FOMC meeting made clear that a more significant loosening of labor market conditions is needed to keep rate hikes permanently off the table."

Meanwhile, revised data released by the Commerce Department showed economic growth in the U.S. slowed less than previously estimated in the first three month of 2023.

The Commerce Department said gross domestic product climbed by 1.3 percent in the first quarter compared to the previously estimated 1.1 percent increase. Economists had expected the pace of GDP growth to be unrevised.

Despite the upward revision, the GDP growth in the first quarter still reflects a slowdown from the 2.6 percent jump seen in the fourth quarter of 2022.

Traders also kept an eye on any developments in the U.S. debt ceiling negotiations amid lingering concerns about a potential default.

Reflecting the default concerns, Fitch Ratings placed the United States "AAA" credit on "rating watch negative," signaling downside risks to U.S. creditworthiness.

Trading on Friday may be driven by reaction to a report on personal income and spending, which includes a reading on inflation said to be preferred by the Federal Reserve.

Developments regarding the debt ceiling negotiations may also attract attention along with reports on durable goods orders and consumer sentiment.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212611/

Oil Futures Snap 3-day Winning Streak, Settle Sharply Lower

Crude oil prices fell sharply on Thursday, snapping a three-day winning streak, after Russian Deputy Prime Minister said Russia won't agree on any additional cut in crude production.

A firm dollar, and uncertainty over US debt weighed as well on crude oil prices.

Fitch Ratings placed the United States "AAA" credit on "rating watch negative," signaling downside risks to U.S. creditworthiness.

House Speaker Kevin McCarthy said that some progress had been made but several issues remained unresolved in negotiations, as the deadline ticked closer to raise the federal government's $31.4 trillion borrowing limit or risk default.

West Texas Intermediate Crude oil futures for July ended down $2.51 or about 3.4% at $71.83 a barrel.

Brent crude futures were down $2.22 or 2.8% at $76.14 a barrel a little while ago.

Russian Deputy Prime Minister Alexander Novak reportedly said that he doesn't think there will be any new steps with regard to production cuts. " Just a month ago certain decisions were made regarding the voluntary reduction of oil production by some countries. The Saudis were trying to talk up oil prices and dangle a threat of more production cuts, but it looks like Russia won't be on board for additional cuts," Novak said.

Saudi Energy Minister Abdulaziz bin Salman had hinted just 24 hours earlier of the possibility of another round of production cuts at OPEC+'s meeting on June 4.

Worries about a recession in Germany hurt. Official data showed German economy entered a technical recession in the first quarter of this year.

GDP declined a seasonally and calendar adjusted 0.3% from the fourth quarter of last year as household consumption slumped amid the rising cost of living that is fueled by high inflation, revised data from the statistical office Destatis showed.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212610/

Crude Oil Pings Higher as Specs Told to ‘Watch Out’ by OPEC+. Higher WTI?

Crude oil prices sailed through resistance overnight after comments from the Saudi Arabian Energy Minister and a large drop in US stockpiles. Will WTI continue to rally? Via DailyFX - Market News https://ift.tt/35dhJUg

Dollar Remains Firm Against Major Counterparts

The U.S. dollar stayed firm against its major counterparts on Wednesday despite the minutes from the Federal Reserve's latest policy meeting signaling inclination for less hawkish stance.

The minutes revealed participants generally agreed that in light of the lagged effects of cumulative tightening in monetary policy and the potential effects on the economy of a further tightening in credit conditions, the extent to which additional rate hikes may be appropriate had become "less certain."

Some participants felt additional rate increases would likely to be warranted at future meetings due to expectations that progress in returning inflation to 2 percent could continue to be unacceptably slow.

Several others noted that if the economy evolved along the lines of their current outlooks, then further rate hikes may not be necessary.

Meanwhile, lingering concerns about lawmakers' ability to reach an agreement on increasing the U.S. debt ceiling continued to weigh on Wall Street.

While negotiations have continued this week, traders remain worried about reports suggesting a lack of progress towards a deal.

House Speaker Kevin McCarthy, R-Calif., told reporters the two sides remain "far apart," with ongoing talks hitting a snag over Republicans' demand for spending cuts.

The dollar index surged to 103.91, gaining about 0.4%.

Against the Euro, the dollar has firmed to 1.0751, gaining about 0.2%. The dollar is strong against Pound Sterling at 1.2365, strengthening from 1.2416.

Against the Japanese currency, the dollar has strengthened to 139.44 yen from 138.59 yen.

The Aussie is weak against the dollar with the AUD/USD trading at 0.6541. The dollar has firmed to CHF0.9051 against Swiss franc, and is up against the Loonie, fetching C$ 1.3596 a unit.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212545/

*South Korea Producer Prices -0.1% On Month, +1.6% On Year In April

South Korea Producer Prices -0.1% On Month, +1.6% On Year In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212544/

Gold Futures Settle Lower Again

Gold futures settled lower on Wednesday, extending losses to a third straight session, as the dollar climbed higher on expectations of another interest rate hike by the Federal Reserve.

The dollar index climbed to 103.91 a little past noon, gaining about 0.4%.

Gold futures for June ended lower by $9.90 or about 0.5% at $1,964.60 an ounce, the lowest close in about a week.

Silver futures for July ended down $0.384 at $23.240 an ounce, while Copper futures for July settled at $3.5615 per pound, down $0.0930 from the previous close.

Concerns about lawmakers' ability to reach an agreement on increasing the U.S. debt ceiling weighed on the financial markets.

While negotiations have continued this week, traders remain worried about reports suggesting a lack of progress towards a deal.

"Talks were always going to go down to the wire and an 11th hour deal is still expected to be made," said Edward Moya, senior market analyst at OANDA. "What could be making some investors nervous is that some House Republicans might not be convinced that the X-date of June 1st is accurate or that a default would be the end of the world."

He added, "If the actual X-date ends up being closer to June 7th, that means we could see market stress build up leading to that point."

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212540/

*Federal Reserve Releases Minutes Of May Monetary Policy Meeting

Federal Reserve Releases Minutes Of May Monetary Policy Meeting

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212539/

Nvidia Earnings Blowout Ripples into the Nasdaq 100, US AAA Rating Cut Risk Brews

Nvidia Earnings Blowout Ripples into the Nasdaq 100, US AAA Rating Cut Risk Brews Via DailyFX - Market News https://ift.tt/vXdnb4z

Dollar Gains Against Major Counterparts

The U.S. dollar climbed higher against most of its major rivals on Tuesday amid concerns over a standoff in debt ceiling talks between the White House and House Republicans, and on speculation interest rates will remain higher for longer than earlier thought.

U.S. President Joe Biden and House Speaker Kevin McCarthy said they held productive talks on Monday but there was no agreement on how to raise the government's $31.4 trillion debt ceiling.

"While there are areas of disagreement, the Speaker and I, and his lead negotiators Chairman McHenry and Congressman Graves, and our staffs will continue to discuss the path forward," Biden said.

On the U.S. economic front, the S&P Global US Composite PMI rose to 54.5 in May 2023, up from 53.4 the month before, a preliminary estimate showed. The latest reading signaled the fastest pace of expansion in the country's private sector since April 2022.

The S&P Global Flash US Manufacturing PMI declined to 48.5 in May of 2023 from 50.2 in April, well below forecasts of 50, preliminary estimates showed.

The S&P Global US Services PMI increased to 55.1 in May 2023, up from 53.6 the month before and well above market expectations of 52.6, a preliminary estimate showed.

Data from the Commerce Department showed new home sales in the U.S. jumped by 4.1% to an annual rate of 683,000 in April after surging by 4% to a revised rate of 656,000 in March.

Economists had expected new home sales to decrease to an annual rate of 670,000 from the 683,000 originally reported for the previous month.

The dollar index surged to 103.65, before asing slightly to 103.56, up 0.35% from the previous close.

Against the Euro, the dollar firmed to 1.0773, from 1.0813. The dollar is up against Pound Sterling at 1.2417.

Against the Japanese currency, the dollar is little changed at 138.59 yen. Against the Aussie, the dollar is trading at 0.6609, gaining from 0.6651.

The Swiss franc is weak at 0.9015 a dollar, drifting down from 0.8979. The Loonie is down slightly at 1.3503 a dollar.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212476/

US Dollar Steadies on Firm Treasury Yields Despite Debt Ceiling Risks. Higher USD?

The US Dollar ticked higher with Treasury yields to start this week, but the debt ceiling debacle loiters as a potential catalyst for market action. Will the DXY Index rally continue? Via DailyFX - Market News https://ift.tt/vXdnb4z

Gold Futures Settle Lower As Dollar Rises

Gold prices fell on Tuesday, hurt by a stronger dollar amid bets the Federal Reserve will raise interest rates, and on hopes the U.S. would avert a debt default.

The dollar gained and yields on one-month U.S. Treasury bills jumped to a record high after Federal Reserve Bank of St. Louis President James Bullard backed two more interest-rate increases in 2023 and his Minneapolis colleague Neel Kashkari cautioned against reading too much into a June pause.

The resumption of U.S. debt ceiling negotiations spurred some hopes that the U.S. may avoid a catastrophic debt default.

A statement from President Joe Biden described the meeting with House Speaker Kevin McCarthy, R-Calif., on Monday as "productive" and said he "reiterated once again that default is off the table."

"While there are areas of disagreement, the Speaker and I, and his lead negotiators Chairman McHenry and Congressman Graves, and our staffs will continue to discuss the path forward," Biden said.

The dollar index climbed to 103.65 and despite easing to 103.50, remains positive, gaining nearly 0.3% over the previous close.

Gold futures for June ended down $2.70 or about 0.1% at $1,974.50 an ounce.

Silver futures for July ended lower by $0.237 at $23.624 an ounce, while Copper futures for July settled at $3.6545 per pound, down $0.0305 from the previous close.

On the U.S. economic front, the Commerce Department released a report showing new home sales in the U.S. unexpectedly spiked to their highest level in a year in the month of April.

The report said new home sales jumped by 4.1% to an annual rate of 683,000 in April after surging by 4% to a revised rate of 656,000 in March.

Economists had expected new home sales to decrease to an annual rate of 670,000 from the 683,000 originally reported for the previous month.

With the unexpected increase, new home sales reached their highest level since hitting a rate of 707,000 in March of 2022.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212474/

USD/CAD Price Forecast: Loonie on Offer Despite Stronger Crude Oil Prices

CAD remains around the 1.35 level with bulls and bears torn between the US debt ceiling narrative as well as OPEC+. Via DailyFX - Market News https://ift.tt/aWzsVkF

British Pound (GBP/USD) Latest: IMF U-Turn, UK PMIs, US Debt Talks

The International Monetary Fund has performed a quick 180 and predicted that the UK economy will grow in 2023 and after last month warning of a contraction. Via DailyFX - Market News https://ift.tt/aWzsVkF

Dow and CAC40 Slip but Nasdaq 100 Holds up Well

The Dow and CAC40 have struggled to make progress, though inflows continue to support the Nasdaq 100. Via DailyFX - Market News https://ift.tt/aWzsVkF

Japanese Yen Weakens as Treasury Yields Rise, USD/JPY Triangle Breakout in Focus

The Japanese Yen weakened alongside Treasury yields on Monday, with USD/JPY once again testing the ceiling of an Ascending Triangle chart pattern. Is a breakout imminent? Via DailyFX - Market News https://ift.tt/aWzsVkF

Silver (XAG/USD) Technical Update: Confluence Support in Focus

Silver sell-off stalls but remains in play ahead of the confluence zone of support around 23.20 Via DailyFX - Market News https://ift.tt/3aeg1dU

Japanese Yen Price Action Setups: EUR/JPY, USD/JPY, AUD/JPY

The Yen faces a tough challenge moving forward following dovish comments by the BoJ Governor on monetary policy. What does price action tell us about JPY pairs? Via DailyFX - Market News https://ift.tt/3aeg1dU

XAU/USD Price Forecast: Gold Dulls on Fed Speak & US Debt Ceiling

Gold prices came under pressure as Fed rhetoric shifted hawkish alongside uncertainty around the US debt ceiling. Via DailyFX - Market News https://ift.tt/3aeg1dU

Euro Latest: US Dollar Strength Weighs on EUR/USD, Euro Area PMIs Near

Ongoing US debt ceiling talks continue to steer a range of US-pairs, while Euro traders will need to be aware of tomorrow’s flash PMI releases Via DailyFX - Market News https://ift.tt/3aeg1dU

​​​FTSE 100, DAX 40 and S&P 500 Hope for US Debt Ceiling Agreement​​​

​​Outlook on FTSE 100, DAX 40 and S&P 500 amid ongoing US debt ceiling negotiations. Via DailyFX - Market News https://ift.tt/3aeg1dU

AUD/USD Price Forecast: Aussie Slips on Chinese LPR & Risk Sentiment

AUD/USD gets hit by souring risk sentiment as US debt ceiling takes center stage once more. Chinese economic growth adds to downside as commodity prices slide. Via DailyFX - Market News https://ift.tt/3aeg1dU

US Dollar Slides on Uncertainties While Japanese Yen Firms Despite Poor Data

The US Dollar drifted lower as debt ceiling concerns and a potentially dovish Federal Reserve undermined. The Japanese Yen managed to rally after poor data. Lower USD/JPY? Via DailyFX - Market News https://ift.tt/3aeg1dU

Crude Oil Price Creates a Range After Failing to Gain. Where to for WTI?

Crude oil prices consolidated into the week as the US Dollar appears vulnerable with debt ceiling uncertainty lingering and the possibility of the Fed being less hawkish. Lower WTI? Via DailyFX - Market News https://ift.tt/3aeg1dU

Markets Week Ahead: Nasdaq, Gold, US Dollar; Debt Ceiling, US PCE, Germany Ifo, UK Inflation, RBNZ, Australia Retail Sales

US debt ceiling talks are likely to dominate sentiment after some of the optimism scaled back after reports on Friday that debt ceiling talks have hit a roadblock. Fed speak is expected to continue after mixed remarks from officials last week – some called for a pause while others pushed for more rate hikes. Powell, however, on Friday left the door open for a pause. Via DailyFX - Market News https://ift.tt/3aeg1dU

US Dollar Weekly Forecast: DXY Breaks Higher Ahead of the Fed’s Key Inflation Gauge

The US Dollar extended its winning streak alongside Treasury yields as markets priced out Fed rate cuts. Ahead, will the Federal Reserve’s preferred inflation gauge support DXY’s key breakout?

Crude Oil Outlook Dims on Debt Limit & Recession Risks, Double-Top Pattern Eyed

Crude oil prices may head lower in the near term, dragged down by recession risks and the U.S. debt ceiling impasse, with a double top pattern reinforcing bearish signals.

Japanese Yen Weekly Outlook: USD/JPY Triangle Breakout, Key US Data in Focus

The Japanese Yen extended its losing streak against its major counterparts, largely driven by external factors as Treasury yields climbed. Will USD/JPY continue its push higher?

Gold Weekly Forecast: Flight to Safety May Prompt Bullish Continuation

The outlook has improved for gold after debt ceiling talks stall, Yellen warns of further potential bank mergers and Powell talks down rate hikes due to slowing credit

Nasdaq 100, Dow Jones, S&P 500 Forecast: US Indices Rally Facing Key Technical Hurdles

US Indices continued their rise this week as large cap Tech stocks continue to lead the way. There are key technical hurdles ahead which begs the question, can the rally continue? Via DailyFX - Market News https://ift.tt/QnBPvlL

EUR/USD Outlook: Euro Attempts Fightback Post Powell, US Data to Come

EUR/USD looks to key US economic data for guidance after a dovish Powell pushed the euro back above 1.08 against the dollar. Via DailyFX - Market News https://ift.tt/vTSWeIo

Australian Dollar Outlook: AUD Confirms Range Trade

The Australian Dollar had a look lower last week but managed to recover and is now firmly entrenched in the 3-month range despite risks in the macroeconomic environment.

British Pound (GBP/USD) Week Ahead: UK Inflation and US Debt Talks to Dominate

Market sentiment, and price action, will be dictated by ongoing US debt ceiling talks and the latest US and UK inflation reports Via DailyFX - Market News https://ift.tt/vTSWeIo

USD/CAD Price Forecast: Loonie Eyes Further Gains to End Week on a High

The loonie is on course for modest gains against the rampant greenback this week thanks to an uptick in Canadian inflation and rate hike expectations. Will the BoC Return to Hiking Rates? Via DailyFX - Market News https://ift.tt/vTSWeIo

USD Price Forecast: Dollar Index (DXY) Looks to Fed Chair for Guidance

The U.S. dollar remains at the mercy of Fed officials today with Fed Chair Jerome Powell in focus. Via DailyFX - Market News https://ift.tt/vTSWeIo

US Stocks: S&P 500 Tags New Yearly High on Debt Ceiling Optimism

US equities edge higher on improved sentiment. Although, a stronger US dollar, higher yields and increasing expectations of another rate hike in June could cap gains Via DailyFX - Market News https://ift.tt/vTSWeIo

Crude Oil Price Forecast: Brent & WTI Caught Between Supply & US Factors

Brent and WTI crude oil prices have recovered since early May lows as markets look to Fed speak, supply disruptions and the US debt ceiling for guidance. Via DailyFX - Market News https://ift.tt/Yl9mQrv

Bitcoin (BTC/USD) Price Latest: Struggling to Reclaim Recent Highs Despite Debt Talk Optimism

US debt ceiling talks yesterday between President Biden and House Speaker McCarthy may have paved the way for an agreement to be reached, giving risk markets, including the cryptocurrency space, a boost. Via DailyFX - Market News https://ift.tt/Yl9mQrv

EUR/USD Price Forecast: EUR/USD Eyeing Bounce at Key Confluence Area

The Euro is looking to arrest its slide against the Greenback as market sentiment improves and key confluence area comes into play. A bounce in store for EURUSD from the 1.0800 handle? Via DailyFX - Market News https://ift.tt/Yl9mQrv

Japanese Yen Price Setups: USD/JPY, GBP/JPY, EUR/JPY

Positive news about a potential agreement to raise the US debt ceiling lightens market sentiment. Current yen setups are broadly skewed to the downside Via DailyFX - Market News https://ift.tt/Yl9mQrv

GBP/USD Price Forecast: BoE & Fed Battle it Out as Pound Remains on Offer

GBP/USD looks to central bank speakers today from both the BoE and Fed while US jobless claims data dominates the economic calendar. Via DailyFX - Market News https://ift.tt/Yl9mQrv

Dow, S&P 500, Nasdaq Jump on Debt Deal Hopes: More Gains on the Cards?

US equity indices jumped on Monday after reassurance from lawmakers that the country won’t default on its debt obligations, boosting hopes of a deal to raise the debt ceiling. The odds of further gains in the indices are high, technical charts suggest. Via DailyFX - Market News https://ift.tt/QaPMuKG

Australian Dollar Drops on Jobs Data That May Assist the RBA. Where to for AUD/USD?

The Australian Dollar took a hit after employment data today revealed a loosening of the labour market that might serve to take the heat out of inflationary pressures. Will AUD/USD sink? Via DailyFX - Market News https://ift.tt/QaPMuKG

Gold Prices Fall Amidst US Debt Ceiling Deal Bets, Technical Setup Shaky

Gold prices fell on Wednesday as US debt ceiling breakthrough bets pushed up Treasury yields. XAU/USD’s technical landscape is looking increasingly shaky of late. Via DailyFX - Market News https://ift.tt/QaPMuKG

*Singapore Has SGD4.713 Billion Trade Surplus In April

Singapore Has SGD4.713 Billion Trade Surplus In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212209/

*Japan Capital Expenditure +0.9% On Quarter In Q1

Japan Capital Expenditure +0.9% On Quarter In Q1

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212206/

Japan GDP Data Due On Wednesday

Japan will on Wednesday release preliminary Q1 figures for gross domestic product, highlighting a modest day for Asia-Pacific economic activity.

GDP is expected to rise 0.1 percent on quarter and 0.7 percent on year following the flat quarterly reading and the 0.1 percent yearly gain in the three months prior. Capital expenditure is tipped to ease 0.4 percent on quarter after falling 0.5 percent in the previous three months.

Japan also will see final March data for industrial production, with forecasts calling for a gain of 0.8 percent on month after rising 4.6 percent in February.

Singapore will provide April numbers for non-oil domestic exports, with forecasts suggesting an increase of 1.7 percent on month and a decline of 9.9 percent on year. That follows the 18.4 percent monthly spike and the 8.30 percent yearly decline in March.

Australia will release Q1 figures for its wage price index, with analysts expecting a gain of 0.9 percent on quarter and 3.6 percent on year after adding 0.8 percent on quarter and 3.3 percent on year in the previous quarter.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212204/

Dollar Rises Against Major Counterparts

The U.S. dollar recovered from early losses on Tuesday after data showed a jump in retail sales in the month of April.

Data released by the Commerce Department showed U.S. retail sales increased 0.4% in April, after seeing a revised 0.7% drop in March. Economists had expected retail sales to climb by 0.7% compared to the 1% slump originally reported for the previous month.

A separate report from the Federal Reserve showed industrial production climbed by 0.5% in April, while revised data showed production was unchanged in each of the two previous months.

Economists had expected industrial production to come in unchanged compared to the 0.4% increase originally reported for the previous month.

Ongoing concerns about the U.S. debt ceiling also generated some negative sentiment as President Joe Biden meets with top congressional leaders.

While Biden has called for a "clean" bill to raise the debt ceiling, Republicans are pushing for spending cuts as well as increased work requirements for social safety net programs.

The dollar index, which dropped to 102.20 in the Asian session, climbed to 102.69 later in the day, gaining about 0.25%. The index was last seen at 102.62.

Against the Euro, the dollar firmed to 1.0861 after having weakened to 1.0906.

The dollar is up against at Pound Sterling at 1.2482, firming from 1.2530. Against the Japanese currency, the dollar is gaining at 136.38 yen, rising about 0.2%.

The dollar is stronger against the Aussie at 0.6657, and is down slightly against Swiss franc at CHF0.8965.

The dollar is up marginally against the loonie at C$1.3477. Data from Statistics Canada showed the annual inflation rate in Canada rose to 4.4% in April of 2023 from the 19-month low of 4.3% in the previous month, well above the expected increase of 4.1%. The hotter-than-expected inflation data has raised fears the Canadian central bank will tighten its policy stance.

Core consumer prices in Canada increased 4.1% in April over the same month in the previous year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212203/

Oil Futures Settle Lower On Demand Concerns

Oil prices drifted lower on Tuesday amid concerns about the outlook for energy demand after data showed China's industrial production and retail sales both missed expectations.

A somewhat subdued U.S. dollar, and supply concerns due to wildfires in Canada helped limit the downside in oil prices.

West Texas Intermediate Crude oil futures for June ended lower by $0.25 or about 0.4% at $70.86 a barrel.

Brent crude futures settled at $74.91 a barrel, down $0.32 or 0.4% from the previous close.

"The global economic outlook has too many question marks and that is not giving energy traders a lot of confidence in buying crude," says Edward Moya, Senior Market Analyst at OANDA. "Right now too much oil is still available and we aren't seeing meaningful triggers to make the market tight over the short-term."

Moya adds that the oil market will get tighter as the US starts to refill the SPR and as China's recovery unfolds. "The initial start of refilling the SPR with 3 million will have a small effect on physical markets but it should help provide some support around the $68-70 a barrel region," he says.

In Chinese economic data, industrial production posted an annual growth of 5.6% in April, faster than the 3.9% increase in March, the National Bureau of Statistics said. However, the pace of expansion was weaker than economists' forecast of 10.9%.

At the same time, retail sales growth accelerated sharply to 18.4% in April from 10.6% in March. Still, the rate missed expectations for a 21% increase.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212202/

Australian Dollar Sinks with Dow Jones After US Retail Sales, Where to for AUD/USD?

The sentiment-linked Australian Dollar fell alongside the Dow Jones on Tuesday as solid US retail sales cooled Fed rate cut bets. IGCS shows more traders are boosting AUD/USD upside bets. Via DailyFX - Market News https://ift.tt/dnNf0lO

Breaking News: UK Employment Data Mixed as Unemployment Rises, GBP/USD Slides

The UK employment data came in mixed this morning as unemployment ticked higher but average earnings remained steady. GBPUSD continued its slide with a deeper retracement starting to look more likely. Via DailyFX - Market News https://ift.tt/dnNf0lO

*China Fixed Asset Investment +4.7% On Year In April

China Fixed Asset Investment +4.7% On Year In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212123/

*China Unemployment Rate 5.2% In April

China Unemployment Rate 5.2% In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212124/

Crude Oil Boosted by US SPR Buying and Defies Soft China Data. Higher WTI?

The crude oil price maintained the gains on a sliding US Dollar overnight after several Fed speakers expressed their differing views. If China continues to struggle, will WTI hold up? Via DailyFX - Market News https://ift.tt/dnNf0lO

China Data On Tap For Tuesday

China is scheduled to release a raft of data on Tuesday, highlighting an otherwise light day for Asia-Pacific economic activity.

On tap are April figures for industrial production, retail sales, fixed asset investment and unemployment.

Industrial production is expected to climb 10.1 percent on year, up from 3.9 percent in March. Retail sales are tipped to surge an annual 20.1 percent, accelerating from 10.6 percent in the previous month. FAI is seen higher by 5.2 percent on year, up from 5.1 percent a month earlier. The jobless rate is called steady at 5.3 percent.

The Reserve Bank of Australia will release the minutes from its May 2 monetary policy meeting. At the meeting, the RBA unexpectedly raised its benchmark interest rate by a quarter-point to 3.85 percent and signaled more hikes to bring inflation back to the target in a reasonable timeframe.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212120/

*Scotland Apr PMI 54.3 Vs. 52.9 In March - Royal Bank Of Scotland/S&P Global

Scotland Apr PMI 54.3 Vs. 52.9 In March - Royal Bank Of Scotland/S&P Global

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212035/

*Ireland Apr Construction PMI 48.4 Vs. 49.5 In March - BNP Paribas Real Estate Ireland/S&P Global.

Ireland Apr Construction PMI 48.4 Vs. 49.5 In March - BNP Paribas Real Estate Ireland/S&P Global.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212034/

*Japan Producer Prices +0.2% On Month, +5.8% On Year In April

Japan Producer Prices +0.2% On Month, +5.8% On Year In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212032/

Japanese Yen Retreats as US Dollar Takes Flight Despite Debt Debacle. Higher USD/JPY?

The Japanese Yen slipped again on Monday as the US Dollar ascendency continued despite the uncertainty surrounding the US debt ceiling issue. If a solution remains elusive, will it lift USD/JPY? Via DailyFX - Market News https://ift.tt/nIhQzgy

*New Zealand Performance Of Services Index 49.8 In April - BusinessNZ

New Zealand Performance Of Services Index 49.8 In April - BusinessNZ

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212030/

Australia Building Permit Data Due On Monday

Australia will on Monday release April figures for building approvals, highlighting a modest day for Asia-Pacific economic activity. Approvals are expected to slip 0.1 percent on month after falling 3.9 percent in March.

Australia also will see May results for the consumer sentiment index from Westpac Bank, with expectations suggesting a decline of 1.7 percent on month following the 9.4 percent spike in April.

South Korea is scheduled to provide April data for imports, exports and trade balance. In March, imports were down 13.3 percent on year and exports fell 14.2 percent for a trade deficit of $2.62 billion.

Indonesia will release April numbers for imports, exports and trade balance. Imports are expected to sink 7.85 percent on year after falling 6.26 percent in March. Exports are tipped to plummet an annual 18.55 percent after sinking 11.33 percent in the previous month. The trade surplus is pegged at $3.38 billion, up from $2.91 billion a month earlier.

Thailand will provide Q1 figures for gross domestic product, with forecasts suggesting an increase of 1.7 percent on quarter and 2.3 percent on year. That follows the 1.5 percent quarterly contraction and the 1.4 percent yearly gain in the three months prior.

New Zealand will see April results for the Performance of Services Index from BusinessNZ; in March, the index score was 54.4.

Japan will release April numbers for producer prices; in March, prices fell 0.3 percent on month and rose 7.2 percent on year.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212029/

US Dollar Leaps with Treasury Yields as Debt Ceiling Takes Centre Stage. Lower EUR/USD?

The US Dollar made strong headway to round out last week with Treasury yields moving north but the debt ceiling lingers as a potential driver of market sentiment. Will the USD rally continue? Via DailyFX - Market News https://ift.tt/nIhQzgy

Markets Week Ahead: Gold, S&P 500, US Dollar; Powell, Debt Ceiling, Australia Jobs, Germany ZEW, China Data

Markets will be looking for cues from Fed Chair Jerome Powell after hawkish remarks from Fed officials raised doubts on whether the US central bank will pause at its next meeting. With more evidence of weakness in the post-Covid recovery in China, concerns regarding the US debt ceiling and US banking sector, the positive drivers for markets are dwindling, just as the earnings season draws to a close. Via DailyFX - Market News https://ift.tt/E1Vyshc

US Dollar Outlook: Best Week of the Year Sets the Stage for Jerome Powell’s Speech

The US Dollar saw its best week of the year so far as CPI and consumer inflation expectations data cooled Fed rate cut bets. Will Chair Jerome Powell disappoint markets next?

Crude Oil Market Outlook Darkened by Debt Ceiling Debacle and Recession Risks

Crude oil prices are likely to remain subdued in the near term, with growing U.S. recession fears and the debt ceiling impasse weighing on market sentiment and risk appetite. Via DailyFX - Market News https://ift.tt/E1Vyshc

Gold Weekly Forecast: XAU/USD Holds up Amid Sudden Dollar Rally

Gold prices eased into the weekend as yesterday’s dollar appreciation gains momentum on surprise inflation statistic. Safe haven demand likely to keep gold afloat

Australian Dollar Outlook: AUD Crunched with US Dollar Back on Top

The Australian Dollar collapsed to end last week with the US Dollar finding favour with increasing bets that the Fed will be cutting the target rate later this year.

Dollar Rises Against Major Counterparts

The U.S. dollar climbed higher against most of its major rivals on Friday, on safe-haven appeal after data showed in a drop in U.S. consumer sentiment, and amid signs of growing stress in the banking sector and the impasse over raising the U.S. debt ceiling.

U.S. Treasury Secretary Janet Yellen has warned that a default on the U.S. debt would be catastrophic and was "unthinkable."

The dollar also benefited from comments from Federal Reserve Governor Michelle Bowman indicating interest rates will need to remain sufficiently restrictive for some time to bring inflation down and create conditions that will support a sustainably strong labor market.

A report from the University of Michigan showed U.S. consumer sentiment deteriorated by much more than anticipated in the month of May.

The report said the consumer sentiment index tumbled to 57.7 in May from 63.5 in April, while economists had expected the index to edge down to 63.0.

With the much bigger than expected decrease, the consumer sentiment index slumped to its lowest level since hitting 56.8 last November.

Data from the Labor Department showed import prices climbed by 0.4% in April after falling by a revised 0.8% in March.

Economists had expected import prices to rise by 0.3% compared to the 0.6% decrease originally reported for the previous month.

The report also said export prices rose by 0.2% in April following a revised 0.6% drop in March. The uptick in export prices matched economist estimates.

The dollar index climbed to 102.71, gaining about 0.65%.

Against the Euro, the dollar firmed to 1.0852 from 1.0917. The dollar is up at 1.2450 against Pound Sterling, strengthening from 1.2510.

Against the Japanese currency, the dollar is strong, fetching 135.73 yen a unit, compared with 134.56 yen on Thursday.

The Aussie is weak against the dollar with the AUD/USD pair trading at 0.6643. Against Swiss franc, the dollar is stronger by nearly 0.5% at CHF 0.8984. Meanwhile, the Loonie is weak at C$1.3557 a dollar.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212028/

Oil Futures Settle Lower On Firm Dollar, Demand Concerns

Crude oil prices fell on Friday on dollar's strength and worries about outlook for energy demand.

Fears of U.S. falling into a recession, and the impasse in debt ceiling talks boosted dollar's safe-haven appeal and hurt oil prices.

U.S. Treasury Secretary Janet Yellen warned that a default on the U.S. debt would be catastrophic and was "unthinkable".

Fears of a banking sector crisis deepened after PacWest announced it lost almost a tenth of deposits in the first week of May.

Federal Reserve Governor Michelle Bowman said in a speech today that policy rate will need to remain sufficiently restrictive for some time to bring inflation down and create conditions that will support a sustainably strong labor market.

The dollar index surged to 102.71, gaining about 0.65%.

West Texas Intermediate Crude oil futures ended lower by $0.83 or about 1.2% at $70.04 a barrel.

Brent crude futures were down $0.72 or 0.95% at $74.26 a barrel a little while ago.

Edward Moya, Senior Market Analyst at OANDA says crude prices are weighed down by the dollar rally, and demand concerns emerging from both the U.S. and China.

"News that the US could potentially refill the SPR should mean that we won't make fresh monthly lows, but that doesn't mean we can't see prices soften a bit further here," he says.

According to a report from Baker Hughes, the total number of total active drilling rigs in the United States fell by 17 this week, after falling by 7 last week. It is the largest single-week drop in the number of oil and gas rigs in the United States since June 2020.

The total rig count fell to 731 this week, just 17 rigs higher than the rig count this time in 2022.

Oil rigs in the United States fell by 2 this week to 586. Gas rigs fell by 16 to 141. Miscellaneous rigs rose by 1.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212027/

Treasuries Give Back Ground Amid Renewed Interest Rate Concerns

After moving sharply higher over the course of the two previous sessions, treasuries gave back ground during trading on Friday.

Bond prices came under pressure in early trading and saw further downside as the day progressed. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 6.6 basis points to 3.463 percent.

Renewed concerns about the outlook for interest rates weighed on treasuries following the release of a report from the University of Michigan showing an increase in long-term inflation expectations.

The report said five-year inflation expectations rose to 3.2 percent in May from 3.0 percent in April, reaching their highest reading since 2011.

Meanwhile, the report said year-ahead inflation expectations receded slightly to 4.5 percent in May after spiking to 4.6 percent in April.

The University of Michigan also said its consumer sentiment index tumbled to 57.7 in May from 63.5 in April, while economists had expected the index to edge down to 63.0.

With the much bigger than expected decrease, the consumer sentiment index slumped to its lowest level since hitting 56.8 last November.

Traders were also reacting to remarks by Federal Reserve Governor Michelle Bowman, who said interest rates would need to remain sufficiently restrictive for some time to bring inflation down and create conditions that will support a sustainably strong labor market.

The Labor Department also released a report showing U.S. import prices increased by slightly more than expected in the month of April.

Next week's trading may be impacted by reaction to the latest U.S. economic data, including reports on retail sales, industrial production, housing starts and existing home sales.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212026/

Gold Futures Settle Slightly Lower

Gold futures settled slightly lower on Friday as the dollar firmed against major counterparts amid uncertainty about outlook for interest rates.

Dollar surged on comments from Federal Reserve Governor Michelle Bowman that policy rate will need to remain sufficiently restrictive for some time to bring inflation down and create conditions that will support a sustainably strong labor market.

Signs of growing stress in the U.S. banking sector and the impasses over the U.S. debt ceiling also helped spur safe-haven demand for the dollar.

U.S. Treasury Secretary Janet Yellen has warned that a default on the U.S. debt would be catastrophic and was "unthinkable".

The dollar index surged 102.71, gaining about 0.65%.

Gold futures for June ended down $0.70 at $2,019.80 an ounce. Gold futures shed about 0.3% in the week.

Silver futures for July ended lower by $0.270 at $24.154 an ounce, while Copper futures settled at $3.7285 per pound, gaining $0.0185.

A report from the University of Michigan showing U.S. consumer sentiment deteriorated by much more than anticipated in the month of May.

The report said the consumer sentiment index tumbled to 57.7 in May from 63.5 in April, while economists had expected the index to edge down to 63.0.

With the much bigger than expected decrease, the consumer sentiment index slumped to its lowest level since hitting 56.8 last November.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2212025/

*New Zealand Manufacturing PMI 49.1 In April

New Zealand Manufacturing PMI 49.1 In April

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211957/

Australia Consumer Sentiment Data Due On Friday

Australia will on Friday see May results for the consumer sentiment index from Westpac Bank, highlighting a busy day for Asia-Pacific economic activity. The index is expected to dip 1.7 percent on month after spiking 9.4 percent in April.

South Korea will release March figures for its M2 money stock, with forecasts calling for an increase of 4.8 percent on month following the 4.4 percent increase in February.

Malaysia will provide Q1 figures for gross domestic product and current account. GDP is predicted to expand 4.8 percent on year, slowing from 7.0 percent in the previous three months. The current account surplus three months earlier was MYR25.70 billion.

Hong Kong will release Q1 data for gross domestic product, with forecasts calling for an increase of 5.3 percent on quarter and 2.7 percent on year. The follows the flat quarterly reading and the 4.2 percent contraction in the three months prior.

Japan will provide April figures for money stock, with forecasts calling for an increase of 2.5 percent on year for M2 - down from 2.6 percent in March.

New Zealand will see April results for the manufacturing PMI from BusinessNZ, with forecasts suggesting a score of 50.7 - up from 48.1 in March.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211956/

Crude Oil Price Steadies After Taking a Tumble. Where to for WTI?

Crude oil prices consolidated into Friday as the US Dollar pauses post a data induced rally that the market interpreting as further evidence of the Fed being less hawkish. Via DailyFX - Market News https://ift.tt/U9PCsGA

Oil Futures Settle Sharply Lower On Demand Worries

Crude oil prices fell on Thursday amid uncertainty about outlook for energy demand following weak data from China.

Traders have shrugged off a report from OPEC that forecasts an increase in Chinese oil demand. The OPEC report says China is now expected to require 800,000 barrels per day, up from 760,000 barrels per day seen last month.

A firm dollar weighed as well on oil prices. The dollar index climbed to 102.15, gaining nearly 0.7%.

West Texas Intermediate Crude oil futures for June ended lower by $1.69 or about 2.3% at $70.87 a barrel.

Brent crude futures were down $1.44 or 0.88% at $74.97 a barrel a little while ago.

"Debt ceiling drama will eventually play a larger driver for oil prices, but right now whatever downside we are seeing with prices appears to be limited," says Edward Moya, Senior Market Analyst at OANDA. "Oil looks like it is ready to consolidate here. A lot of the bad news has been priced in so fresh monthly lows seem unlikely."

Concerns over the problems ailing the banking sector are weighing as well on the markets. Shares of PacWest plunged today after reports that deposits dropped 9.5% last week. "Banking stress won't be going away anytime soon as we await to see which banks put too much in long-dated Treasuries," says Moya.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211954/

US Dollar, Japanese Yen Gain as US Jobless Claims Spook Markets. AUD/USD at Risk

The anti-risk US Dollar and Japanese Yen gained on Thursday as US jobless claims crept higher, spooking financial markets. Ahead, the sentiment-linked Australian Dollar is vulnerable. Via DailyFX - Market News https://ift.tt/U9PCsGA

Gold Futures Settle Notably Lower As Dollar Moves Up

Gold prices drifted lower on Thursday as the dollar rose against most of its major counterparts.

The dollar index climbed to 102.15, gaining nearly 0.7%.

Gold futures for June ended lower by $16.60 at $2,020.50 an ounce, after climbing to a high of $2,047.60 earlier in the session.

Silver and copper prices tumbled after data showed China's consumer prices rose at the slowest pace in more than two years in April. According to the data, producer deflation deepened last month, highlighting the broader economy's struggles to rev-up after the lifting of COVID curbs in December.

Silver futures for July ended down $1.234 or about 4.8% at $24.424 , suffering the biggest single-session loss in about three months.

Copper futures for July settled at $3.7100 per pound, down $0.1310 or about 3.4% from the previous close.

Data released by the Labor Department this morning showed initial jobless claims climbed to their highest level in well over a year in the week ended May 6th.

The report said initial jobless claims rose to 264,000, an increase of 22,000 from the previous week's unrevised level of 242,000. Economists had expected jobless claims to inch up to 245,000.

With the much bigger than expected advance, jobless claims reached their highest level since hitting a matching number in the week ended October 30, 2021.

A separate Labor Department showed a continued slowdown in the annual rate of producer price growth in April, although some traders worry the slowdown is partly due to the U.S. heading for a recession.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211953/

Thirty-Year Bond Auction Attracts Above Average Demand

The Treasury Department announced the results of this month's auction of $21 billion worth of thirty-year bonds on Thursday, revealing the sale attracted above average demand.

The thirty-year bond auction drew a high yield of 3.741 percent and a bid-to-cover ratio of 2.43.

Last month, the Treasury sold $18 billion worth of thirty-year bonds, drawing a high yield of 3.661 percent and a bid-to-cover ratio of 2.36.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous thirty-year bond auctions had an average bid-to-cover ratio of 2.36.

Earlier this week, the Treasury revealed this month's auction of $40 billion worth of three-year notes attracted well above average demand, while this month's auction of $35 billion worth of ten-year notes attracted modestly above average demand.

The Treasury Department also announced the details of this month's twenty-year bond auction on Thursday.

The Treasury revealed plans to sell $15 billion worth of twenty-year bonds, with the results of the auction due to be announced next Wednesday.

Last month, the Treasury sold $12 billion worth of twenty-year bonds, attracting above average demand.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211952/

China Inflation Data Due On Thursday

China will on Thursday release April figures for consumer and producer prices, highlighting a modest day for Asia-Pacific economic activity.

Consumer prices are called flat on month and higher by 0.4 percent on year after slipping 0.3 percent on month and rising 0.7 percent on year in March. Producer prices are tipped to fall 3.2 percent on year after dropping 2.5 percent in the previous month.

Australia will see May results for the consumer sentiment index from Westpac, with forecasts suggesting a decline of 1.7 percent on month following the 9.4 percent spike in April.

Japan will provide March numbers for current account and April data for bank lending. The current account is expected to show a surplus of 2.94 trillion yen, up from 2.197 trillion yen in February. Bank lending is tipped to rise 2.9 percent on year, easing from 3.0 percent in March.

Malaysia will see unemployment data for March; in February, the jobless rate was 3.5 percent.

Thailand will release its consumer confidence data for April; in March, the index score was 53.8.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211884/

Australian Dollar Skipped a Beat After Soft China CPI and PPI. Higher AUD/USD?

The Australian Dollar held overnight gains after China’s inflation data revealed a slip in price pressures in the world’s second-largest economy. If the PBOC ease policy, will it lift AUD/USD? Via DailyFX - Market News https://ift.tt/0iDHvEW

Crude Oil Pulls Back Sharply On Unexpected Increase In Inventories

The price of crude oil showed a notable move to the downside during trading on Wednesday, giving back ground after closing high for three straight sessions.

After climbing $0.55 or 0.8 percent to $73.71 a barrel in the previous session, crude for June delivery slumped $1.15 or 1.6 percent to $72.56 a barrel.

The sharp pullback by the price of crude oil came following the release of a report from the Energy Information Administration showing an unexpected increase in U.S. crude oil inventories in the week ended May 5th.

The report said crude oil inventories climbed by 3.0 million barrels after falling by 1.3 million barrels in the previous week. Economists had expected inventories to dip by 0.9 million barrels.

Meanwhile, the EIA said gasoline inventories declined by 3.2 million barrels for the week, while distillate fuel inventories tumbled by 4.2 million barrels.

Data released by the American Petroleum Institute late Tuesday also showed that U.S. crude oil inventories rose by about 3.6 million barrels in the week ended May 5th

Gasoline inventories also increased by 400,000 barrels, although distillate fuel inventories posted a 3.95-million barrel draw.

Concerns about the outlook for demand also weighed on oil prices, as traders worried a Labor Department report showing a slowdown in the pace of consumer price growth was partly due to the U.S. heading for a recession.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211882/

Slowdown In Consumer Price Growth Contributes To Strength Among Treasuries

After ending the previous session roughly flat, treasuries showed a strong move to the upside during trading on Wednesday.

Bond prices moved higher early in the session and climbed more firmly into positive territory as the day progressed. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 8.2 basis points to 3.439 percent.

The strength among treasuries came following the release of the Labor Department's highly anticipated report on consumer price inflation in the month of April.

The Labor Department said its consumer price index climbed by 0.4 percent in April after inching up by 0.1 percent in March. Economists had expected consumer prices to rise by 0.4 percent.

Excluding food and energy prices, core consumer prices also rose by 0.4 percent in April, matching the increase seen in March as well as economist estimates.

The report also showed the annual rate of consumer price growth edged down to 4.9 percent in April from 5.0 percent in March. Economists had expected the year-over-year growth to be unchanged.

The annual rate of core consumer price growth also slipped to 5.5 percent in April from 5.6 percent in March. The modest slowdown matched economist estimates.

With the annual consumer price growth marking the smallest 12-month increase since April 2021, the data added to optimism about the Federal Reserve pausing its interest rate hikes.

CME Group's FedWatch Tool is currently indicating a 98.5 percent chance the Federal Reserve will leave interest rates unchanged at its next meeting in June.

Treasuries saw some further upside after the Treasury Department revealed this month's auction of $35 billion worth of ten-year notes attracted modestly above average demand.

The ten-year note auction drew a high yield of 3.448 percent and a bid-to-cover ratio of 2.45, while the ten previous ten-year note auctions had an average bid-to-cover ratio of 2.40.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

Trading on Thursday may be impacted by reaction to separate Labor Department reports on producer price inflation and weekly jobless claims.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211881/

Japanese Yen Gains, USD/JPY Falls After US CPI. Focus Shifts to BoE Next

The Japanese Yen outperformed on Wednesday, sending USD/JPY lower after markets punished Treasury yields in the wake of US inflation data. Eyes turn to the BoE next. Via DailyFX - Market News https://ift.tt/0iDHvEW

Ten-Year Note Auction Attracts Modestly Above Average Demand

A day after revealing above well above average demand this month's three-year note auction, the Treasury Department on Wednesday reported this month's auction of $35 billion worth of ten-year notes attracted modestly above average demand.

The ten-year note auction drew a high yield of 3.448 percent and a bid-to-cover ratio of 2.45.

Last month, the Treasury sold $32 billion worth of ten-year notes, drawing a high yield of 3.455 percent and a bid-to-cover ratio of 2.36.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous ten-year note auctions had an average bid-to-cover ratio of 2.40.

On Thursday, the Treasury is due to announce the results of this month's auction of $21 billion worth of thirty-year bonds.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211879/

Oil Futures Cut Early Losses, Settle Modestly Higher

After staying weak for much of the day's trading session, crude oil prices recovered on Tuesday amid expectations of higher seasonal demand and on U.S. government's plans to refill the emergency oil reserve.

Oil prices fell earlier in the session amid concerns about outlook for energy demand after data showed a contraction in China's imports in April. Exports rose in the month, but at a slower pace, the data showed.

Also, traders were cautious as they looked ahead to U.S. inflation data for clues about the Federal Reserve's interest rate moves.

West Texas Intermediate Crude oil futures for June, which had tumbled to 71.34 a little before noon, rallied to settle at $73.71 a barrel, gaining $0.55 or about 0.8%.

Brent crude futures recovered from a low of $74.95 a barrel, and were up $0.35 or 0.45% at $77.36 a barrel a little while ago,

The Energy Information Administration (EIA) said in a report that seasonal demand for oil is likely to be higher this year.

"We expect the seasonal rise in oil consumption and a drop in OPEC crude oil production to put some upward pressure on crude oil prices in the coming months," the EIA said in its Short Term Energy Outlook.

The EIA said it expects crude production will rise 5.1% to 12.53 million barrels per day this year, but lowered its output estimate for the current year and the next from earlier forecasts.

The EIA has also cut its price target for Brent and WTI by over 7% to $78.65 a barrel and $73.62 a barrel, respectively.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211806/

Crude Oil Prices Rally Ahead of US Inflation Data as Retail Traders Turn Bearish

Crude oil prices are on a 4-day winning streak, up about 8%. Ahead of the US inflation report, retail traders are turning increasingly bearish, is that a bullish sign? Via DailyFX - Market News https://ift.tt/W2upM1i

Gold Futures Settle Modestly Higher Ahead Of Inflation Data

Gold futures settled higher on Tuesday, gaining for a second straight session, ahead of key U.S. inflation data.

Investors awaited clarity on U.S. debt ceiling talks, and U.S. inflation data for additional clues on the outlook for rates.

The dollar's rise limited the yellow metal's gains. The dollar index rose to 101.84 around mid morning, and despite paring some gains subsequently, remains in positive territory at 101.67, gaining about 0.3%.

Gold futures for June ended higher by $9.70 or about 0.5% at $2,042.90 an ounce.

Silver futures for July ended up $0.064 at $25.898 an ounce, while Copper futures for July settled at $3.9015 per pound, down $0.0280 from the previous close.

Data on U.S. consumer and producer price inflation are due to be released on Wednesday and Thursday, respectively.

CME Group's FedWatch Tool currently indicates an 88.0 percent chance the Federal Reserve will leave interest rates unchanged at its next meeting in June.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211805/

Three-Year Note Auction Attracts Strong Demand

The Treasury Department announced the results of this month's auction of $40 billion worth of three-year notes on Tuesday, revealing the sale attracted well above average demand.

The three-year note auction drew a high yield of 3.695 percent and a bid-to-cover ratio of 2.93.

Last month, the Treasury also sold $40 billion worth of three-year notes, drawing a high yield of 3.810 percent and a bid-to-cover ratio of 2.59.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous three-year note auctions had an average bid-to-cover ratio of 2.56.

The Treasury is due to announce the results of this month's auction of $35 billion worth of ten-year notes and $21 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211804/

Crude Oil Maintains the Gains as Markets Await US CPI. Will WTI go Higher?

The crude oil price has stabilised so far on Tuesday after recovering from last week’s rout as soft Chinese data left markets pondering ahead of tomorrow’s US CPI. Where to for WTI? Via DailyFX - Market News https://ift.tt/W2upM1i

*Japan Household Spending -0.8% On Month, -1.9% On Year In March

Japan Household Spending -0.8% On Month, -1.9% On Year In March

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211730/

Gold Futures Settle Modestly Higher As Dollar Remains Subdued

Gold prices climbed higher on Monday as the dollar stayed somewhat weak with traders weighing recent economic data and assessing the Federal Reserve's likely stance on policy tightening.

Traders also await the data on U.S. consumer price inflation, due later in the week.

The Dollar remained weak as the Fed's hints of a pause and jobs data that implied a resilient U.S. labor market triggered uncertainty over the future course of monetary policy in the U.S.

The dollar index, which dropped to 101.04 in the European session, recovered to 101.34 before paring gains and dropping to 101.17, down marginally from the previous close.

Gold futures for June ended higher by $8.40 or about 0.4% at $2,033.20 an ounce.

Silver futures for July ended down $0.096 at $25.834 an ounce, while Copper futures for July settled at $3.9395 per pound, gaining $0.0465.

Data on consumer and producer price inflation, due later in the week, could have a significant impact on the outlook for interest rates.

Ahead of the data, CME Group's FedWatch Tool is currently indicating an 86.9% chance the Fed will leave interest rates unchanged at its next meeting in June.

Fed Chair Jerome Powell said following last week's rate hike that the central bank would take a "data-dependent approach" to future monetary policy decisions.

In U.S. economic news today, the Commerce Department released a report showing U.S. wholesale inventories were unexpectedly unchanged in the month of March.

The report said wholesale inventories were virtually unchanged in March, while revised data showed inventories were also unchanged in February. Economists had expected wholesale inventories to inch up by 0.1%, matching the uptick originally reported for the previous month.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211725/

European Economic News Preview: Germany Industrial Output Data Due

Industrial production from Germany and investor confidence from the euro area are the top economic news due on Monday.

At 2.00 am ET, Destatis is scheduled to issue Germany's industrial output for March. Economists forecast industrial production to fall 1.3 percent on a monthly basis, following a 2 percent rise in February.

In the meantime, foreign trade data from Finland and manufacturing output from Denmark are due.

At 4.30 am ET, Eurozone Sentix investor confidence survey results are due. The economic sentiment index is expected to improve to -8.0 in May from -8.7 in April.

At 5.00 am ET, foreign trade figures are due from Greece.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211682/

Yen Falls Against Majors

The Japanese yen weakened against other major currencies in the Asian session on Monday.

The yen fell to a 6-day low of 170.87 against the pound and a 5-day low of 135.29 against the U.S. dollar, from Friday's closing quotes of 170.25 and 134.82, respectively.

Against the euro and the Swiss franc, the yen dropped to 4-day lows of 149.09 and 151.83, from Friday's closing quotes of 148.49 and 151.31, respectively.

Against the Australia, the New Zealand and the Canadian dollars, the yen slipped to 6-day lows of 91.34, 85.25 and 101.13 from last week's closing quotes of 90.94, 84.83 and 100.77, respectively.

If the yen extends its downtrend, it is likely to find support around 173.00 against the pound, 138.00 against the greenback, 152.00 against the euro, 154.00 against the franc, 93.00 against the aussie, 87.00 against the kiwi and 103.00 against the loonie.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211677/

XAU/USD Forecast: Gold Prices Delay Ahead of US CPI

Gold prices trade marginally stronger this morning but with high impact data scheduled later in the week, XAU/USD is likely to remain subdued until then. Via DailyFX - Market News https://ift.tt/zYeF5gN

*Japan Services PMI 55.4 In April - Jibun Bank

Japan Services PMI 55.4 In April - Jibun Bank

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211675/

US Dollar Treads Water Post Jobs and Ahead of CPI. Where to for the DXY Index?

The US Dollar dipped today as markets reassess risk appetite after strong US jobs data on Friday might indicate a more robust economy than previously thought. Will USD recover? Via DailyFX - Market News https://ift.tt/zYeF5gN

Crude Oil Price Steadies After Tumultuous Week. Where to for WTI?

Crude oil prices consolidated into the week as markets take stock of the macroeconomic environment and OPEC+ continues to be on traders’ minds. Will WTI recover further? Via DailyFX - Market News https://ift.tt/zYeF5gN

Markets Week Ahead: S&P 500, Gold, US Dollar, Oil, BOE, US CPI, China Inflation

Key focus in the coming week is on US CPI data, the Bank of England interest rate decision, and China inflation and new yuan loans data. Also, 32 S&P 500 companies are scheduled to report results for the first quarter. Via DailyFX - Market News https://ift.tt/dgRirJw

Crude Oil Weekly Forecast: Oil Eyeing Further Recovery as Recession and Demand Fears Persist

Oil prices recovered aggressively from multi-month lows as WTI closed the week above the $70 a barrel mark. Technicals hint at a deeper recovery but market sentiment remains fragile. Via DailyFX - Market News https://ift.tt/dgRirJw

US Dollar Forecast: After Another NFP Blowout, Will Markets Abandon Fed Cut Bets?

The US Dollar fell cautiously this past week as the Federal Reserve raised interest rates and Chair Jerome Powell was unable to suppress summer rate cut bets. Eyes turn to CPI and Fedspeak.

Gold Weekly Forecast: XAU/USD Whipsaws but Safe-Haven Appeal Remains

Gold has produced a phenomenal week of volatility with markets shifting from major risk aversion to surrendering most of its gains as US jobs data runs hot

Euro Fatiguing Heading Into an Inflation Filled Week?

EUR/USD looks to be prepping for a key technical breakout that could be catalyzed by upcoming US and German inflation data. Via DailyFX - Market News https://ift.tt/zv5NbWA

Dollar Turns In Mixed Performance Against Rivals After Jobs Data

The U.S. dollar turned in a mixed performance on Friday with investors digesting the non-farm payrolls and wage growth data and speculating the likely future moves of the Federal Reserve.

Data showing a bigger than expected in jobs addition in the month of April has fueled hopes that the Fed will hold rates steady in the near future.

The data from the Labor Department showed non-farm payroll employment shot up by 253,000 jobs in April compared to economist estimates for an increase of about 179,000 jobs.

However, the job growth in February and March was downwardly revised to 248,000 jobs and 165,000 jobs, respectively, reflecting a combined downward revision of 149,000 jobs.

The data also showed the unemployment rate edged down to 3.4% in April from 3.5% in March. Economists had expected the unemployment rate to remain unchanged.

The dollar index, which climbed to 101.78 after after the release of the jobs data, dropped to around 101.20 a little past noon, and was last seen at 101.28, down 0.12% from the previous close.

Against the Euro, the dollar weakened to 1.1021 after having firmed to 1.0968 earlier. The dollar is weak at 1.2633 against Pound Sterling.

The dollar is up against the Japanese currency, fetching 134.86 yen a unit. Against the Aussie, the dollar has slid to 0.6752.

The dollar is up against Swiss franc at CHF 0.8906. Against the Loonie, the dollar has dropped to C$1.3379 from C$1.3539 as oil prices rose sharply, and data showed a much bigger than expected addition in Canadian employment in April.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211674/

Australian Dollar Outlook: RBA and Fed Hike but Sentiment Sways

The Australian Dollar finished stronger last week but mostly on the back of a struggling US Dollar with solid domestic data mostly ignored amid growing anxiety of where the US is headed.

*Major Averages Reaching New Highs Going Into Final Hour Of Trading

Major Averages Reaching New Highs Going Into Final Hour Of Trading

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211670/

Gold Futures Settle Notably Lower On Strong Jobs Data

Gold prices fell on Friday as hopes about interest rate cuts by the Federal Reserve faded after data showed a bigger than expected increase in U.S. non-farm payrolls employment in April.

The dollar's retreat after climbing higher post release of the jobs data, helped limit gold's slide a bit.

The dollar index, which rose to 101.78 after strong jobs data, dropped to 101.21 before edging up to 101.32, down marginally from the previous close.

Gold futures for June ended lower by $30.90 or about 1.5% at $2,024.80 an ounce.

Silver futures for July ended down $0.297 at $25.930 an ounce, while Copper futures for July settled at $3.8830 per pound, gaining $0.0200.

Edward Moya, Senior Market Analyst at OANDA says gold is under pressure after a hot NFP report pushed back Fed rate cut bets, and adds "the Fed's next move could still be a cut, but if banking worries continue to ease and the economy remains reslient, some policymakers may want to resume tightening."

"Gold is getting crushed as risk appetite is running wild today, but those drivers of easing banking worries and a resilient economy won't last much longer. It might take some time now, but gold still has a good chance to get back in a record setting mood," he says.

Data from the Labor Department said non-farm payroll employment shot up by 253,000 jobs in April compared to economist estimates for an increase of about 179,000 jobs.

However, the job growth in February and March was downwardly revised to 248,000 jobs and 165,000 jobs, respectively, reflecting a combined downward revision of 149,000 jobs.

The report also said the unemployment rate edged down to 3.4% in April from 3.5% in March. Economists had expected the unemployment rate to remain unchanged.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211669/

GBP/USD Price Forecast: Fresh Yearly Highs for Pound Ahead of NFP

GBP/USD extends its recent upside now hitting new 2023 highs but with NFP around the corner, will we see a continuation or pullback? Via DailyFX - Market News https://ift.tt/6MSBZUR

Australia Home Loan Data Due On Friday

Australia will on Friday release March figures for home loans, highlighting a modest day for Asia-Pacific economic activity. Loans are expected to slip 1.0 percent after shedding 1.2 percent in February.

Singapore will provide March figures for retail sales, with analysts expecting a fall of 0.1 percent on month and a gain of 6.0 percent on year after rising 3.9 percent on month and 12.7 percent on year in February.

Taiwan will release April data for consumer prices; in March, inflation was up 0.27 percent on month and 2.35 percent on year.

China will see April results for the services PMI from Caixin, with forecasts suggesting a score of 57.3, down from 57.8 in March.

Indonesia will provide Q1 numbers for gross domestic product, with forecasts calling for a decline of 1.0 percent on quarter and an increase of 4.95 percent on year. That follows gains of 0.36 percent on quarter and 5.01 percent on year in the three months prior.

Finally, the markets in Japan and South Korea are closed on Friday for Children's Day, while Thailand remains closed for Coronation Day.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211580/

Dollar Turns In Mixed Performance Against Major Counterparts

The U.S. dollar turned in a mixed performance on Thursday with traders shifting their focus to the European Central Bank's interest rate move, and ECB President Christine Lagarde's post meet press conference.

The ECB slowed the pace of its interest rate hikes and indicated that future moves would be based on economic data.

The Governing Council raised key interest rates by 25 basis points, bringing the main refinancing rate to 3.75%, the deposit facility rate to 3.25% and the marginal lending rate to 4%. The move was in line with economists' expectations.

The ECB said it would discontinue the reinvestments under the asset purchase programme, starting in July.

"The Governing Council's future decisions will ensure that the policy rates will be brought to levels sufficiently restrictive to achieve a timely return of inflation to the 2% medium-term target and will be kept at those levels for as long as necessary," the ECB said.

"We are not pausing, it's very clear.....there is more ground to cover," Lagarde said during the post-decision press conference.

Lagarde also revealed that some ECB policymakers had leaned towards a bigger hike of 50 basis points this month, adding that she did not hear any call for a pause.

In U.S. economic news, data released by the Labor Department showed initial jobless claims climbed to 242,000 in the week ended April 29th, an increase of 13,000 from the previous week's revised level of 229,000.

Economists had expected jobless claims to rise to 240,000 from the 230,000 originally reported for the previous week.

A separate report released by the Commerce Department said the U.S. trade deficit shrank to $64.2 billion in March from a revised $70.6 billion in February.

The Labor Department also released another report showing U.S. labor productivity tumbled by much more than expected in the first quarter of 2023, while unit labor costs spiked more than expected.

The dollar index, which climbed to 101.64 after having dropped to 101.13, fell to 101.25 before recovering to 101.42, recording a marginal gain.

Against the Euro, the dollar has firmed to 1.1014 from 1.1065.

The dollar is down slightly against Pound Sterling at 1.2574. Against the Japanese currency, the dollar weakened, fetching 134.27 yen a unit, compared with 134.74 yen on Wednesday.

The dollar is down against the Aussie at 0.6694, and settled flat against Swiss franc at CHF 0.885. The Loonie firmed to 1.3537 a dollar, gaining from around 1.3620.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211579/

Japanese Yen Toys with the Market as Ranges Break then Retreat. Where to for USD/JPY?

The Japanese Yen sunk and then sailed north against the US Dollar this week as markets contemplate the Fed’s action against the Bank of Japan’s non-action. Is the trend intact for USD/JPY? Via DailyFX - Market News https://ift.tt/6MSBZUR

Gold Futures Settle Higher On Safe-haven Appeal

Gold prices climbed higher on Thursday as the dollar struggled to find its footing amid speculation the Federal Reserve will soon pause its policy tightening.

The Fed, which raised interest rates by 25 basis points on Wednesday, signaled a potential pause in its tightening cycle depending on incoming data on inflation and other factors.

The dollar index, which climbed to 101.64 from a low of 101.03 it touched in the Asian session, pared gains subsequently and was at 101.25 a little while ago, down 0.1% from the previous close.

Gold futures for June ended higher by $18.70 or about 0.9% at $2,055.70 an ounce.

Silver futures for July ended up $0.546 at $26.227 an ounce, while Copper futures for July settled at $3.8630, gaining $0.0180.

Concerns over a potential recession in the U.S., banking woes and debt ceiling impasse also pushed up the demand for the safe-haven yellow metal.

"The force is strong for gold bulls given all the banking turmoil and rising risks that the US will have a tough recession," says Edward Moya, Chief Market Analyst at OANDA. "The real economy is going to get knocked down a lot given what we are seeing with financials and that will keep demand elevated for safe-havens."

"Gold is going to shine given this macro backdrop and possibly eye a move above the $2100 if the de-risking mood on Wall Street remains over the next few sessions," Moya adds.

The European Central Bank today hiked interest rates by 25 basis points, and ECB President Christine Lagarde's hawkish remarks suggested the central bank is likely to raise interest rates further.

In U.S. economic news, data released by the Labor Department showed initial jobless claims climbed to 242,000 in the week ended April 29th, an increase of 13,000 from the previous week's revised level of 229,000.

Economists had expected jobless claims to rise to 240,000 from the 230,000 originally reported for the previous week.

A separate report released by the Commerce Department said the U.S. trade deficit shrank to $64.2 billion in March from a revised $70.6 billion in February.

The Labor Department also released another report showing U.S. labor productivity tumbled by much more than expected in the first quarter of 2023, while unit labor costs spiked more than expected.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211576/

Gold Prices Rise as Markets Focus on Fed Rate Cut Bets and Regional Bank Woes

Gold prices aimed slightly higher on Thursday as Fed easing bets and regional bank woes continued to drive market sentiment. Bearish technical patterns are brewing for XAU/USD, however. Via DailyFX - Market News https://ift.tt/6MSBZUR

Australia Trade Data Due On Thursday

Australia will on Thursday release March figures for imports, exports and trade balance, highlighting a modest day for Asia-Pacific economic activity.

In February, imports were down 9.0 percent on month and exports fell 3.0 percent on month for a trade surplus of A$13.870 billion.

New Zealand will provide March numbers for building consents, with forecasts suggesting a decline of 0.3 percent following the 9.0 percent drop in February.

China will see April results for the manufacturing PMI from Caixin, with forecasts calling for a score of 50.3 - up from 50.0 in March.

Hong Kong will see March numbers for retail sales and April results for its private sector PMI from S&P Global. Sales are expected to jump 19.6 percent on year after surging 31.3 percent in February. The PMI score is expected to improve to 53.7 from 53.5 in March.

Finally, the markets in Japan (Greenery Day), Malaysia (Wesak Day) and Thailand (Coronation Day) are closed on Thursday.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211479/

Gold Clocks New Peaks Post Fed Hike as Oil Collapse Rattles Markets. Higher XAU/USD?

The gold price jumped toward record highs today as the market deciphers the implications of the Fed rate decision, lower Treasury yields and a soft US Dollar. Where to for XAU/USD? Via DailyFX - Market News https://ift.tt/aPWDBXG

Oil Futures Settle Sharply Lower On Growth Worries

Crude oil prices fell sharply on Wednesday amid concerns about economic growth, outlook for energy demand, and on data showing an increase in gasoline inventories.

The Federal Reserve's decision to raise interest rate by 25 basis points weighed as well on oil prices.

West Texas Intermediate Crude oil futures for June ended down $3.06 or about 4.3% at $68.60 a barrel, the lowest settlement since March 24.

Brent crude futures ended lower by $2.99 or about 4% at $72.33 a barrel, the lowest close since December 2021.

Data released by Energy Information Administration (EIA) showed crude inventories dropped by 1.3 million barrels last week, as against forecasts for a 1.1 million drop.

The data showed gasoline inventories rose by 1.7 million barrels last week, larger than an expected drop of 1.2 million barrels.

Data released by the American Petroleum Institute on Tuesday showed crude oil inventories in the U.S. falling by 3.94 million barrels in the week ended April 28, higher than market expectations of a 1 million decline. Inventories had fallen by 6.1 million barrels in the previous week.

Following the Fed's rate hike move, the European Central Bank is also likely to raise interest rate by 25 basis points.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211478/

Treasuries Extend Yesterday's Rally As Fed Hints At Potential Pause

After moving sharply higher over the course of the previous session, treasuries saw further upside during trading on Wednesday.

Bond prices pulled back off their best levels going into the close but remained in positive territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 3.6 basis points to 3.403 percent.

With the decrease on the day, the ten-year yield added to the 13.5 basis point slump seen on Tuesday.

The continued strength among treasuries came as the Federal Reserve announced its widely expected decision to raise interest rates by another quarter but signaled a potential pause in rate hikes.

The Fed decided to raise the target range for the federal funds rate by 25 basis points to 5 to 5.25 percent, making the tenth straight rate hike.

The unanimous decision to continue raising rates came as the Fed noted inflation remains elevated while also observing that job gains have been robust in recent months and the unemployment rate has remained low.

Notably, however, the Fed omitted a sentence included in the March statement that said the central bank "anticipates that some additional policy firming may be appropriate" to return inflation to 2 percent over time.

The Fed also tweaked language regarding the outlook for monetary policy, saying "the extent to which additional policy firming may be appropriate" rather than "the extent of future increases in the target range."

In his post-meeting press conference, Fed Chair Jerome Powell said the central bank would take a "data-dependent approach" to future monetary policy decisions and stressed decision on a pause was not made at the meeting.

The next monetary policy meeting is scheduled for June 13-14, with CME Group's FedWatch Tool currently indicating an 83.6 percent chance the Fed will leave rates unchanged.

"The Fed signaled that there will likely be a pause in June, but it came with a caveat that the FOMC remains highly attentive to inflation and is data dependent," said Ryan Sweet, Chief US Economist at Oxford Economics.

"In other words, if there is any upside surprise to inflation, the central bank won't hesitate to resume hiking interest rates because they're determined to break inflation's back," he added. "As such, there is a risk that the pause is temporary."

Trading on Thursday may continue to be impacted by reaction to the Fed announcement, while reports on weekly jobless claims, the U.S. trade deficit and labor productivity are also likely to attract some attention.

The material has been provided by InstaForex Company - www.instaforex.com

source http://www.mt5.com/forex_news/quickview/2211477/