A look at the day ahead in U.S. and global markets from Mike Dolan
While the inflation and interest rate world continues to throw up unpleasant surprises, it’s hard to imagine much of a shift in major indexes on Wednesday as Nvidia’s (.NVDA), opens new tab earnings drum roll builds through the session before a post-bell release.
Morning Bid: Nvidia nears, UK CPI lunge misses target
In my USDCHF post (scroll below), I mentioned a 4-week high. It was not a random observation. The importance of the 4-week high or low is explained in the following:
USDX 4 HOUR CHART – PROXY FOR THE EURUSD?
With the EURUSD representing 57.6% of the US Dollar Index (USDX), this index can at times be used as a proxy for what is seen on a EURUSD chart.
In this USDX chart, momentum is trying to build to the upside that needs to take out 105.10 to indicate an end to this latest leg to the downside.
Re EURUSD, this was posted by Michael Caif yesterday
May 21, 2024 at 8:17 pm|
michael Calif
Option Profile now BEARISH Euro futures – any rallies should be sold
GVI 8:13
At 1.2728 GBP is now backed off 50% of reaction to earlier inflation stickiness.
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IF u d like chuckle:
IMF says BOE should cut bank rate by 50-75 bps this year
Traders are currently seeing two rate cuts for the BOE, with the first one currently baked in for August. But a move in June might be…
22 hours ago
BoE will consider IMF’s call for more press conferences, Bailey says
Bank of England Governor Andrew Bailey said on Tuesday that the central bank would consider a proposal by the International Monetary Fund…
14 hours ago
BoE’s Bailey: Thinks Next Move on Rates Will Be a Cut
BoE’s Bailey: Thinks Next Move on Rates Will Be a Cut BANK OF ENGLAND’S BAILEY SAYS HE WILL CONSIDER IMF RECOMMENDATION OF MORE MPC PRESS…
14 hours ago
LONDON, May 21 (Reuters) – Britain’s once towering inflation rate looks set to fall close to the Bank of England’s 2% target on Wednesday,…
10 hours ago
BOE Urges Markets to Prepare for Big Rise in Repo Operations
6 hours ago
USDCHF 4 HOUR CHART – Underperformer but resistance looms
A tight range so far this week but USDCHF momentum is pointed up but faces layers of resistance until the .9224 high.
The significance of this level is it is a 4-week high, a break of which would be significant.
Expect support on dips as long as it stays above 9078
UK inflation falls less than expected, dashing June rate cut hopes
GBPUSD needs to hold above 1.2726 to maintain the breakout.
she is back … janet is back and looking for a good old brawl
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U.S. Seeks to Join Forces With Europe to Combat Excess Chinese Goods
Treasury Secretary Janet L. Yellen warned that China’s industrial strategy posed a global threat that requires a united response.
to NYT piece
By ALAN RAPPEPORT and LIZ ALDERMAN
The key event overnight will be the release of UK CPI. It comes out before UK markets open and will be a test for GBPUSD’s recent strength.
Click below for a detailed preview.
XAUUSD 4 HOUR CHART – 2400-2450 BUT FOR HOW LONG?
tHIS CHART IS VERY CLEAR —
2450 IS THE NEW RECORD HIGH (pOWER OF 50)
2407 IS KEY SUPPORT, IF BROKEN THE 2 BLUE AT LINES WOULD INDICATE A CHANGE IN DIRECTIONAL RISK ALTHOUGH i WOULD LOOK FOR CONFIRMATION FROM A 2400 BREAK.
OTHERWISE, XAUUSD IS JUST TAKING A BREATHER AS LONG AS IT TRADES IN 2400-2450
BTC WEEKLY CHART – 11 Weeks and counting
BTC made a run at its 73839 record high but stalled around 72000 and has so far been unable to sustain a move above 70000.
As I have been noting, besides the record high I prefer to look at pivotal levels like 60K, 65K, 70K/
To make a serious run at the record high 70k+ would need to become support.
Otherwise, as the chart shows, it is 11 weeks since the high was set.
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