[Belgrade Bobby]

Nvidia – NVDA

Nvidia came close to my target at 146.00

For tomorrow it is going to be on 146.50

Overall target – for next month – is around 160.00

And what happens if it goes above 160?? Well, it’s n open sky up there and 250 comes to mind 😀

[GVI Forex 2]

Realiy check: The tariff court ruling creates more uncertainty, weakens Trump’s negotiating power, and likely poushes back the July 9 tariff deadline.

It also raises questions whether there will be revenue from tariffs to offset some of the deficits from the tax bill.

Net result, short-term reaction, longer term uncertainty.

[Belgrade Bobby]

EURUSD 1h

EUR reached 1.13250 and now the last target-resistance for today is on the line : 1.13450

Depending on the outcome, and tonight’s close, I’ll evaluate later in the evening.

[GVI Forex 2]

EURUSD 1.1317

To put price action in perspective

1.1346+ would need to trade for an outside day

Equivalent USDJPY level 143.85

[Belgrade Bobby]

DAX

Going for a correction?

Dax was capped once again – third day in a row – under 24.200

It is still early to call a day, but if Dax loses 24.000 it will be the first sign of coming correction.

23.650 & 23.050 are levels that should be seen.

[GVI Forex 2]

Data reaction: USD dips on US weekly jobless claims miss… 240K vs 230K expected

[GVI Forex 2]

Fayatesction: USD dips on US weekly jobless claims miss… 240K vs 230K expected

[GVI Forex 2]

Stocks and dollar giving back gains… see my earlier post… makes sense to me or perhaps month end having an impact

[GV News]

Trade Outlook Elevates European Bourses Midday

European bourses tracked moderately higher midday Thursday after the US Court of International Trade in New York on Wednesday ruled that President Donald Trump exceeded his authority in imposing a broad range of import levies.

Bank and tech stocks led broad market gains on the continent.

Investors also eyed Wall Street futures signalling green, and higher closes overnight on Asian exchanges.

In economic news, Spain’s seasonally adjusted retail sales rose by 0.7% in April from March, the National Statistics Institute reported.

The pan-continental Stoxx Europe 600 Index was up 0.3% mid-session.

The Stoxx Europe 600 Technology Index was up 0.8%, and the Stoxx 600 Banks Index gained 0.8%.

The Stoxx Europe 600 Oil and Gas Index was up 0.2%, and the Stoxx 600 Europe Food and Beverage Index rose 0.1%.

The REITE, a European REIT index, rose 0.5%, and the Stoxx Europe 600 Retail Index advanced 0.2%.

On the national market indexes, Germany’s DAX was up 0.3%, and the FTSE 100 in London was steady. The CAC 40 in Paris was up 0.7%, and Spain’s IBEX 35 gained 0.3%.

Yields on benchmark 10-year German bonds were steady, near 2.57%.

Front-month North Sea Brent crude oil futures were up 0.4% to $64.58 per barrel.

The Euro Stoxx 50 volatility index was down 2.5% to 18.84, indicating below-average volatility for European stock markets in the next 30 days, a positive signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.

 

SXXP Index

[GVI Forex 2]

Data on deck

Weekly jobless claims (unemployment a key Fed focus)

Q1 GDP revision (old news)

Quarter PCE (monthly data more significant)

See our Economic Calendar

[GVI Forex 2]

JP, a ruling is typically enforceable while under appeal — unless the losing party requests and is granted a stay of enforcement by the court.

[Mtl JP]

Is the rulling not a ruling while under appeal, untill the supreme court rules ?

[GVI Forex 2]

Month end forex rebalancing: USD Outlook: General consensus points towards moderate USD selling pressure at month-end, influenced by equity performance during the mointh of May.

So the question is:

Can You Time Month-End Forex Rebalancing Flows?

[Mtl JP]

DLR post-court meddling

Dollar Index

[Belgrade Bobby]

EURUSD

So scenario number 2 from last night came through:

If EUR closes below 1.12850 , it will either hit support first tomorrow and then up, or it will go straight up from the open.

Of course it is close to impossible to predict it 100% – EUR went through the support at 1.12550 and hit 1.12100 – and then you move that lower declination line to that low….this is how it works…it is dynamic and never static.

And afterwards it went straight up…

Now this is what we have:

Resistance: 1.13100, 1.13250 & 1.13450

Supports: 1.12550, 1.12100 & 1.11650

Now we follow it on the smaller time frames – Hourly says: going for 1.13100

[ST London]

Is the bromance over?

Musk resigned from the government and voiced his negative feelings about the beautiful tax bill.

[GVI Forex 2]

Newsquawk US Opening Update

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[GV News]

IXIC: Nasdaq Futures Surge After US Trade Court Blocks Trump’s Tariffs. White House Vows to Fight

Key points:

·         Nvidia +6.45%

·         Nasdaq futures pop 2%

·         Markets praise court block

·         Not going down without a fight

Trump took it too far with his game of tariffs, the US Trade Court ruled. The administration said it’s going to appeal. Clash incoming?

Checkmate… White House

·         It’s not every day the courts checkmate the White House — but that’s exactly what happened Wednesday, and the markets responded appropriately — by throwing a party.

·         Futures on the Nasdaq Composite IC ripped higher by 2% in premarket trading after a US court struck down nearly all of Trump’s sweeping global tariffs, calling them illegal and calling out Trump for overstepping his authority.

·         Futures on the S&P 500 and the Dow Jones also rallied — the broad-based peer added 1.6% and the exclusive 30-member club gained more than 500 points, or 1.3%.

🧐 Making Sense of It All

·         The US Court of International Trade ruled that Trump exceeded his authority under the 1977 International Emergency Economic Powers Act (IEEPA) when he slapped tariffs on just about everyone. The White House immediately filed a notice to appeal the decision.

·         The decision, made by a three-judge panel in Manhattan, called out the administration’s overuse of the “economic emergency” label to justify broad levies.

·         Is this the turnaround we’ve all been waiting for? Does this mean that Apple AAPL could now breathe freely without fears of business implosion? Shares of the iPhone maker led the charge ahead of the opening bell, up 3.5%.

·         But also, Tesla TSLA added more than 2% and Nvidia NVDA rallied 5% on better-than-expected earnings figures despite a potential $10 billion hit to revenue due to a China ban.

·         What else is going on? The Federal Reserve released its minutes from the latest meeting three weeks ago. Officials cite in the summary rising inflation concerns that may lead to interest rates that are higher for longer. US GDP data is on deck for today and the Fed’s inflation gauge, PCE, is on tap for tomorrow.

·

Nvidia 143.50USD

+8.69+6.45%

[GVI Forex 2]

My reaction to the tariff court ruling:

It is just a first ruling,,,it will be appealed, even up to the Supreme Court if the Appeals Court upholds the ruling

It was like markets took it as a final ruling so limited folow through makes some sense.

No response from Trump yet but expect him to be blasting away on TS

[GVI Forex 2]

USDJPY

Extended upsde to test 146.25 (high 146.29) but sharp retreat leaves 145 as the pivotal level that will set its tone going forward.

Chart wise, 144.71 needs to hold for the latest leg up to stay intact.

One change from earlier, and this applies to all currencies (and GOLD), the deck is clear of USD buy stops unless intra=day highs are taken out.

USDJPY 4 HOUR CHART

 

[GVI Forex 2]

XAUUSD

Stops run (below 3279) but damage not yet fatal.

While the blast lower builds a case for a run at 3200 BUT only if 3279.can become resistance.

Support: Intra-day 3245 low.

Back above 3325 would be needed to negate the risk.

XAUUSD (GOLD) 4 HOUR CHART

[GVI Forex 2]

Using my platform as a HEATMAP shows…

… the dollar is still up on the day but off its highs seen following the US tariff court ruling headline

Same for GOLD which blasted through key support and then bounced

US stocks up sharply

US bond yields up

Economic calendar: US GDP 2nd (Q1), PCE (Q1), Initial Jobless Claims (w/e 24th May), Pending Home Sales (Apr)

Month end approaching : moderate dollar selling expected (so far not a frator)

[GVI Forex 2]

The U.S. Court of International Trade (CIT) is a federal court that specializes in cases involving international trade and customs laws. It is based in New York City and has nationwide jurisdiction

The Court of International Trade does have the authority to enforce its rulings. As a federal Article III court (like U.S. district courts), it can:

• Issue binding judgments
• Enforce compliance through injunctions, contempt orders, and other remedies
• Its rulings can be appealed to the U.S. Court of Appeals for the Federal Circuit

Expect Trump & Co to appeal

[GVI Forex 2]

The trigger for the spike higher in stocks, firmer USD

 

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[Mtl JP]

10-yr back sub 5 … dlr in sync

[Mtl JP]

things are moving children
having fun yet ?

apparently trump can appeal

[Mtl JP]

Businesses and states had sued the government, saying the president didn’t have the authority to impose the levies.

[Mtl JP]

cnn
–
US court blocks Trump’s ‘Liberation Day’ tariffs
“The bulk – but not all – of Trump’s tariffs will be temporarily paused after a three-judge panel in Manhattan ruled in favor of a permanent injunction”

[GVI Forex 2]

Month end is just 2 days away… read this in our blog’

Can You Time Month-End Forex Rebalancing Flows?

 

[GVI Forex 2]

NZDUSD

Only two levels that matter are 5890 and 6031

Break of 5920-5980 will dictate what side market goes after.

NZDUSD 4 HOUR CHART

[Author]

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