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What’s Hot and What’s Not?
What’s hot?
All currencies except the dollar BUT EURUSD failure at 1.1450 has so far checked its upside.
Currencies in order of strength vs. the USD
NZD
AUD
JPY
EUR
GBP
CADGOLD is up sharply
Crude Oil opening week gap but off its high
What’s not?
US dollar vs all currencies
US stocks although bouncing off lows
Bitcoin down but still in its range
Divergencer: Dollar selling while stocks firmed… latter so far winning the battle after EURUSD hit a wall around 1.1450… another example of the Power of 50
US500 15 Minute Chart (5908 is a key intra-day level)
DAX
Once it lost 24.000 Dax entered into a correction
Question here : is it going to be short lived one or a full blown??
As long as DAX stays above 23.600 there is a chance of bouncing Up above 24.050 and attacking previous high and resistance line at 24.350
However, loss of 23.600 would indicate that it targets 23.000
If nothing changes till close, we are not going to have any decent telltale for tomorrow.
Stocks Fall Pre-Bell as Investors Gauge Renewed US-China Trade Tensions
US benchmark equity indexes were trending lower before Monday’s opening bell as investors weigh renewed tensions between the US and China over tariffs.
The S&P 500 slipped 0.5% in premarket activity, the Dow Jones Industrial Average decreased 0.4%, while the Nasdaq was off 0.6%. The indexes finished the previous trading session mixed, with the Nasdaq and the S&P 500 posting their biggest monthly gains in May since November 2023.
China’s Ministry of Commerce on Monday said the US violated the trade truce reached between the two countries in Switzerland and vowed to protect its interests.
Last month, the US and China agreed to suspend most tariffs on each other’s imports for 90 days. However, US President Donald Trump on Friday accused China of violating the pact. “China, perhaps not surprisingly to some, has totally violated its agreement with us,” he said in a social media post.
US Treasury yields moved slightly higher in premarket action, with the two-year rate rising 0.4 basis point to 3.92% and the 10-year rate inching up 2.2 basis points to 4.4%.
Monday’s economic calendar has the final Purchasing Managers’ Manufacturing Index for May at 9:45 am ET, followed by the Institute for Supply Management’s manufacturing index for the same month and the construction spending report for April at 10 am.
Federal Reserve Bank of Dallas President Lorie Logan is scheduled to speak at 10:15 am, while Chicago Fed President Austan Goolsbee speaks at 12:45 pm.
Shares of Moderna MRNA rose 5.5% premarket as the company said the US Food and Drug Administration approved its new COVID-19 vaccine. Cleveland-Cliffs (CLF) skyrocketed 32%, Steel Dynamics (STLD) gained 13%, while Nucor (NUE) was up 14% as Trump reportedly said on Friday that he planned to increase duties on imported steel and aluminum to 50% from 25%.
Ulta Beauty (ULTA) rose 11% following its better-than-expected quarterly results last week. Tesla (TSLA) fell 1.9%, while Palantir (PLTR) was down 1.5%.
Campbell’s (CPB) and Science Applications International (SAIC) are scheduled to release their latest quarterly results before the bell.
West Texas Intermediate crude oil rose 3.6% to about $63 a barrel before the open. The Organization of the Petroleum Exporting Countries and its allies, or OPEC+, on Saturday decided to raise output by 411,000 barrels per day in July.
Gold increased 1.7% to $3,370 per troy ounce, while bitcoin dipped 0.7% to $104,371.
SP 500 Chart
USDJPY trade
TY Bobby – my average price is 145.450 , and I am treating it as one position.
My first target is at 142, but first I want to see reaction there as there is a fair chance we might see 140 soon ( and of course my appetite is growing, so sub 140 would be even better)
Not to worry mate, I have a trailing stop right now at 143.450 ( profit of 200 pips)
This article explains some of EURUSD’s strength this year
Why the EURO Is considered the Anti-Dollar
FX option expiries for 2 June 10am New York cut
There is just one to take note of on the day, as highlighted in bold.
That being for EUR/USD at the 1.1350 level, with large ones seen thereabouts as well for the days ahead. The expiries today might offer a bit of a floor for price action, alongside the 100 and 200-hour moving averages at 1.1330-35 nearby. That as the dollar is a little on the weaker side with markets continuing to digest what’s next on the trade front as Trump tariffs are temporarily reinstated again. Meanwhile, there is some pessimism with regards to China talks now. Surprise, surprise. Not!
EURUSD
Classic example of needing a washout in one direction (low 1.1210) to setup a new high in the direction of the broader trend where market has less capacity to absorb fresh buying.
Key level: 1.1420… puts the 1.1572 high on the radar while above it,
Otherwise, support zone 1.1380-1.1420.
Below 1.1350 would indicate a false start.
EURUSD DAILY CHART
XAUUSD (GOLD)
Move above 3331 (and 3335 = daily trendline) confirms low is in at 3245 and shift in risk to the upside
One key hurdle remains at 3366-69… above would expose 3438, the obstacle to the record 3500 high
Otherwise, keeps a bid while above 3330-35 and stronger bid at 3295
XAUUSD (GOLD) 4 HOUR CHART
THIS WEEK’S MARKET-MOVING EVENTS (all days local)
Looking ahead to the week of June 2, global markets will be closely monitoring economic data releases that could shape monetary policy decisions and offer insight into trade and labor conditions. In Europe, the spotlight will be on trade data from Germany and France—the first full month reflecting newly implemented tariffs. These figures, along with retail sales data from Italy and Switzerland, will help clarify whether consumer demand and exports are showing resilience or faltering. The European Central Bank meets Thursday and is widely expected to implement a 25 basis point rate cut, responding to subdued inflation and rising concerns over weakening growth and escalating trade friction with the U.S.
In the United States, the focus turns sharply to the labor market. Key reports—including the JOLTS survey, ADP private payrolls, jobless claims, and Friday’s official employment report—will give the Federal Reserve critical insight ahead of its June 17–18 meeting. Job growth is forecast to slow to 129,000 in May, with unemployment holding at 4.2%. While layoffs may be easing, hiring remains cautious across many sectors, particularly in retail and tech. On the manufacturing side, factory orders and ISM data are expected to reflect continued softening. Globally, markets will also watch Asian PMI data for signs of recovery and India’s central bank decision, where another rate cut is anticipated amid declining inflation and stable domestic momentum…Econoday
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