AUDUSD was the top-performing currency major in the previous session as the Aussie found support from the risk-on market mood and the easing of COVID mobility restrictions in China. Shanghai is expected to open tomorrow fully.
The DAX rallied 3.4% across last week, boosted by rising risk appetite as bets of a more aggressive Federal Reserve cooled, although inflation and recession risks remain. Today the index is heading higher as the new week kicks off, helped by a strong close on Wall Street on Friday after the Fed’s preferred gauge for inflation showed that prices cooled and after strength in the Asian session, where stocks hit a three-week high.
USD/JPY edged 0.1% lower yesterday after mixed US data prompted markets to rein in expectations of a very aggressive Federal Reserve. US Q1 GDP was downwardly revised, confirming that the US economy contracted in the first three months of the year.
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USD/CAD finished flat yesterday as the USD traced treasury yields higher. The pair shrugged off the minutes of the latest Fed meeting, which revealed little that the market didn’t already know. The Fed is expected to raise interest rates by 50 basis points at the June and July meeting.
The NASDAQ fell 2.3% in the previous session after a profit warning from Snap spooked the markets. Snap warned that the economic outlook had deteriorated faster than expected and raising fears that advertising spending had peaked.
Oil => The commodity slips below $110 S&P500 => The index falls from a 5-day high EUR/GBP => The…
EUR/USD rose 1.4% last week, boosted by broad-based USD weakness and growing expectations that the ECB will use the June meeting to prepare for a July interest rate hike.
Gold rallied 1.5% yesterday and has pushed above $1840, boosted by a combination of a weaker USD and safe-haven flows. The USD fell over 0.8% amid growing fears of a US economic slowdown, which could prevent the Fed from hiking interest rates as aggressively as initially expected.
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The Dow Jones booked its largest daily loss since October 2022 yesterday, falling 3.7% or 1100 points on fears over inflation and the prospect of a recession in the US.
GBP/USD jumped 1.4% higher in the previous session after robust UK jobs data. Unemployment dropped to a pre-COVID low, and vacancies outstripped the number of unemployed for the first time on record. Wages, including bonuses, surged to 7%, prompting bets that the BoE could raise interest rates again in June, which would mark the 5th straight rate hike meeting.
