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[QUOTE="HFM, post: 250207, member: 46567"] [B]Date : 1st June 2022. Market Update – June 01 – European stocks advance despite data. Wall Street was generally lower, but off its worst levels.[/B] Bond and stock bears returned refreshed from the Memorial Day holiday and got right to work, pushing[B] Treasury yields higher and Wall Street lower[/B]. Treasuries underperformed globally after comments from Fed Governor Waller on Monday where he supported several more 50 bp rate hikes to curb inflation. Additionally[B], record high Eurozone inflation[/B] and hawkish ECB speak from Villeroy and Visco added to the [B]concerns over central bank tightening.[/B] US data were mixed with ongoing record strength in home prices but worsening in consumer sentiment. Today, European stock futures are advancing as Bunds move higher at the open, despite the plunge in German retail sales data at the start of the session, which flagged the impact of rising inflation on consumption trends. [B]Overnight:[/B] President Biden stressed he would not interfere with the Fed’s independence, in comments after meeting with Chair Powell and Treasury Secretary Yellen. Biden said his plan to address inflation[B] “starts with a simple proposition, respect the Fed’s independence.[/B]” He also said Powell has noted he has a “laser focus on addressing inflation.” So as expected this was largely a photo op for the president as he tried to assure that he and Chair Powell are addressing inflation. [LIST] [*][B]USDIndex[/B] at [B]101.97, [/B]after [B]102.17[/B] highs. The buck found renewed strength after comments from Fed Governor Waller who said on Monday, he favored several more half point rate hikes until the inflation rate is brought back toward the 2% target. [*][B]Equities[/B] – The [B]USA30[/B] and [B]USA500[/B] closed down[B] -0.67%[/B] and [B]-0.63%[/B], respectively, while the [B]USA100[/B] fell[B] -0.41%[/B]. [B]DAX[/B] and [B]FTSE[/B] [B]100[/B] futures are posting gains of [B]0.43%[/B] and [B]0.36%[/B]. [*][B]Yields[/B] – 10-year rate spiked 13 bps to a high of[B] 2.88%,[/B] and the 2-year climbed 10 bps to test[B] 2.58%.[/B] [*][B]Oil – [/B]USOil drifted to [B]114.05[/B] from [B]120.45. [/B]Oil prices rallied on the economic hopes and news the EU would ban some Russian imports, but then collapsed into the close on reports OPEC+ was considering exempting Russia from production quotas, thus opening the door for increased output from the likes of Saudi and UAE. [*][B]Bitcoin[/B] steady at [B]31,550[/B]. [*][B]FX markets[/B] – [B]USDJPY[/B] spiked to [B]129.35[/B], with [B]EURUSD[/B] at [B]1.0716,[/B] and [B]GBPUSD[/B] has dropped below [B]1.2600[/B], although Sterling is nudging higher against the EUR. [/LIST] [B]Today – [/B]Eurozone unemployment rate, ECB Lagarde speech, ISM Manufacturing Index & PMI, BOC Rate Decision and Statement and lots of Fed speeches. [B]Biggest FX Mover[/B] @ (08:00 GMT) [B]XAUUSD [/B]([B]-0.70%[/B]) broke the 20- and 200-day SMA. Intraday MAs flattened, MACD histogram & signal line well below 0, RSI 34 but flattening, H1 ATR 3.16, Daily ATR 21.92. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/B] Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. [B]Andria Pichidi HF Market Analyst HFMarkets Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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