The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
Catch these risk-on movements on June 3
EUR and risky currencies, stocks and oil prices surged on prospect for reopening.
Stocks gain, USD dropped
It looks like investors turned a blind eye to the US-China trade war. By the way, violent protests have increased in most American cities after Donald Trump promised to deploy military troops to stop them. Nevertheless, the market is mainly focused on the optimistic outlook for economies reopening as lockdowns eased all over the world and life started to come back to normal.
S&P 500 keeps rallying on a high speed. Two shares increased on the S&P 500 Index for every one that decreased. Let’s look at the chart. The price has passed 3080. Now it’s headed to the highest point over three months at 3110. Support levels are 3000 and 2935.
EUR is moving up
EUR gained on the weak US dollar and the upcoming ECB meeting on June 4 at 14:45 MT time. Analysts expect that the central bank will increase the rescue program by additional 500 billion euros of asset purchases. If EUR crosses the resistance level at 1.121, it will rise further to 1.124. Support levels are 1.117 and 1.11.
AUD is rising
As you know, the Australian dollar is really sensitive to the market sentiment. And, today it’s really risk-on! AUD continues climbing up. It has just passed the resistance at 0.69. Now it’s approaching the highest level of this year at 0.7. Support levels are 0.69 and 0.675.
Oil returned to early March levels
The market continues surprising us today. The Brent oil price has just crossed the unseen level since March 6 – $40 a barrel. If the price breaks out the 100-day moving average, it even may skyrocket to $45. Support levels are 36 and 34. The reason behind is that OPEC+ heads to expand the output cuts. However, things may not be so sunny. Russia may reject to extend supply cuts as rival shale producers can open their taps again on increasing oil prices.
To trade Brent with FBS you need to choose BRN-20N.
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).
Last week was full of surprises! Stock indices have shown significant growth…
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).