Oil prices are in focus today

Oil prices are in focus today

The first June whole working week. What events to expect from the market? 

Events of the week

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16:45, Services PMI

17:00, ISM Non-Manufacturing PMI


07:30, RBA interest rate decision

17:00, Ivey PMI in Canada


17:00, BoC interest rate decision

17:30, Crude oil inventories


02:50, GDP in Japan

15:30, US Initial Jobless Claims


15:30, Canadian Employment Change (May)

What moves the market?

OPEC+ meeting. Saudi Arabia agreed to cut the oil production to 9 mb/d. Oil prices skyrocketed. XBRUSD reached its resistance of $77.60

US indices futures are mostly heading down in the morning. We expect that the US stock market will start the week falling. Meanwhile, the Rothschild family fund - reduced its stake in the NVidia shares. That may be a signal that so-called smart money is leaving stocks.

Nvidia’s founder Jensen Huang is going to visit China. He will meet with the representatives of Alibaba, Tencent, ByteDance, Li Auto, BYD, and Xiaomi.

Elon Mask visited China too. Tesla stocks grew by almost 11% during the last week.

Gold started falling. Fundamentally the global situation on the market is more RISK-OFF (according to the market points of view). Indices are rising; the US government reached an agreement about the debt ceiling. Even though the US unemployment rate on Friday grew to 3.7% - the labor market is still strong. That’s why safe haven assets are falling. But globally, the trend in XAUUSD is still bullish.


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Latest news

Bearish Signal For The USD
Bearish Signal For The USD

XAUUSD fell below 1900 for the first time since March 2023. Meanwhile, the US dollar index gives a bearish signal. Read the full report to learn more!

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News for The Week

US stock markets started falling, while the US dollar is rising. What to expect from

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