In today's market insights, we delve into Citibank's oil price predictions, the evolving competition between Huawei and Apple, the Saudi Arabia-Tesla partnership, and the upcoming rate decisions from the world's major central banks.
The US Labor Market And Real Estate Market Are In Focus This Week
Happy Friday! This week was full of news. Reports season is shaking the stock markets; pairs fluctuate, and Gold is falling. What’s going on? Let’s check
The US labor and real estate markets are in focus
The US Initial Jobless Claims was released worse than the forecast. The fact was 245K against 240K in the forecast. Continuing jobless claims increased as well. The situation in the labor market is worsening, and waiting impatiently for the unemployment rate for April.
Existing home sales decreased. 4.44M for March. That was logical, considering the situation with the new home sales. The mortgage rate in the US is beating its record highs. Slowing in consumption may push the Fed for future monetary easing. In this case, USD will start falling again, while XAUUSD may start rising.
Rumors around the Governmental debt ceiling resumed. Goldman Sachs: ‘The day X, when the U.S. will lose solvency due to the debt ceiling, may come earlier than planned (namely, in August). Bad news for the dollar and American indices. Good news for Gold again.
European fundamental factors
The UK retail sales decreased in March by 0.9%. UBS and BofA expect the Bank of England to raise rates by 0.25% in May. It also predicts the rate to peak at 4.5%.
German Manufacturing PMI is falling. PMI stands for Purchasing Manager Index and reflects the purchasing managers’ activity situation. The higher – the better. If PMI is above 50 – the economy is stable. If below – the recession is expected. German PMI is 44 points now.
BTC and Gold
BTC is returning to 26700. 200MA on the W1 time frame is heading down. The trend is primarily bearish.
XAUUSD on the H4 time frame dropped below 200MA again. The nearest support level is approximately $1980.50. Shorts are preferable. Do you agree with that?
It will be the hottest week of September, with four central banks’ meetings, five PMI releases, and a lot to trade.
Lagarde says difficult times have come, and the ECB raised the rate not to cause a recession but to stabilize prices. Read the report to learn the freshest news of the day!
US stock markets started falling, while the US dollar is rising. What to expect from
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.