The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
Market outlook on May 19
How did Merkel push EUR up? What company will first make a vaccine? How long will oil rise? You’ll find all answers in the article!
Angela Merkel switched sides
Germany and France made a deal to fund $546 billion to support members of the European Union, that’ve been hit hardest amid the coronavirus. It was a surprise as only recently Germany made a decision that the EU's mass bond-buying violates the German constitution. It was a clear message that Germany doesn’t want to spend more money to support poor EU members. And now, Angela Merkel breaks the German taboo and lend money to the EU. Why? Is it the fight for the European idea? Anyway, everyone seems happy now except Austria, Netherlands and Denmark. As a result, EUR climbed on optimistic news.
Let’s look at some technical levels. If the price crosses the resistance line at 1.098, it can go even higher and reach 1.114. Otherwise, it goes down to the support line at 1.084, and after it may dip down to 1.0775.
Moderna Inc’s can save the world
The American biotech company Moderna revealed positive results on testing. The small group of volunteers managed to produce protective antibodies, what is definitely a good sign. Let’s wait for future tests and fingers crossed! Yesterday the stock jumped and almost reached $86. However, today it’s moving down.
Oil prices continue growing up
The vaccine optimism turned the market into the risk-on mode. The oil price formed a steady upward trend. It’s a result of a reduced supply and a boosted demand. The WTI price is headed to $35 a barrel. Support are at 23 and 20.
An overall positive mood pushed the stocks indexes up. Just look at it! On Wall Street overnight, the S&P 500 gained 3.15%. The Dow Jones Industrial Average rose 3.85% and the Nasdaq Composite added 2.44%. Very promising!
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
The market sentiment is risk-off. Stocks are falling, while the safe-haven US dollar is edging higher. Meanwhile, oil advanced after the OPEC meeting.
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).