Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
NVIDIA to Become the Next Tesla
The United States has one week before default, and NVIDIA may become the next Tesla. What else drives the market?
The biggest news of the day
- The US Flash Manufacturing PMI is below expectations (48.5 vs. 50.0). The Flash Services PMI is above expectations (55.1 vs. 52.6). EURUSD is down 900 points.
- New Homes Sales in the US are slightly above expectations (683K vs. 665K).
- Retail sales in New Zealand fell 1.4% vs. the expected 0.2% increase.
- NVIDIA stock soared almost 30% after the better-than-expected earnings report. Moreover, the company presented the highest expectations of future earnings. Nvidia’s market value almost reached $1 trillion. The company became the first among major tech companies to reach its ATH since the bearish market started.
- The Chinese Yuan’s share in the world’s international reserves grew from almost 0% to 3% over the last six years. The USD share has fallen from 70% to 58% since 2000.
- Gold touched the support level and formed a triple bottom pattern. This one is considered bullish for the price.
AUDNZD tries to start an uptrend
The pair soared with immense speed since the release of the Cash Rate. Moreover, the chart broke through the resistance trendline and consolidated above it.
We consider this as a bullish sign. If the price manages to overcome the resistance of 1.0750, we will seek long entries with a target of 1.0800 and 1.0873.
Have a great trading session!
The US dollar index breaks one resistance after another. Read the report to learn the next target for the US dollar index!
Some progress in US debt ceiling talks is made, and the PMI data is out.
The situation on the labor market still looks optimistic. Today we expect the Unemployment rate data. 3.5% is expected.
The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.