Russian-Ukrainian conflict is influencing every economic aspect…
Oil and Bitcoin Dropped, Gold Recovers
- Oil dropped to the lows unseen since late May. The falling has stopped and oil prices have tried to recover some losses.
- The earnings season is underway! Are you following? After the stock market closed yesterday, IBM revealed better-than-expected earnings and the strongest revenue growth in three years!
- Today, Philip Morris will reveal its Q2 results at 14:00 GMT+3 and Netflix – after the stock market closes.
- The GBP has weakened amid the risk-off sentiment caused by rising cases of the Covid-19 Delta variant. Besides, Bank of England’s MPC member Haskel claimed that the bank will stay risk-averse and won’t tighten the policy any time soon. All that pressed the British pound down. Open the charts of GBP/USD and EUR/GBP.
- Bitcoin has dropped below $30,000, while gold has reversed up from a dip under $1,800.
EUR/USD is moving inside the descending channel. It’s likely to drop to the 1.1750 support soon. If it manages to break below this level, it will fall to the psychological mark of 1.1700. In the opposite scenario, the breakout above the key resistance level of 1.1800 will open the doors to the high of July 15 at 1.1850.
XAU/USD has reversed up from the $1810 support level. It’s edging higher to the 200-day moving average of $1825, which it’s unlikely to cross on the first try. However, if it does, the way up to the 50% Fibonacci retracement level of $1833 will be open. Support levels are $1810 and $1800.
Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
Last week was very interesting for the markets, as we saw the releases of the US Inflation and Disney’s earnings report. So let's see what we should await this week!
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.