Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Bitcoin closed on an upward trajectory, driven by news of collaboration between Argentina’s Securities and Exchange Commission and El Salvador. The two countries are exploring further adoption of cryptocurrencies. BTC’s global spread closed at $69,528 per unit, slightly higher than the previous day’s closing price of $68,489. However, the larger-cap cryptocurrency experienced a dip to $68,225 during Monday’s trading, down from its recent high of $70,601.
Sterling (GBP) saw gains at the close of Monday’s trading, driven by improved risk appetite in global financial markets. With both US and UK markets closed for holidays, major market-moving events were absent. GBP/USD climbed to 1.2767, up from the previous day’s close at 1.2734. However, the pair dipped to a low of 1.2728 during Monday’s session, having previously reached a high of 1.2777.
Oil prices continued to rise during Thursday’s daily session, buoyed by increased risk appetite in global financial markets. Discussions surrounding future interest rate paths by major central banks contributed to the positive sentiment. US crude oil futures reached $78.52 per barrel, surpassing the previous day’s close of $77.75. Conversely, US crude oil hit a low of $77.69 during Monday’s session, having previously peaked at $78.76.
Gold futures continued their ascent during the Memorial Day holiday, with minimal market-moving factors and an empty economic calendar. Spot gold rose to $2,350 per ounce, up from the previous day’s close at $2,333. However, precious metal futures dipped to a low of $2,332 during the first trading day of the week, having previously reached $2,358. The inverse relationship between gold and the US dollar remains a key driver for gold prices.
The US dollar (USD) faced extra selling pressure against the backdrop of marginal volatility in response to the US and UK holidays. Markets are expected to enter some consolidative phase ahead of the release of US Personal Consumption Expenditures (PCE) and the Eurozone Consumer Price Index (CPI), both scheduled for Friday. The USD Index (DXY) extended its pullback from Friday’s levels, revisiting the 104.60-104.50 band on Monday. Notable events on May 28 include the Conference Board’s Consumer Confidence report, followed by the Federal Housing Finance Agency’s House Price Index. Additionally, speeches by Federal Reserve officials Mester, Kashkari, and Cook are on the agenda.
EUR/USD continued its ascent, reaching four-day highs around 1.0870. The renewed selling bias in the US Dollar contributed to the euro’s gains. On the same day, Wholesale Prices in Germany will be released, along with a speech by the European Central Bank’s (ECB) Schnabel.
USD/JPY remained relatively flat near the 157.00 level. Solid performance in Japanese Government Bond (JGB) 10-year yields contributed to stability. No significant releases are scheduled in Japan on May 28. AUD/USD advanced to three-day highs near 0.6660. WTI crude oil prices rose for the second consecutive session, reclaiming the area above $78.00 per barrel. Gold and silver prices edged higher, surpassing the $2,350 mark per troy ounce, while silver outperformed, rising more than 4% to surpass $31.00 per ounce. Both precious metals benefited from the softer Dollar.
Also Read:
3 Drivers Behind Euro’s Uptrend
Pound Sterling consolidates its uptrend as fresh catalysts awaited
EU and US Stocks Close Higher on Rate Outlook, Dollar’s Decline
US Dollar stays in red territory ahead of GDP, PCE data
Why does Billionaire Palihapitiya See US Economy in Recession?
Canadian Dollar gains momentum versus the weaker US counterpart
