Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The negative market mood increased appetite for safe-haven peers in the forex space, particularly the USD, while the JPY is the weakest on the week’s last trading day. US equities plunged between 1.51% and 2.49%, reaching fresh 52-week lows. That despite investors’ cheered rate cut of 0.15% by the Bank of China aimed to stimulate the Chinese economy, which is going to another Covid-19 outbreak that triggered more than one-month lockdowns in Shanghai.
Economic Data
Eurozone Consumer Confidence Index unexpectedly rose from -22.0 in April to -21.1 in May, according to the latest data release from the European Commission. That was slightly better than the small expected rise to -21.5, but still left the index close to multi-year lows, as EU consumers struggle amid surging energy-driven inflation, a slowing economy and uncertainty with war raging close to its borders in Ukraine.
US energy drillers this week added oil and natural gas rigs for a ninth consecutive week according to data released on Friday. The oil and gas rig count, an early indicator of future output, rose 14 to 728 in the week to May 20, its highest since March 2020, energy services firm Baker Hughes Co said in its closely followed report.
Britain’s retail sales unexpectedly rose 1.4% m/m after falling 1.2% in March, and sales in the three months to April fell 0.3% after a 0.7% drop in March.
Britain’s consumer confidence index fell to its lowest level since the survey began in 1974, as this data comes as inflation in Britain reached its highest level in 40 years.
Other Developments
Fitch Ratings warned, on Friday, that any sudden interruption in Russian gas supplies to the EU member states could push the Eurozone into recession, Fitch Ratings states that exposures are “so large that an immediate and total cessation of Russian natural gas supplies would result in gas shortages and rationing, causing a major macroeconomic shock”.
Also Read
US adds oil, gas rigs for ninth week
USD/JPY records minimal losses on sliding T-yields
Fitch Warns: Gas Could Ignite Eurozone Recession
S&P 500 Dips As Selloff Continues
USD/CHF stops bleeding on broad US dollar strength
EU Faces Same Obstacles Over Tariff On Russian Oil, Embargo
AUD/USD struggles on risk-aversion
