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Market Analysis

May, 2023

  • 16 May 2023 4:42 pm

    US Retail Sales rise 0.4% in April

    The US Census Bureau reported on Tuesday that retail sales in the United States increased 0.4% in April to $686.1 billion. This report follows a 0.7% (updated from -0.6%) fall in March and fell short of the 0.7% gain expected by the market. In the same period, Retail Sales ex-Autos …

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  • 16 May 2023 2:47 pm

    German ZEW Economic Sentiment Index declines in May

    The German ZEW headline figure revealed that the Economic Sentiment Index fell substantially in May, falling to -10.7 from 4.1 in April, falling short of the market forecast of -5.5. Meanwhile, the Current Situation Index rose to -34.8 from -32.5, above the market forecast of -37.5. During the same time …

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  • 16 May 2023 1:44 pm

    Automotive and mining stocks lead losses in European markets

    European stocks fell on Tuesday, affected by losses in automakers and mining stocks after weak data from China fueled fears of a slowdown in the Chinese economy and while investors await more economic data from the euro zone. The European Stoxx 600 index fell 0.2 percent, and most of the …

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  • 16 May 2023 12:38 pm

    Japan’s Topix closes at a 33-year peak and chip stocks follow Nasdaq’s gains

    The Japanese Topix index closed at the highest level in 33 years on Tuesday, after companies showed strong expectations during the results season, and stocks of companies related to chip manufacturing tracked the gains made by the Nasdaq index at the close of trading on Monday. The broader Topix index …

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  • 16 May 2023 11:46 am

    Gold fell after signs from the Fed that interest rates will continue to rise

    Gold prices fell slightly on Tuesday after traders carefully weighed comments by Federal Reserve officials about keeping interest rates high, while talks on raising the US debt ceiling and the risk of default limited losses for bullion. Spot gold prices fell 0.2% to $2015.84 an ounce by 0452 GMT, while …

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  • 16 May 2023 5:21 am

    Market Drivers – US Session – 15/05/2023

    Atlanta Federal Reserve President Raphael Bostic said, on Monday, that if he were voting now, he would vote to hold rates in June, but warned that he has to keep a possible rate hike on the table. He also forecasts inflation to be in the high 3s by year-end, and …

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  • 16 May 2023 2:24 am

    Yellen: Treasury’s borrowing costs had already increased for early June

    The US Treasury Department reiterated Monday it expects to be able to pay the US government’s bills only through June 1 without a debt limit increase, increasing pressure on congressional Republicans and the White House to reach a deal in coming days.The news also quotes US Treasury Secretary Janet Yellen …

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  • 16 May 2023 1:06 am

    USD/CAD dives amid soaring Canadian Dollar, softer USD

    The USD/CAD pair made a U-turn after hitting a daily high of 1.3567 due to overall US Dollar weakness, spurred by a risk-on impulse and higher oil prices. Canadian housing started increasing by 22% in April, with total units rising to 261,600. Data from Canada underpinned the CAD, with Canadian …

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  • 15 May 2023 11:39 pm

    Gold defends corrective bounce amid debt ceiling fight

    Gold price is struggling to defend the week-start corrective bounce amid mixed sentiment. Anxiety ahead of the top-tier United States data, debt ceiling talks prod XAU/USD buyers. Meanwhile, the US Dollar bears take a breather amid hawkish Federal Reserve talks.Also challenging the XAU/USD’s week-start corrective bounce are the mixed updates …

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  • 15 May 2023 10:12 pm

    GBP/USD soars on emerging bullish-engulfing pattern

    Disappointing Concern for the US economy is raised by the New York Empire State Manufacturing Index’s sharp decline to -31.3. According to Biden and Brainard, “serious and constructive” discussions are taking place over raising the US debt ceiling.The BoE recently increased rates by 25 basis points to combat inflation; future …

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  • 15 May 2023 9:21 pm

    NY Fed: Total household debt rises by 0.9% in Q1

    In a report published on Monday, the Federal Reserve Bank of New York said that the total household debt rose by 0.9% in the first quarter to $17.05 trillion.The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.2% on the day at 102.50.Key …

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  • 15 May 2023 7:31 pm

    Fed’s Bostic: I would vote to hold rates

    Atlanta Federal Reserve President Raphael Bostic said, on Monday, that if he were voting now, he would vote to hold rates in June, but warned that he has to keep a possible rate hike on the table. He also forecasts inflation to be in the high 3s by year-end, and …

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  • 15 May 2023 3:50 pm

    Turkish stocks decline with the direction of the presidential elections towards a run-off

    Turkish stocks fell on Monday as the presidential election appeared to be headed for a run-off and incumbent President Recep Tayyip Erdogan advanced. The main index of Turkish stocks fell more than six percent at the open, which led to a halt to trading on the stock exchange before it …

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