{"id":84163,"date":"2023-05-17T05:17:08","date_gmt":"2023-05-17T01:17:08","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=84163"},"modified":"2023-05-17T05:17:11","modified_gmt":"2023-05-17T01:17:11","slug":"market-drivers-us-session-16-05-2023","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-16-05-2023\/05\/17\/market-updates\/","title":{"rendered":"Market Drivers \u2013 US Session \u2013 16\/05\/2023"},"content":{"rendered":"\n

Gold was subject to a sharp drop below $2,000, remaining under pressure and potentially testing the crucial support level of $1,970. Silver also lost ground, falling to $23.60. Crude oil prices retraced some of Monday’s gains, with WTI ending around $70.55. Cryptocurrencies also experienced losses; BTC\/USD falling below $27,000 by 1.40%.

Economic Data
<\/strong>
Japan’s growth data for the first quarter and the Australian Wage Price Index will be the highlights of the Asian session on Wednesday. Despite mixed data and the ongoing debt ceiling drama, the US Dollar has gained momentum.

US Retail Sales rose by 0.4% in April, falling short of the market consensus of 0.7%. However, March figures were revised higher from -1% to -0.7%. Industrial Production expanded by 0.5% in April, surpassing the market consensus of 0%. On Wednesday, the US will report Building Permits and Housing Starts.

Key Developments<\/strong>

The US Dollar strengthened across the board on Tuesday, driven by higher US yields and mixed US data. The Dow Jones index experienced a 1% loss, while the Nasdaq slid by 0.18%. Investor sentiment remained cautious. The US Dollar Index gained 0.20% and was last observed above 102.60.

\u201cThe president changed the scope of who is negotiating,\u201d said Kevin McCarthy, the top congressional Republican, during his talks regarding the debt ceiling. He sounded more optimistic about a deal to avoid a US default.


Fed\u2019s Mester sounded hawkish on Tuesday. She mentioned she would like to get to a point where it could equally be a potential increase or decrease in interest rates. \u201cI don\u2019t think we\u2019re at that hold rate yet\u201d. More Fed speakers are scheduled on Wednesday. Earlier, Fed\u2019s Barking said that if inflation persists or accelerates \u201cthere\u2019s no barrier in my mind to further increases\u201d.

The US 10-year Treasury yield rose to 3.57%, reaching its highest level in two weeks before retracing slightly. The 2-year yield reached 4.12%. European yields also rose, weighing on the Japanese Yen. USD\/JPY reached fresh weekly highs above 136.60 before pulling back modestly. Japan will release preliminary Q1 GDP and March Industrial Production data.

EUR\/USD was rejected from above 1.0900 and dropped towards 1.0850. It continues to maintain a bearish tone, trading near the weekly low area. Final inflation data is due in the Eurozone on Wednesday.

GBP\/USD failed to hold above 1.2500 and pulled back due to a strong US Dollar. The Pound was also influenced by UK data. The ILO Unemployment rate unexpectedly edged higher from 3.8% to 3.9% in the three months to March, reaching the highest level in over a year. The claimant count change also showed an unexpected increase of 46.7K in April, compared to an expected decline of 10.8K.

Also Read:
<\/strong>What signals have Fed officials sent to market within 24H<\/a><\/p>\n\n\n\n

Stocks mixed amid debt-ceiling talks, retail sales data<\/a><\/p>\n\n\n\n

Oil retreats on dimmed demand outlook after China, US data<\/a><\/p>\n\n\n\n

Home Depot\u2019s Q1 earnings send warning signs for US retailers<\/a><\/p>\n\n\n\n

Gold falls amid high US bond yields<\/a><\/p>\n\n\n\n

AUD\/USD slides after RBA\u2019s minutes, weaker Chinese data<\/a><\/p>\n\n\n\n

Most cryptos falls as Bitcoin holds above the $27,000 mark<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold was subject to a sharp drop below $2,000, remaining under pressure and potentially testing the crucial support level of $1,970. Silver also lost ground, falling to $23.60. Crude oil prices retraced some of Monday’s gains, with WTI ending around $70.55. Cryptocurrencies also experienced losses; BTC\/USD falling below $27,000 by 1.40%.Economic DataJapan’s growth data for …<\/p>\n","protected":false},"author":13,"featured_media":52669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6885,194,10125,6874,7002,7393],"class_list":["post-84163","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fed","tag-gdp","tag-gdp-data","tag-gold","tag-retail-sales","tag-yields"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=84163"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84163\/revisions"}],"predecessor-version":[{"id":84171,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/84163\/revisions\/84171"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52669"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=84163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=84163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=84163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}