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Risk sentiment continued to improve this week, with early signs of a bullish reversal in the US Dollar dominating Forex markets, while stocks traded a bit higher, and commodities markets were dominated by the strong bullish move to a new 13-year high in Silver.
After a run higher from Wednesday into Thursday that saw the 1.15000 level coming into sight, cautious EUR/USD trading hampered bullish perspectives and the currency pair traversed lower going into the weekend.
After spending most of last week within a well defined and known price range, Friday’s trading saw a run higher and WTI Crude Oil coming within sight of the 64.000 USD ratio.
Volatile week ahead for gold, oil, and FX pairs. Jobs data and key levels could drive short-term moves across major markets.
The GBP/USD correlated to the broad Forex market rather well the past week, after starting near highs and then producing selling, the currency pair showed a slight recovery from Wednesday and Thursday’s lows as some buying developed.
Risk sentiment improved a little last week, but will likely be on the slide again as President Trump announces a doubling of steel and aluminimum tariffs to take effect this week, which will likely put more focus on the global July tariff negotiation deadline.
WTI Crude Oil went into this weekend with a lower price than it began last week, the commodity via futures pricing finished Friday’s trading near 60.100, but that is not the whole story.
Get weekly insight on top markets: FX, indices, metals & crypto. Key levels & trends to watch from June 2 forecast.
Risk sentiment deteriorated last week as the US/EU trade war came into focus following unproductive negotiations and threatening comments from President Trump, knocking both the greenback and global (especially US) stock markets.
The EUR/USD finished Friday’s trading near the 1.13575 ratio, which was near its high for the week, but the currency pair is still trading near a value it traversed around the 11th of April.
WTI Crude Oil remains within the lower elements of its price range having gone into this weekend near 61.380, this as the U.S Memorial Day holiday gets ready to be observed tomorrow.
Key market insights for May 26: USD, oil, Bitcoin, and stocks react to tariffs and support levels.
Risk-on sentiment has continued to improve, with US stock markets and the US Dollar gaining as President Trump obtained large orders for American gods and services from Saudi Arabia, Qatar, and the U.A.E.
Markets steady: DAX climbs, NASDAQ rallies, Bitcoin holds, USD strong, gold near $3200, EUR & GBP show weakness.
Markets have continued to see a recovery in stocks and other risky asset such as Bitcoin, with the US Dollar also gaining as the US Federal Reserve keeps interest rates unchanged with somewhat hawkish rhetoric.
