12 May News
On Friday, there was a brief stabilization in the price of crude oil following a decline of over 2% the previous night. This drop was attributed to market reactions to US jobs and PPI data, which led to speculation that the Federal Reserve may ease monetary policy. If this shift towards accommodation does occur, it remains to be seen whether WTI will experience a rally.
On Thursday, the US Dollar and Japanese Yen experienced gains due to the continuous rise of US jobless claims that created a sense of unease in the market. As a result, AUD/USD and NZD/USD are at risk and may remain vulnerable in the near future.
In light of risk aversion, the EUR/USD has experienced a decline and is currently testing a crucial technical support level close to the psychological 1.0900 mark. Alongside this, the S&P 500 has also faced losses. However, Alphabet’s strong rally has mitigated some of the market’s weakness. This paper will examine key technical levels that should be monitored on both the EUR/USD and S&P 500 in the days to come.
