17 May News
The Australian Dollar exhibited a decline in tandem with the Dow Jones on Tuesday in response to robust US retail sales figures, prompting the question: what is the future outlook for AUD/USD? The strength of consumer spending was highlighted by the solid retail sales data. However, an increase in long bets for AUD/USD as indicated by IGCS may suggest a bearish trend.
The Turkish elections have caused speculation about the impact on the Lira, as the USD/TRY pair is expected to reach new highs. A runoff is expected in two weeks due to a deadlock in the election. Speculation exists that this could lead to a shift in Turkish monetary policy, but other factors such as debt ceiling talks and the strength of the US dollar could pose short-term risks for USD/TRY.
Gold has surrendered its crucial floor of $2,000, while GBP/USD remains trapped by significant trendlines. The surge in U.S. yields has caused a decline in gold prices. Additionally, GBP/USD has experienced a drop in altitude after being unable to surpass the overhead resistance at 1.2680.
Copper, which is considered a key economic barometer, has recently issued a cautionary signal to the worldwide financial arena. Specifically, the industrial metal has breached its previous yearly low, thereby prolonging a bear market that has persisted over an extended period of time.
The Canadian dollar has experienced an increase in value against the US dollar due to a rise in inflation rates in Canada. This trend has raised concerns regarding potential additional interest rate hikes by the Bank of Canada. Specifically, the inflation rate for April 2021 registered at 4.4% year-on-year, surpassing market expectations by 0.3%.
The Japanese GDP report has provided optimism for those who support a policy shift within the Bank of Japan. However, the dominant focus in current news and market activity is on the US debt ceiling, with a desire for greater understanding. The 200-day MA is at risk of being breached, while an ascending triangle breakout may soon occur.
