9 May News
The upcoming announcement from the Bank of England is generating excitement regarding the forecast for GBP/USD prices. Additionally, the latest data reveals that Halifax house price index has decelerated for the first time in 2023. The trading day for cable will be influenced by speeches from Federal Reserve representatives. Although GBP/USD has reached a new high, its sustainability remains uncertain.
The gold price has entrenched itself above the US$ 2,000 mark, as Treasury yields and crude oil prices have shown an opposing correlation with the precious metal. As the US CPI report looms on Wednesday, it may offer insights into the Federal Reserve’s monetary policy stance, which could potentially impact XAU/USD.
The Dow Jones and S&P 500 indices have been experiencing range-bound trade, which may result in a potential decline. This is due to the recent increase in upside exposure by retail traders, which could be interpreted as a bearish signal. As a result, it is important to analyze the technical landscape to assess how this signal may impact the market.
The discussion revolves around various economic indicators, including crude oil, WTI, API, OPEC+, US Dollar, Gold, and China Trade. Crude oil has recently experienced volatility but is now showing signs of recovery. However, APAC equities seem to be lackluster due to underwhelming Chinese economic data. Several asset classes have remained relatively quiet as they await the release of US CPI data. The question is whether WTI will rally in the near future.
