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Morning Brew May 31 2022
Erik Schafhauser
Senior Relationship Manager
Good Morning,
Very little movement in the last 24 hours due to the Memorial day holiday with Equity Futures slightly lower and FX mostly unchanged. After the German HICP surprised to the Upside, the US 10 Year Rates jumped by 10 BPS to 2.83
The USD Index is at 101.60, EURUSD at 1.0750 and GBPUSD at 1.2611. Gold and Silver again failed to breach and hold key resistance and fell to 1853 and 21.83.
We are hearing good news out of China with Shanghai lifting Covid restrictions, the production slowly stabilizing and Foxconn looking at more robust supply chains in the 2nd half on this year.
European Union leaders agreed in principle on Monday to cut 90% of oil imports from Russia by the end of this year
Crypto is on the rise this morning with Bitcoin above 31k and Cardano up 13% this morning at 0.64.
Next to Month end volatility we are expecting quite a bit of economic data: Swiss GDP at 9:00, German Unemployment at 9:55 UK Mortgage and Credit data at 10:30, EU HICP at 11:00, Canada GDP at 14:30, Chicago PMI at 15:45 and US Consumer confidence
Trade safely