We are entering a key week in Markets with may earnings releases as well as key economic releases. Highlights will be AMD today, the FOMC rate decision tomorrow, ECB Rate Decision on and Apple earnings on Thursday followed by the FOMC Rate Decision on Friday.
At the same time the US May hit the debt ceiling on June 1, the US Banking crises continues while risk sentiment seems to flourish.
The GER40 as well as Gold closed at the highest monthly level ever on Friday. The GER40 may test all time high. The US500 seems to be track for the 4300 and the Nasdaq 100 has room to 13720 but the market may be too complacent into the FOMC. It seems markets completely shrugged off the failure of First Republic Bank.
US 2 year Yields rose to above 4% again to trade at 4.15, this pulled the USD Index to 102. EURUSD is just below the 1.10, GBPUSD near 1.25 and USDJPY at 137.60. The yen is under severe pressure on the dovish BoJ and interesting against the USD and especially the Pound.
Silver had a freak move yesterday where into the US Open it was bought up to above 26 only to fall below 25 again, Gold is near support at 1985, it needs to hold above the 1980 support for more upside.
In the night, the Australian Central Bank hiked rates against expectations pushing the Aussie higher and pushing the probability of a hike in the US to 95%.
The Vix remains at low levels and if you are afraid of the old Sell in may and go away proverb, protection is very cheap.
Trade safely and carefully consider your risk tolerance regarding the position sizes, it will be a great week for trading.
Data: International PMI, EU HICP, US Factory Orders
Earnings: Thomson Reuters, HSBC, BP, DBS Group, Geberit, Pfizer, AMD, Starbucks, Uber Technologies, Marathon Petroleum, Ford Motor
Data: Australia Retail Sales, Turkey CPI, EU Unemployment, US PMI, FOMC Rate Decision
Earnings: Barrick Gold, Orsted, Airbus, BNP Paribas, Deutsche Post, Enel, UniCredit, Lloyds Banking Group, Qualcomm, CVS Health, Estee Lauder, MercadoLibre, Kraft Heinz
Data: International S&P PMI, ECB Rate Decision. US Labor Market,
Earnings: National Australia Bank, Anheuser-Busch InBev, Shopify, Novo Nordisk, Maersk, Volkswagen, BMW, Infineon Technologies, Uniper, Rheinmetall, Zalando, Shell, ArcelorMittal, Equinor, Apple, ConocoPhillips, Booking, Regeneron Pharmaceuticals, Zoetis, Becton Dickinson, EOG Resources, Ferrari, Fortinet
Data: DE Industrial Orders, CH Fx Reserves, US Nonfarm Payrolls
Earnings: ANZ, Macquire Group, Enbridge, Canadian Natural Resources, Adidas, Intesa Sanpaolo, CaixaBank, Cigna Group
Physically Settled Futures
EMBK3 will expire 02 May 2023 at 14:00 GMT
CK3 will expire 05 May 2023 at 09:00 GMT
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