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Market Quick Take - May 22 2020
The US equity session ended weaker yesterday and was down further overnight after Chinese leadership abandoned GDP targets and announced a new security law for Hong Kong at the start of the national party congress. The dip in risk sentiment saw the US dollar consolidating sharply to the strong side and crude oil prices erasing recent gains.
FX Update: Directional momentum is hard to come by
Volatility continues to fall across much of FX, with directional breaks hard to come by for the USD as support levels have continued to hold. The low volatility creates long term opportunities for long volatility exposure, but the short term unwillingness to commit in any direction makes for a treacherous market as it feels like we are all awaiting an unknown catalyst.
Market Quick Take - May 20, 2020
US equity markets probed new highs for the cycle yesterday, but the move was rejected in late trading yesterday, though the action overnight has seen what seems the inevitable bounce. Today sees the release of the latest FOMC meeting minutes, though these are not hotly anticipated. Instead, we are focusing on the key technical resistance levels for equities and support levels for the US dollar.
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