Tuesday May 14th , 2024
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The USD and equity markets starts the day slightly higher, while oil and treasury yields move lower. After nearly a week of limited release of US economic data, the US will be providing the market with updated inflation figures – PPI today and CPI tomorrow.
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In other news.? In a surprise visit to Kyiv, Secretary of State Blinken tell Zelensky that US aid is on its way. Biden announces new tariffs on Chinese goods such as electric vehicles, semiconductors, and medical products to protect strategic sectors and punish China for unfair trade practice. Putin to make state visit to China in the latest show of unity. Israeli tanks forged deeper into eastern Rafah, reaching some residential.
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In currency news. The AUD retraces (down – 0.05%) its recent gains ahead of the Yearly Budget Release. The MXN (up 0.18%) meets resistance in its upwards climb and pulls back on growing concerns about the fragmentation of international trade that could especially hit export-based emerging-market economies like Mexico. The USD continues to remain strong against the Asian currencies – up 0.11% against the JPY and 0.04% against the CNY. The USD has strengthened against the ZAR (up 0.17%) in early morning trading.
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In commodity markets.?Oil prices are steady (up 0.09%) as the market awaits the release of US economic data. Gold price stabilizes (up 0.40%) in the as geopolitical risks continue to stoke demand for the safe-haven asset. While silver and copper moves respectively 0.85% and 1.8% higher in early morning trading, copper reaching a 2-year high. Wheat prices holds near a 10-month high (up 0.2%) as adverse weather threaten Russian supplies while soybeans fell 0.50%.
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Current level USD Index???????????????105.293 ? ? ? ? ? ?Up 0.07%
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The USD/CAD is stable in early morning trading ahead of US PPI release.
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Current level USD/CAD???????????????1.3669???????????? Up 0.03%
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The EUR/CAD remains in a very tight range at the start of the trading day trading near it’s 2024 highs.
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Current level EUR/CAD????????????????1.4755??????????? Up 0.05%
EUR/USD The upbeat investor sentiment index data from Germany fails to provide a boost to the Euro as investors await producer inflation data. ?
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Current level EUR/USD????????????????1.0792??????????? Up 0.06%
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GBP/EUR strengthen after the release of UK employment. The market is largely pricing an ECB rate cut next month with a further 2 possible cuts in 2024.
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Current level GBP/EUR???? 1.1627 (0.8597)????????Down 0.09%
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GBP/USD fell sharply after the release of the UK employment data. For the third month in a row, UK employer laid off workers.
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Current level GBP/USD????????????????1.2550 ???????????Down 0.08%
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Other ccy levels vs C$. GBPCAD 1.7157? AUDCAD .9038? CADCHF.6640?CADJPY 114.28? CADTHB 26.81? CADCNY 5.2901? CADNOK 7.9082?CADSEK 7.9481 CADDKK 5.0545? CADZAR 13.4525
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Other ccy levels vs USD. JPY 156.38? CHF.9076? AUD.6608 NZD .6018? CNY 7.2342 ?MXN 16.7741? INR 83.5013 ?PLN 3.9583 CZK 22.929 ZAR 18.3967? ILS 3.6729? AED 3.6728? KWD 0.30723
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Other Major X levels. EURCHF.9797? EURJPY 168.83? EURSEK 11.7259?EURNOK 11.6652 GBPCHF 1.1391? EURAUD 1.6331? GBPAUD 1.8989?AUDCHF.5992? AUDJPY 103.35? CHFJPY 172.32
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