GBP/USD: the asset updates the local maximum
The British currency is showing strong growth against the US dollar at Asian auctions, consolidating at a loss of 1.2550, developing upward dynamics, reaching a maximum on May 5.
A positive factor for the pair is the build-up of corrective forecasts from USD bidders due to Treasury bonds that are losing positions. Investors continue to win back the data released last Friday, which turned out to be cautiously optimistic, surpassing the negative expectations of experts. According to publications, the sales index in the retail segment increased by 1.4% in April, after a correction of 1.2% last month, contrary to economists' forecasts of a 0.2% drop. The indicator for the year recorded a decrease of 4.9%, against an increase of 1.3% in March, and contrary to expectations of a bolder decline of 7.2%. The sales indicator, without taking into account fuel, increased by 1.4% on average for the month, showing a correction of -6.1% for the year, contrary to forecasts of a fall of 0.2%, and 8.4%.
- Resistance levels: 1.2600, 1.2674, 1.2800, 1.2900.
- Support levels: 1.2500, 1.2400, 1.2250, 1.2163.
EUR/USD: the prospect of a local correction
EUR/USD is testing the 1.0590 mark, holding the correction trend.
During the session on Friday, the euro gained moderate support due to the release of statistics, in general, which turned out to be better than expected. According to the data, German producer prices in April lost about 2.8%, exceeding analysts' expectations, suggesting a correction to 1.4%, and the annual level reached 33.5%, which is better than expectations of 5%. The CCI indicator in the EU was fixed at the level of 21.1 points in May terms, being more positive than the indicator of 22.0 points last month. Meanwhile, there is a possibility of changing the positive picture already in the current day due to the release of statistics on the German IFO in May, according to which a decrease from 9.8 points to 91.4 points is allowed. The index of business expectations may also be under correction from 86.7 points last month to 83.5 points in the present.
- Resistance levels: 1.0627, 1.0850.
- Support levels: 1.0496, 1.0287.
Gold prices
The price of the precious metal continues its positive growth dynamics from the start of trading this week, having updated the corridor peak from May 12. The asset has reached the level of 1850.00.developing the prospect of further growth, due to the absence of probable resistance factors. Strong support for gold is provided by the US currency, which is actively losing positions in the currency markets, being under pressure from weak data released last week. Fears in the market are also fueled by the loss of interest income from US Treasury securities. Nevertheless, bidders are betting on the publication of the minutes of the US Federal Reserve meeting held in May. Investors expect, after studying the documents, to confirm their forecasts regarding the continuation of the policy of the "hawks" in the matter of further tightening of monetary parameters.
The BTC cryptocurrency market overview
is holding the movement, developing a long-term downward trend, trying to gain a foothold only a little a week earlier in the price range of 28700-31000.
The first shock of investors to the fall of the UST stablecoin and the LUNA token has passed, allowing monetary factors to once again correct market sentiment, creating the necessary price balance, preventing strong price volatility. The stock market was under strong pressure amid expectations of the continuation of the policy of the "hawks" to further tighten monetary parameters from the US Federal Reserve, which affects the cryptocurrency market, because they are closely interrelated. Meanwhile, a sharp increase in the key indicator may lead to recessive processes in the US economic sphere, as the chairman of the US Central Bank, J.P., said earlier. Powell. Market participants, against the background of such a situation, will probably turn to electronic assets again, wanting to save their capital. A number of reputable experts are now making bold predictions that the crypto market may continue the downward trend. So, according to the statement of Galaxy Digital CEO Mike Novogratz, cryptocurrencies may fall in price by 70% in the medium term.
- Resistance levels: 31500.00, 34375.00, 37500.00.
- Support levels: 28125.00, 25000.00, 21875.00.