EUR/USD: the asset receives positive signals
The euro zone currency is consolidating its position in the growing dynamics, trading against the US dollar thanks to positive macroeconomic statistics released earlier. The tool is testing the 1.0739 mark.
According to publications, the business and consumer confidence index in the EU countries showed a moderate increase in May from the previous 104.9 to 105.0 points, and CCI consolidated from -22.0 to -21.1 points. The German CPI increased 0.9%, surpassing April's 0.8%, rising in annual terms to 7.9% from the previous 7.4%. An important factor for the further dynamics of the euro today are publications on the situation on the employment market in Germany, according to preliminary estimates, where unemployment has decreased by only 4.0 thousand citizens, having decreased by 13.0 thousand the day before, which is a negative signal for experts.
- Support levels: 1.0625, 1.0353.
- Resistance levels: 1.0851, 1.1140.
USD/CAD: active decline due to European authorities
The USD/CAD trading instrument is trading in a strong correction, reaching 1.2660 due to pressure from rising oil.
The long negotiations between the alliance countries ended, as a result of which an agreement was reached to stop importing 2/3 of the volumes of raw materials, including crude oil, which were supplied from Russia to the eurozone countries, with the rare exception of supplies through the Druzhba pipeline, thus expanding sanctions due to the outbreak of war in Ukraine. According to preliminary estimates, by the end of 2022, Russia will lose its sales market, reducing supplies by 90%, at the same time, sources report that work is already actively underway to reduce dependence on Russian coal and gas. The new restrictions will not affect the Hungarian economy, due to the strong dependence on imports of petroleum products from the Russian Federation. As a result, oil price tags immediately rose to $ 122 per barrel of Brent, reducing the USD/CAD pair to 1.2660.
- Resistance levels: 1.2885, 1.2950, 1.3065.
- Support levels: 1.2660, 1.2460, 1.2430.
Gold prices
The price of gold does not show a single dynamics during the Asian trading session, without departing from the indicator of 1850.00.
The tool is supported by the news background from China, where enterprises are preparing to resume production facilities in the industrial center of Shanghai with might and main from the first days of summer. Quarantine easing in other regions of the country also provides support. The level of demand for "safe" gold is provided by the geopolitical tension due to Ukraine, which is a key growth factor in the present time. Meanwhile, attention was drawn to the Persian Gulf, in which several ships sailing under the flags of Greece were captured by the Iranian military. Meanwhile, speculators maintain interest in the banking metal by keeping the topic of a break in the gradual tightening of the monetary parameters of the US Federal Reserve in the attention of investors.
Cryptocurrency market overview
ETH positions have been showing steady growth since the beginning of the trading week, testing the 1960.00 mark.
The ETH cryptocurrency receives positive signals on expectations of switching to new Proof-of-Stake (PoS) algorithms in the short term. According to Tim Beiko, a key developer, Ropsten networks are already actively being tested for the ability to "move" to Proof-of-Stake, which will happen by June 8. This will make it possible to merge the Ethereum 2.0 and Ethereum platforms, identifying problems at the technical level, giving an understanding of how the improvement will show itself in adapting to current customer applications. If the experiment turns out to be successful, then the timing of the complete replacement of the network with PoS and the main platform of the Ethereum token will be announced. Market participants are waiting for such modernization, increasing the number of transactions for free ETH on the sites. In the current month, the capitalization of the cryptocurrency has adjusted to 20.36 million from 20.45 million dollars. At the beginning of this week, there was a huge risk of corrective processes in the markets due to the information that the crypto-hedge fund of Singapore Three Arrows Capital issued an additional 32 thousand ETH, the amount of which amounted to 60 million. dollars, which happens in advance of asset sales processes. At the same time, the fundamental factors for cryptocurrencies are positive.
- Resistance levels: 1960.00, 2187.50, 2500.00.
- Support levels: 1750.00, 1562.50, 1250.00.