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[SF Monedge]

Internals in stocks are bid for the moment pre-next data.

[GVI Forex 2]

US 10 year is back to 4.50%

A combination of month-end and relief after data have created another whipsaw.

EURUSD (1.0872) would need to close above 1.0895 for an outside week key reversal. Otherwise, watch 1.0850 to set continue to the tone.

[SF Monedge]

Sterling is more bid and Euro more offered in my metrics this morning.

[Belgrade Bobby]

Incoming Data

Economic Data Calendar 

 

[Belgrade Bobby]

DXY: Dollar Index Pares Back Gains to Float Under 105 Ahead of Key Inflation Data

 

KEY POINTS:

·         Dollar index sinks below 105.00.

·         US GDP data slides below calls.

·         Fed’s inflation gauge coming up.

[Belgrade Bobby]

EURUSD Daily

Support 1.08400, 1.08200 & 1.08050

Resistance 1.08550, 1.08700 & 1.09000

If the pair reaches above 1.08550 , this will start to be a very Bullish formation…

[GVI Forex 2]

A look at the day ahead in U.S. and global markets from Mike Dolan

Wall Street looks set to end the shortened week slightly punch drunk, with Friday’s May inflation update set to be a decider after a slew of conflicting economic data signals and the latest election twist.

Morning Bid: PCE test for nervy markets

[GVI Forex 2]

USDCAD 4 HOUR CHART – OUTPERFORMING

Having failed to test 1.3743, USDCAD is testing its downside and so far an outperformer..

Whether month-end USD selling is a factor would only be a guess.

In any case, the bottom of the range is at 1.3590-136,14 with 1.3650 likely to set the tone as the day foes on.

As with other currencies, US PCE is the next key focus.

[GVI Forex 2]

EURUSD 4 HOUR CHART – MONTH END OR MORE?

EURUSD getting a boost out of its crosses (EURGBP, EURJPY) after holding above 1.08 earlier today.

On the upside, 1.0851 = 61.8% FIBO and 1.0859 is the key level as only above it would confirm the low is in.

As I noted, month-end flows can be a factor, especially in EURGBP, which is firmer.

How do we know there is a cross-flow?

EURUSD is a touch firmer and GBPUSD is a touch weaker.

Note, I have seen month-end flows reverse during the day so keep an eye on your charts

The key focus is on US PCE but expect month-end flows to take over on the approach to the 4 PM London fixing.

[GVI Forex 2]

USDJPY 4 HOUR CHART – Wasd there intrervention?

WHETHER IT WAS INTERVENTION OR NOT YESTERDAY, THE M OVE DOWN HAS PROVED SHORT-LIVED.

On the upside, 157.50-00 remains a nervous zone for the BoJ/MoF as a break of the top end would leave a void until the 160.16 high.

If the goal is to create a 2-way risk, USDJOY needs ti stay below 157.70.

nOTE WEAKER JPY IS EVIDENT ON ITS CROSSES (E.G. eurjpy, cadjpy, audjpy)

[Mtl JP]

brave new workld
–
An infamous hacking group claims that it stole the personal information of 560 million Ticketmaster customers …

[GVI Forex 2]

With US stocks up sharply during the month of May despite the current setbacks, theory says there should be dollar selling to rebalance forex hedges. As I explain in this article, this is not an exact science but something to be aware of as we trade for month end tomorrow.

So don’t trade with your head stuck in the sand. Just be aware of month-end rebalancing.

Have you ever heard of the term “month-end rebalancing?”

Have you ever heard of the term “month-end rebalancing?”

[SF Monedge]

Believe DX could challenge 105.10 from here, pricing some things in.

[Mtl JP]

lori logan says
–
May 30 (Reuters) – Dallas Federal Reserve Bank President Lorie Logan said on Thursday she believes inflation is still heading to the Fed’s 2% target, although she can imagine “other paths” that the Fed ought to be prepared for, and it is too early to consider cutting interest rates.
“I think there’s good reasons to think that we’re headed to 2% – we’re still on that path, perhaps a bit slower and a little bit bumpier than maybe many thought at the beginning of the year,” Logan said at an event in El Paso, Texas.
“But there’s a lot of uncertainty about that path. And I can imagine other paths that we need to be prepared for. And I continue to be concerned with upside risks around inflation.”

[Mtl JP]

williams says
–
Bloomberg
US Inflation Will Keep Falling With High Interest Rates, Says Fed’s Williams – Bloomberg
Federal Reserve Bank of New York President John Williams said he expects inflation to continue falling in the second half of this year,…

pretty well all wires ape-report same headline
my takeawya being that high interest , the fed has discoverd, is what allegedly will continue to crimp inflation rate

[Belgrade Bobby]

Dell Technologies Inc. (NYSE)

Down from high after hours almost 15% :O

[GVI Forex 2]

US500 4 HOUR CHART – 5200?

No change to what I posted yesterday

Looking across different time frames, the 5194 level (your chart level may differ but the red line should be in a similar spot) shows up, suggesting the 5200 area would be a target if this retracement picks up steam.

[Belgrade Bobby]

AMC Entertaining Holdings Inc.

Well this one is at least becoming entertaining …next stop at around 2.35…

[Belgrade Bobby]

GME GameStop Corp. (NYSE)

Still lingering….

[GVI Forex 2]

XAUUSD 4 HOUR CHART – SIDEWAYS?

What can I say about XAUUSD other than it is trading sideways?

This follows a test of 2325 support but the break did not go far.

Key levels are clear at 2303 and 2370.

Trade in between will be sideways with 2350 setting the intra-day tone.

[Author]

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