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Message: [QUOTE="HFM, post: 220898, member: 32345"] [b]Date : 29th May 2023. Market Update – May 29[/b] [URL='https://analysis.hfm.com/wp-content/uploads/2023/02/daily-market-update.png'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/02/daily-market-update-696x364.png[/IMG][/URL] The [B]USDIndex [/B]retreated to 103.97 on news that Biden struck a deal with Republican House Speaker Kevin McCarthy that would raise the US debt ceiling and prevent an unprecedented default in early June. It still must pass the [B]House[/B] and [B]Senate. US and UK[/B] are closed for a [B]holiday[/B] today, while Chinese stocks in Hong Kong extend their slump, amid concerns on geopolitics and slow recovery in China. [B]Overnight[/B] – In an interview for WSJ, [B]Kissinger[/B] (Former US Secretary of State) stressed that a ‘problem’ in the South China Sea could serve as a reason for the armed conflict between US and China. [LIST] [*][B]FX [/B]– [B]USDIndex [/B]has pulled back to [B]103.94[/B]. [B]EUR[/B] rebounded from [B]1.07[/B] to [B]1.0739[/B]. [B]JPY [/B]spiked to 140.92 before reverting to PP at [B]140.23[/B]. [B]Cable [/B]up again to [B]1.2371 [/B]but still within range. [B]Turkish lira falls[/B] after warnings from Washington regarding Erdogan’s win (as unorthodox policy, characterised by low interest rates, restrictive foreign currency regulations and high inflation will continue). [*][B]Stocks – [/B]Wall street, Asia and European Stocks up for the day.[B] JPN225 is at its highest level since July 1990. [B]NASDAQ[/B] (+0.5%), Topix and ASX200[/B] both rose about 1%, while [B]Hang Seng[/B] and [B]CSI300[/B] are down by 0.3 and 0.6% respectively. [B][URL='https://www.bnnbloomberg.ca/world-s-most-valuable-chipmaker-nvidia-unveils-more-ai-products-after-184-billion-rally-1.1926067']NVDA[/URL] [/B]+2.54% unveils more AI products post spectacular result on Thursday and the $184 billion rally. Currently the world’s most valuable chipmaker (worth $939.3 billion). [B]DAX[/B] and [B]FTSE 100[/B] futures are up 0.4% and 0.7% respectively. [/LIST] [URL='https://analysis.hfm.com/wp-content/uploads/2023/05/2023-05-29_09-07-45.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/05/2023-05-29_09-07-45.jpg[/IMG][/URL] [LIST] [*][B]Commodities – USOil – extends[/B] gains after US officials agree on tentative debt deal, i.e. at [B]73.60. UKOIL[/B] climbed to 77.47. [*][B]Gold –[/B] steady ahead of vote in congress for the debt ceiling at $1946. [*][B]Cryptocurrencies [/B]– [B]BTC[/B] spiked to $28430. [/LIST] [B]Today – This week the US employment report will help determine whether the FOMC will hike or pause in June. China’s PMIs will give clues on the sputtering economy. [/B] [URL='https://analysis.hfm.com/wp-content/uploads/2023/05/2023-05-29_10-35-55.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/05/2023-05-29_10-35-55.jpg[/IMG][/URL] [B]Biggest FX Mover[/B] @ (06:30 GMT) [B]BTCAUD [/B](+4.26%) rallied 43519. MAs flattened, MACD histogram & signal line positive but steady, RSI 70 & neutral, H1 ATR 235.56, Daily ATR 988.59. [b]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/b] Click [url=https://www.hfm.com/hf/en/trading-tools/economic-calendar.html][b]HERE[/b][/url] to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click [url=https://www.hfm.com/en/trading-tools/trading-webinars.html][b]HERE[/b][/url] to register for FREE! [url=https://analysis.hfm.com/][b]Click HERE to READ more Market news.[/b][/url] [b] Stuart Cowell Head Market Analyst HFMarkets Disclaimer:[/b] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]

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