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Message: [QUOTE="HFM, post: 220984, member: 32345"] [b]Date : 31st May 2023. Market Update – May 31 – Last Day of May.[/b] [URL='https://analysis.hfm.com/wp-content/uploads/2020/08/daily-market-update.png'][IMG]https://analysis.hfm.com/wp-content/uploads/2020/08/daily-market-update-696x364.png[/IMG][/URL] [B]Treasuries rallied with rising hopes that the debt deal will be signed off by Congress. Wall Street finished mixed[/B] after opening in the green, extending Friday’s AI inspired pop on additional strength from [B]Nvidia[/B] which saw its market cap briefly top $1 tln. [B]China’s service sector expanded rapidly[/B] in May but [B]factory activity contracted[/B], implying an uneven recovery and boosting concerns for a slow recovery. [B]German import prices were down -7.0% y/y.[/B] PPI numbers also came in weaker than anticipated and the data adds to signs that inflation pressures are dropping fast. So far the central scenario remains that the [B]ECB will be hiking rates again[/B] in [B]June[/B] and [B]July,[/B] but if confidence data doesn’t improve and credit growth deteriorates further, the July hike could still be cancelled. [B]FT[/B]:”[I] A group of Republicans led by Pennsylvania congressman Scott Perry said on Tuesday they would “do everything” in their power to block the deal, casting doubt on whether Congress would pass the debt ceiling deal agreed on Saturday by the default deadline[/I].” [LIST] [*][B]FX [/B]– [B]USDIndex [/B]has rebounded to [B]104.19[/B] on Fed expectations, after dipped to [B]103.87[/B]. [B]EUR[/B] dips to [B]1.0683[/B], [B]JPY [/B]pulled back to [B]139.30[/B] and [B]Cable[/B] fell 0.2% to [B]1.239[/B]. [*][B]Stocks –[/B] [B]Hang Seng[/B] dropped more than 2% post PMIs from China, the [B]US500[/B] and [B]US100 both[/B] fell 0.3%. #[B]Nvidia[/B] +2.99%, #[B]Tesla[/B] +4.14% and [B]#GoldmanSachs[/B] (-0.36%) plans another round of job cuts amid dealmaking slowdown. [/LIST] [URL='https://analysis.hfm.com/wp-content/uploads/2023/05/2023-05-31_10-19-26.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/05/2023-05-31_10-19-26.jpg[/IMG][/URL] [LIST] [*][B]Commodities – USOil[/B] has dropped and reversed gains. Currently at [B]$69. [/B]China’s recovery continues to look lackluster and Russian oil continues to reach world markets, which coupled with growth concerns has been keeping a lid on prices. Meanwhile Saudi Arabia’s Energy Minister has kept the option of another output cut on the table ahead of the OPEC+ meeting on June 4, although Russian Deputy Prime Minister Alexander Novak stated that he anticipated no new measures from the group. [*][B]Gold –[/B] has moved higher to $1964, as Treasuries rallied. [*][B]Cryptocurrencies [/B]– [B]BTC[/B] drifted to 26946 which is also S3. [B]Barrons[/B]: [I]Bitcoin miners appear to have dodged a bullet, as Congress’ draft debt-ceiling bill doesn’t include the heavy crypto tax that the White House had proposed.[/I] [/LIST] [B]Today – [/B]HCPI & CPI from Germany, Canadian GDP and lots of Fedspeeches from Bowman, Harker and Jefferson. [URL='https://analysis.hfm.com/wp-content/uploads/2023/05/2023-05-31_10-24-53.jpg'][IMG]https://analysis.hfm.com/wp-content/uploads/2023/05/2023-05-31_10-24-53.jpg[/IMG][/URL] [B]Biggest FX Mover[/B] @ (06:30 GMT) [B]EURUSD (-0.51%) [/B]drifted to 1.06716. MAs aligned lower, MACD histogram & signal line turned negative, RSI 29 & falling, H1 ATR 0.00106, Daily ATR 0.00595. [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] Andria Pichidi 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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