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<b> MARKET</b> ANALYSIS <b> MARKET</b> ANALYSIS

MARKET ANALYSIS

Cutting-Edge Market Commentary for Informed Strategy Making

DAILY MARKET REPORT

WEDNESDAY, JUNE 01, 2022

 

With recession risks linked to the inflation outlook, global investors did not take kindly to the fact that peak inflation is not behind us after the Eurozone headline CPI came far above expectations, driving global yields higher with the post-EU Russian Oil embargo oil bounce initially fanning those inflation fires. Oil group OPEC+ reportedly considering suspending Russia from supply deal. The dollar is a touch higher against most G10 and EM currencies but off its intraday tops after US yields dipped due to worse than expected US house price data which may negatively affect consumer spending. Meanwhile, public transportation will resume in Shanghai, and people can move freely starting from today, which should hopefully keep risk trading on an even keel.

XAUUSD

Gold has shed its position for the second day in a row, losing more than 1% during early European session, and that might be just the beginning of a new downside wave, which will potentially take the price down to $1820. However, investors and traders will likely consider the potential to outweigh the risks early on. On the other hand, if the yellow metal decides to reverse the next resistance level is at $1852.

WTI

West Texas Intermediate (WTI) is oscillating in a narrow range of $114.42-115.27 in the early European session. The black gold witnessed a steep fall on Tuesday after failing to sustain above a two-month high at $118.62.


AUDUSD

The AUD/USD pair attracted some buying during the early part of trading on Wednesday, albeit struggled to capitalize on the move and met with a fresh supply in the vicinity of the 0.7200 mark. The pair was last seen trading with modest intraday gains, around the 0.7180-0.7190 region, up over 0.20% for the day.

 

 

 

 

 

 

 

*The information presented above is intended for informative and educational purposes, should not be considered as investment advice, or an offer or solicitation for a transaction in any financial instrument and thus should not be treated as such. Past performance is not a reliable indicator of future results.

 

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RISK WARNING: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62.5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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