Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The vast majority 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.

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

MARKET ANALYSIS

Cutting-Edge Market Commentary for Informed Strategy Making

DAILY MARKET REPORT

Friday, JUNE 03, 2022

All market eyes are on the May U.S. nonfarm payrolls report, which is expected to show continued strong hiring. OPEC+ delivered on expectations of a production increase at their meeting yesterday, planning to raise production by 50% in July and August. The price of West Texas and Brent Crude oil dropped in early trading, down 0.6% and 0.5% respectively. That oil only dropped that much suggests either this was indeed already expected, or that a number of other factors - Shanghai's lockdown ending, a U.S. inventories draw, and the European embargo on Russian oil - could continue to support oil prices in the months ahead. German exports rose more than forecast in April, as Europe's biggest economy relied on trade with the United States and the euro area to recover from the initial impact of the war in Ukraine, government data showed on Friday.

AUD/USD

AUD/USD is trading above 0.7240 ahead of the release of the latest employment report in the US. The market's reaction may be mixed, but the preservation of yesterday's positive sentiment might lead to a further price increase. On the other hand, a change might lead to a decline. The pair is likely to be under pressure today. In that case, if it drops below 0.7240 will trigger a further fall to 0.7175.

XAUUSD

Gold Price is keeping its range below a stack of healthy resistance levels around $1,870. A sense of caution prevails, in the face of the recent series of disappointing US economic data. The next stop for bulls is seen at $1,878 while on the flip side, if the corrective mode extends, then sellers could gear up for a sustained break below strong support at $1,862.

USDCAD

USDCAD lost the batt on Thursday and tumbled to a three-week low of 1.2556 after two days of waiting to cross above the line and the 1.2653 resistance. The price is currently trading near a familiar constraining zone, which has been frequently limiting upside and downside moves around 1.2565 for more than a year now.

 

 

*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.

 

 


DEPOSIT METHODS

Deposit Methods 1
Deposit Methods 2
Deposit Methods 3
Deposit Methods 4
Deposit Methods 5

Copyright © 2023 - All rights reserved.

SohoMarkets (Cyprus) is a Trade name of Vstar & Soho Markets Ltd which is registered as a Cyprus Investment Firm (CIF) and licensed by the Cyprus Securities and Exchange Commission (CySEC) under licence number 409/22.

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

Vstar & Soho Markets Ltd. provides services to residents of the European Economic Area (excluding Belgium), Switzerland, India, Indonesia, Malaysia, Philippines and Vietnam.

CLIENT AGREEMENT (TERMS AND CONDITIONS) CLIENT CATEGORISATION POLICY Complaints or Grievances Policy Conflicts of Interest Policy Cookie Policy Investor Compensation Fund Key Information Document COMMODITIES CFD Key Information Document CRYPTOCURRENCIES CFD Key Information Document FX CURRENCIES CFD Key Information Document INDICES CFD Key Information Document ENERGY CFD Key Information Document METALS CFD Key Information Document STOCKS CFD Order Execution Policy Privacy Policy Risk Disclosure