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16/05/2023 - 08:52 UTCThe U.S. dollar fell slightly from a five-week high seen on Monday after a period of strength, with the USDX ending the day slightly above 102.00. After steadily climbing against the South African rand, the USD/ZAR pair ended the session with a 0.90% loss. The USD/CNH, the USD/MXN also had losses by 0.14% and-0.85% respectively while the pair USD/INR had a minor gain by 0.13%. The Turkish lira marked record levels of decline recently against the US dollar, with the USD/TRY pair recording levels of 19.71 as the Turkish presidential election is set for a runoff ballot later this month, after neither President Tayyip Erdogan nor his opposition rival Kemal Kilicdaroglu cleared the 50% threshold needed to avoid a second round in Sunday’s vote.
All three main stock market indices in the U.S were trading in a tight range, eventually showing some minor gains on Monday as debt ceiling negotiations continue between congressional leaders and President Joe Biden. The US Tech 100 and US 500 gained 0.68% and 0.36% respectively while US 30 ended slightly above the last session with a 0.16% gain.
Bitcoin and Ethereum led cryptocurrency prices higher Monday to recover some of their losses from last week. Bitcoin traded around $27,400 Monday, rebounding from its two-month low near $26,300 Friday. Ethereum bounced back to $1,825 Monday from its Friday low of $1,749.
Ahead in Tuesday's session, market participants will be closely monitoring UK unemployment rate, the German ZEW Economic Sentiment US retail sales, industrial production, and business inventories, the Canada Core Consumer price index and the speech of European’s central bank president.
The euro continues to recover against the dollar on Tuesday, with the EUR/USD pair gaining moderately by 0.19% as investors remain on the side-lines ahead of a busy economic calendar later today.
Reports from Eurostat on Monday showed that industrial production in the 20 countries sharing the euro fell by 4.1% month-on-month in March for a 1.4% year-on-year decline. Economists polled by Reuters had expected a 2.5% monthly decrease and a 0.9% year-on-year gain.
Market participants will be watching closely on Tuesday's economic docket, highlighting the flash Eurozone Q1 GDP print and German ZEW Economic Sentiment. Later in the day, the U.S. will report on US retail sales, industrial production, and business inventories.
Gold starts the week on the front foot after testing $2k support in the last couple of sessions, ending the session with a 0.24% gain.
The highlight of the week comes on Friday when Fed chair Jerome Powell is scheduled to speak at the Thomas Laubach Research Conference. This week’s Fed commentary will be closely followed by investors for any clues about the central bank’s intentions going forward.
Oil prices found some support in Asian trade on Tuesday, extending gains from the prior session as the U.S. government confirmed plans to begin refilling its Strategic Petroleum Reserve (SPR). The Department of Energy (DOE) said on Monday that it will purchase up to 3 million barrels of oil for the SPR, confirming speculation over the move following several media reports last week.
Despite the positive news pressure remains in the price of WTI, coming from a stronger U.S. dollar and signs of weak global growth that could drag down demand.
All three main stock market indices in the U.S were trading in a tight range on Monday, eventually showing some minor gains as debt ceiling negotiations between congressional leaders and President Joe Biden continue.
The financial sector was the top-performing with hard-hit regional bank stocks including PacWest continuing to recover from this year's sharp losses.
On a negative note, House Speaker Kevin McCarthy said on CNN he was "far apart" from President Joe Biden in reaching a deal to raise the country's $31 trillion debt limit. Talks aimed at breaking the debt-ceiling stalemate in Washington are set to start again Tuesday.
In other news, investors will be closely monitoring retail sales and industrial production data, building permits, housing starts and existing home sales.
In the earnings front, among others, Home Depot Inc, Baidu, Tencent Music Entertainment are due to publish quarterly results.
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