13.05.24 - 17.05.24
Results of the previous week
| HG +5.70 | XAGUSD +5.28% | VIX +1.47% |
COCOA -17.02% | CORN -2.10% | FDAX -0.90% |
US stock indices primarily rose last week thanks to large companies' positive Q1 earnings reports, which exceeded analysts' forecasts and contributed to the rise in stock prices.
The forex market saw mixed dynamics. The dollar weakened against the euro and pound but strengthened against the Japanese yen. The dollar's decline against European currencies was partly due to weak US purchasing manager index (PMI) data. The Australian dollar strengthened after the release of consumer price index data that exceeded the Reserve Bank of Australia's inflation target.
Brent crude oil prices remained in a narrow range between $86.60 and $87.50 a barrel. Reduced concerns about a possible escalation of the conflict in the Middle East put pressure on stock prices. Oil prices didn't drop because of an unexpected drop in US crude inventories and a weaker US dollar following the release of PMI data.
Key events of the current week
The US. FOMC Minutes | DATE 22.05 | GMT | FORECAST | PREV. | IMPORTANCE |
On Wednesday, the Federal Reserve will publish the Minutes of the last meeting. The regulator kept the rate at 5.5% due to stabilization of inflation at a relatively high level of 3.5%. Confirmation of the willingness to keep the rate high for as long as necessary may temporarily support the dollar exchange rate, but negatively affect the dynamics of stock indices. Futures on the NASDAQ-100 index against this background may adjust to the level of 18,400 points. | |||||
GB. Retail Sales | DATE 24.05 | GMT | FORECAST | PREV. | IMPORTANCE |
On Friday, May 24, at 06:00 GMT, data on the growth rate of retail sales in the UK are expected. The consensus forecast is at +1.1%, compared with +0.8% a month earlier. An increase in consumer activity will be another signal for the Bank of England not to rush to raise the rate, which will negatively affect the position of the British pound. | |||||
The US. Michigan Consumer Sentiment | DATE 24.05 | GMT | FORECAST | PREV. | IMPORTANCE |
Data on the consumer sentiment index from the University of Michigan will be published on Friday. The indicator is expected to decrease to a value of 67.4, which indicates a deterioration in the population's assessment of the prospects for the economy. This is a negative factor for the dollar. Against this background, the USDJPY pair may make a correction to the area of the 154.60 level. | |||||
