MARKET REPORT
– Top Orange Juice Supplier sees worst crop in 36 years (seriously)
Review:
– Gold UP, Dollar/Stocks up small, Crypto/Crude down
– 700 Hotel union workers launch strike in Vegas
– Novavax stock doubles on Sanofi deal
– ECB Minutes increasing prop of cuts yet highlights caution/concerns
– CAD economy adds most jobs in 15 months/ CADUSD at 1 month high/TSX all-time high
– US Consumer sentiment falls to 6 month low 67.4 May vs 77.2 April (Exp 76! Biggest miss on record!)
– Fed Governor Michelle Bowman (Fed should proceed) “carefully and deliberately”
– Federal Bank of Dallas President Lorie Logan (there are) “uncertainties about how restrictive policy is…”
– Market odds suggest a 62% chance of a rate cut in September and 75% in November. (Key CPI and PPI reports next week will offer insights).
– Two BoE policymakers signaled support for a rate reduction
– The ECB is expected to lower borrowing costs in June (cut)
DOLLAR DX UNCH: 105.17 UNCH (105.01 – 105.27) MID
– AUD down: 66.04 -0.2% (65.97 – 66.23) MID
– EUR up: 92.84 +0.1% (92.66 – 92.90) Off HIGHS
– GBP UNCH: 125.24 UNCH (125.41 – 125.04) MID
– JPY up: 155.75 +0.2% (155.52 – 155.89) MID
GOLD UP: $2370 1.3% ($2357 – $2384) MID
DOW/ES/ND UNCH: 39615 +0.2%, 5242 UNCH, 18244 +0.16%
CRYPTO: BTC/ETH down: -3.14 60585, -4.22% 2891
CRUDE down: $78.20 -1.2% ($79.93 – $78.19) LOWS
Upcoming:
NEXT WEEK: US CPI & PPI! Retail Sales, Indust Produc, Import/Export prices, housing starts & Build Permits.
China data
UK unemployment
AU Employment!
Speakers:
Multitude
EARNINGS:
Home Depot, Cisco, Walmart, Deere & Company
GOLD & SILVER:
Faltering consumer confidence (see above) continued traders firming odds for cuts which followed yesterdays bid tone for the yellow metal hedge. Silver followed coattails up smalls.
GOLD UP: $2370 +1.29% ($2350 – $2380) MID
CRYPTO
– 11% slump from 73,750 (All-time high) attributed to rise in geopolitical crisis
– IShares Bitcoin Trust (IBIT) amassed about $1.62 billion in April, despite the slump in bitcoin price
– The streak of 71 consecutive days of inflows into IBIT ended in April, yet it is still poised to become the largest spot Bitcoin ETF.
– Currently, IBIT has an asset base of over $17 billion
Case for higher BTC pricing:
– BTC Halving
– BTC ETF’s add to BTC stability (regulation and accessibility)
– Inflation hedge (Issue of BTC is fixed vs FIAT ‘unlimited’
– Wealth Effect: over a decade, crypto windfalls increased household consumption by $30 billion per a study
KEEP DOING WHATS WORKING
STOP WHAT ISNT.
Best of luck out there. Let the market come to you
We do our best to provide correct information and pricing. We do not accept liability on for error. All pricing listed has been taken care and checked but no liability assumed in error.
As ALWAYS, any advice given is general in nature and is not suited to each traders individual: situation/time-frame/goals/financial circumstance/risk profile/loss mechanics etc
We offer ideas for trades from time to time, we accept no liability for results, they are to be traded on your discretion and responsibility.
I can be contacted should anyone have any questions, input at [email protected] during US hours of EST 9am until 5pm
