Here is what you need to know about the important news between May 1st 2023 and May 5th 2023, where we take a look at the economic data, market news and headlines likely to have the biggest impact on the market prices this week and beyond, as well as the US Dollar, and other key correlated assets.
U.S. dollar index
The USD Index is struggling in extending its recovery above 101.80, however, the upside seems favoured as the pre-Fed anxiety is expected to kick in. One more interest rate hike announcement from Fed chair Jerome Powell is in the pipeline as US consumer spending is resilient and Employment Cost Index is not showing stagnation.
Gold
Gold Price (XAU/USD) holds lower grounds within a short-term trading range past $2,000 as holidays in multiple markets restrict the bullion’s moves as the key week begins. Even so, the US Dollar’s recent run-up, backed by upbeat US inflation clues, weighs on the Gold price. On the same line, the First Republic bank woes, hawkish Fed bets and downbeat China PMIs for April also exert downside pressure on the Gold price amid a sluggish start to the crucial week comprising multiple central bank monetary policy meetings and the US jobs report for April.
Oil.
Oil prices fell on Monday as jitters over the economic impact of the U.S. Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data were enough to outweigh support from new OPEC+ supply cuts taking effect this month.
Stocks
Financial markets portray a cautious mood while waiting for the key First Republic bidding results early Monday. Adding strength to the sour sentiment could be the fears emanating from recent hawkish Fed bets and fears of recession. However, holidays in China, the UK and Europe prod the traders and limit the moves as the key week comprising multiple central bank meetings and the US employment report begins.
While portraying the mood, the S&P 500 Futures snap a two-day uptrend near 4,185, making rounds to the highest levels in a fortnight, whereas the US 10-year and two-year Treasury bond yields seesaw around 3.45% and 4.05% after falling notably the previous day.
Economic calendar most important releases – All times are GMT
Monday, May 01, 2023
14:00 USD ISM Manufacturing PMI
Tuesday, May 02 , 2023
04:30 AUD Cash Rate
04:30 AUD RBA Rate Statement
11:20 AUD RBA Gov Lowe Speaks
14:00 USD JOLTS Job Openings
23:00 NZD RBNZ Gov Orr Speaks
Wednesday, May 03, 2023
12:15 USD ADP Non-Farm Employment Change
18:00 USD FOMC Statement
18:00 USD Federal Funds Rate
18:30 USD FOMC Press Conference
Thursday, May 04, 2023
12.15 EUR Main Refinancing Rate
12.15 EUR Monetary Policy Statement
12.45 EUR ECB Press Conference
16.50 CAD BOC Gov Macklem Speaks
Friday, May 05, 2023
12.30 USD Non-Farm Employment Change
Thanks for reading! Have a great week! 
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