Here is what you need to know about the important news between May 15th 2023 and May 19th 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 (DXY), which gauges the greenback vs. a basket of its main competitors, trades slightly on the defensive after hitting new 5-week highs around 102.75 on Monday.
After two consecutive daily upticks, including new multi-week highs near 102.80 recorded during early trade, the index now gives away some gains ahead of the opening bell in Euroland on Monday.
A tepid recovery in the risk complex, in the meantime, appears to put the dollar under some mild pressure at the beginning of the week despite US yields look poised to extend Friday’s bounce.
Gold
Gold price (XAU/USD) has retreated from $2,019.00 after a less-confident recovery move in the Asian session. The precious metal is expected to return to the psychological support of $2,000.00 as the US Dollar Index (DXY) has rebounded firmly.
Oil.
Oil prices retreated further in Asian trade on Monday after logging four straight weeks of losses amid concerns over slowing economic growth, with focus now turning to more economic data and a slew of Federal Reserve speakers this week.
Crude markets saw scant support as recent data pointed to worsening economic conditions in the U.S. and China – the world’s two biggest oil consumers. This pushed up concerns that oil demand will see a much slower-than-expected recovery this year, weighing on prices.
Stocks
In the week ahead, market participants will be closely monitoring, the NY Empire State and Philadelphia Fed manufacturing indexes, retail sales, industrial production, building permits, housing starts and existing home sales as well as key speeches from Bostic, Kashkari, Barkin, Cook, Mester, Barr, Logan, Jefferson, Williams, Bowman, and Powell.
Among earnings, companies scheduled to report quarterly results include Home Depot Inc, Take-Two Interactive Software Inc , Walmart Inc , Cisco Systems Inc, and Applied Materials Inc.
Economic calendar most important releases – All times are GMT
Monday, May 15, 2023
12:30 USD Empire State Manufacturing Index
Tuesday, May 16, 2023
06:00 GBP Claimant Count Change
12:30 CAD CPI m/m
12:30 CAD Median CPI y/y
12:30 CAD Trimmed CPI y/y
12:30 USD Core Retail Sales m/m
12:30 USD Retail Sales m/m
Wednesday, May 17, 2023
01:30 AUD Wage Price Index q/q
06:00 GBP BOE Gov Bailey Speaks
Thursday, May 18, 2023
01:30 AUD Employment change
01:30 AUD Unemployment Rate
12:30 USD Unemployment Claims
15:30 CAD BOC Gov Macklem Speaks
Friday, May 19, 2023
15:00 USD Fed Chair Powell Speaks
Thanks for reading! Have a great week!
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