Here is what you need to know about the important news between May 22nd 2023 and May 26th 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 index starts the week mildly on the defensive, although still above the 104.00 barrier ahead of the opening bell in Euroland on Monday.
Indeed, the tepid bounce in the risk complex puts the buck under some pressure after market participants continue to digest the recently clinched deal around the US debt ceiling.
Gold
Gold price (XAU/USD) is facing fragile barricades around $1,945.00 in the Asian session. The precious metal is expected to move higher as the US Dollar Index (DXY) has retreated after a pullback move to near 104.20. The approval of a raise in the US debt-ceiling has pushed the USD index under pressure.
Oil.
Oil prices rose in Asian trade on Monday as U.S. lawmakers said they had reached a provisional agreement to raise the debt ceiling, with focus now turning to key Chinese data this week for cues on the world’s largest oil importer.
Top Democrat and Republican lawmakers said over the weekend that they had reached a tentative budget agreement to avert a potential debt default, which could have dire consequences for the global economy.
The deal is now set to face a vote in Congress before it is passed into law. But some members of the house expressed discontent with the deal and threatened to block it
Stocks
investors this week will be monitoring CB consumer confidence, JOLTS job openings, ADP nonfarm employment, ISM and Markit PMIs, average hourly earnings, and nonfarm payrolls data, as well as speeches from FOMC member Bowman, Harker, and the Fed’s Jefferson.
During Friday’s regular session the Dow Jones Industrial Average gained 328.7 points or 1% to 33,093.3, the S&P 500 added 54.2 points or 1.3% to 4,205.5, and the Nasdaq Composite gained 277.6 points or 2.2% to 12,975.7.
Economic calendar most important releases – All times are GMT.
Monday, May 29, 2023
Bank Holiday:
CHF, FRA, GER – Whit Monday
GBP – Summer Bank Holiday
US – Memorial Day
Tuesday, May 30, 2023
14:00 USD CB Consumer Confidence
23:00 AUD RBA Gov Lowe Speaks
Wednesday, May 31, 2023
01:30 AUD CPI y/y
All Day EUR German Prelim CPI m/m
12:30 CAD GDP m/m
06:00 GBP CPI y/y
14:00 GBP JOLTS Job Openings
Thursday, June 01, 2023
12:15 USD ADP Non-Farm Employment Change
12:30 USD Unemployment Claims
Friday, June 02, 2023
12:30 USD Non-Farm Employment Change
Thanks for reading! Have a great week!
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