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Oil prices remain supported in tight markets

25 May 2022 Written by Stuart Cowell  HF Markets Head Market Analyst Stuart Cowell

USD slipped again (USDIndex down a whole big number), Stocks rallied as Euro moved higher on rate hike expectations, Asian markets fell (Nikkei -0.97%) after Snap’s profit warning and US Futures are lower. Shanghai & Beijing tightening Covid rules, Biden no change to Taiwan policy. USDIndex down to 102.00 and 6th down day of last eight. Equities – USA500 +72 (1.86%) at 3973, US500FUTS at 3914 now. Snapped by Snap.

Overnight – JPY & AUD PMIs miss, NZD retail sales miss and hotter JPY Tokyo CPI all weighed. Eurozone PMIs disappointed. The German composite PMI unexpectedly improved, but that wasn’t enough to lift the overall Eurozone numbers. The S&P Global Composite PMI dropped to 54.9 from 55.8, with both manufacturing and services readings coming in weaker than anticipated and flagging a renewed deceleration in the pace of expansion. The recovery continues, but at a slower pace and with the balance of risks still tilted to the downside, thanks to the threat of cut off gas deliveries.

Today – EZ, UK & US Flash PMIs, US ISM Semi-annual Economic Forecast, Speeches from Fed’s Powell, ECB’s Lagarde & Villeroy. 

Biggest FX Mover @ (06:30 GMT) NZDJPY (-1.20%) Drifted to 81.79 from 82.80 highs. MAs aligning lower, MACD histogram turned negative however signal line remains above 0, RSI 29, OS & falling, H1 ATR 0.00208, Daily ATR 0.01413.




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