FXTM information and reviews
FXTM
95%
OctaFX information and reviews
OctaFX
94%
XM information and reviews
XM
93%
FXCC information and reviews
FXCC
92%
Libertex information and reviews
Libertex
91%
FxPro information and reviews
FxPro
90%

European Futures Trade Higher, Here Is More


3 June 2022 Written by Naeem Aslam  AvaTrade Chief Market Analyst Naeem Aslam

European futures are trading higher while the US markets are closed today for a bank holiday. Trading volume in the stock market is likely to remain on the low side due to the absence of the US trading session. The Asian stock market mainly traded higher on the week’s first trading. The Nikkei index soared by 1.97%, while the HSI and KOPSI indices rose by 1.80% and 1.16%, respectively. The Shanghai index had a minor bump of 0.33%.

Currencies

The dollar index will be under focus this week as traders will be looking at several important events, such as the US NFP data, which will be released on Friday. The dollar index has started the week on a positive note, and it is trading at 101.63, which is still below the recent highs of 103. The Japanese Yen continues to consolidate around the 127 price mark. Traders believe that the USD/JPY could test its next resistance at 130.

This week, the Aussie dollar will likely see more retracement after the currency climbed to 0.73. The main event for the currency is the RBA’s interest rate meeting which will be taking place next week.

Oil

Oil prices continue to trade higher while traders keep an eye on the possibility of an embargo on oil. The EU has failed to reach an agreement to put an embargo, but speculators believe that they could hear more development on this matter today. Brent oil is trading above the $115 price level, a significant resistance level. The price has broken this resistance, which shows bulls may try to push the price to $120 per barrel.

Gold

Gold’s price is trading in positive territory for the second consecutive week. When it comes to the gold price, traders are looking at one thing and one thing only: the Fed’s monetary policy stance. So far, it is pretty clear that the Fed is on autopilot, and they will be increasing the interest rate by 50 basis points, supporting the gold price. However, the Fed’s monetary policy is data-dependent, and any weakness in economic numbers or higher inflation readings are likely to influence the dollar index and the gold price.

Cryptos

Bitcoin price seems to be picking up some positive momentum as the price is flirting with the 30K price level. Traders are keeping a close eye on crypto’s correlation with the stock market. During the past week, we did see higher moves in the stock market, but we didn’t see the same enthusiasm in the crypto market, which means the correlation between the two is under threat. 

Terra 2.0’s launch is an essential event for the industry after the massive collapse of Terra 1.0. It will be incredibly difficult for traders to believe in Terra 2.0, but speculators will be keeping a close on its price. Crypto traders were severely burned during Terra’s crash, and it is not going to be easy for its creator, Do Kwon, to win the community back again. 

#source

Share:


Related

The Euro rebounded from the low
The Euro rebounded from the low

After updating its multi-year lows again, the major currency pair rebounded. The current quote for the instrument is 0.9656. Last night, the local interest in risks improved a bit, helping the asset to successfully correct...

29 Sep 2022

Gold Shows Signs of Life, But Heads Towards Another Losing Month
Gold Shows Signs of Life, But Heads Towards Another Losing Month

The precious metal is largely considered as a hedge to inflation, but it has not confirmed this status during the current year. It did kick it off with a rally, but as the Fed begun hiking rates back...

28 Sep 2022

Forex and Cryptocurrencies Forecast for September 26-30, 2022
Forex and Cryptocurrencies Forecast for September 26-30, 2022

Last week, all the attention of the markets was focused on the FOMC meeting of the US Federal Reserve, which took place on September 21. The probability of another rate hike by 75 basis points (bp)...

26 Sep 2022

Trading the SPDR S&P 500 ETF Trust
Trading the SPDR S&P 500 ETF Trust

The Standard & Poor’s (S&P) 500 Index measures the market capitalisation of the top 500 US largest corporations. Many traders and investors use the S&P 500 Index as a benchmark...

23 Sep 2022

Gold pauses as traders await Fed decision
Gold pauses as traders await Fed decision

The anticlimactic performance of gold continues as the prospect of aggressive rate hikes by central banks around the world amid heightened inflationary pressures...

21 Sep 2022

Developing a forex trading plan: All you need to know
Developing a forex trading plan: All you need to know

All forex traders have different backgrounds, market views, risk appetite, thought processes and expectations. Therefore, traders should not just blindly follow what other traders do...

20 Sep 2022


Editors' Picks

HFM information and reviews
HFM
89%
IronFX information and reviews
IronFX
88%
FXCM information and reviews
FXCM
87%
NordFX information and reviews
NordFX
85%
Vantage information and reviews
Vantage
84%
FP Markets information and reviews
FP Markets
81%

© 2006-2022 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.