Daily Technical Analysis by Capital Street FX

TECHNICAL ANALYSIS REPORT TODAY – 06 MAY 2021
ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.16% to 3,441.86. Hong Kong’s Hang Seng Index was up about 0.20% to 28,493.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading up 1.67 per cent at 29,290.63 on Thursday, while the Australian Index S&P / ASX 200 fell 0.65 per cent to 7,049.71. South Korea’s Kospi was up by 0.61% to 3,167.98.
EUROPEAN MARKET:-
The FTSE MIB climbed up by 2.03% to 24,463.46 In the cash markets, the DAX futures Germany was trading 2.12% lower at 14,874.25. CAC 40 futures in France climbed down by 1.40% to 6,339.57, while the FTSE 100 futures in the U.K rose by 1.68% to 7,039.97, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.29% up at 34,230.38 the S&P 500 was up 0.07 to 4,167.29 and the Nasdaq 100 was down 0.37% at 13,582.03.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.04% at 1.3908. The USDJPY was up 0.14% at 109.33. The USDCHF was up 0.10% at 0.9137. EURUSD was up 0.02% at 1.2006, EUR/GBP was up 0.02% at 0.8634, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures rose 0.33% at $1,790.85. Elsewhere, Silver futures rose 0.57% to $26.672 per ounce, Platinum fell 0.10% at $1,228.05 per ounce, and Palladium was up 0.30% at $2,981.50.
Brent crude oil was up 0.38% to $69.22 barrel while U.S. West Texas Intermediate (CLc1) rose 0.24% at $69.21.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD rose 4.68% at $57,235.9 , Ethereum at 3,458.41 up by 5.45%, Litecoin at 336.791 up 1.13%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Unilever up 0.42 at 4,221.5 Apple Inc. up 0.20% at $128.10 , Amazon.com down 1.25 % at $ 3,270.31, TESLA Inc down 0.39% at $670.90, SAP down 0.81% at 115.720, Microsoft down 0.53% at $246.18 , Daimler down 0.30% at 72.195.
Economic news:
USA MARKET
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The White House has signaled privately to lawmakers and stakeholders in recent weeks that it supports taxpayer subsidies to keep nuclear facilities from closing and making it harder to meet U.S. climate goals, three sources familiar with the discussions told Reuters. New subsidies, in the form of “production tax credits,” would likely be swept into President Joe Biden’s multi-trillion-dollar legislative effort to invest in infrastructure and jobs, the sources said.
Wind and solar power producers already get these tax rebates based on levels of energy they generate. Biden wants the U.S. power industry to be emissions free by 2035. He is asking Congress to extend or create tax credits aimed at wind, solar and battery manufacturing as part of his $2.3 trillion American Jobs Plan.
The United States leads the world with more than 90 nuclear reactors, the country’s top source of emissions-free power generation. Yet aging plants have been closing due to rising security costs and competition from plentiful natural gas, wind and solar power, which are becoming less pricey.
“There’s a deepening understanding within the administration that it needs nuclear to meet its zero-emission goals,” said a source engaged in the talks and familiar with the White House thinking.
The White House had no comment. New York state’s Indian Point nuclear power plant, owned by Entergy Corp , closed its last reactor on April 30. In Illinois, Exelon Corp has said it might close four reactors at two plants by November, if the state does not implement subsidies.Nuclear plants provide thousands of union jobs that pay some of the highest salaries in the energy business. Biden’s allies in building trades unions have lobbied for the production tax credits.
The credits also have the support of Democratic Senator Joe Manchin from the energy-rich state of West Virginia, two of the sources said. He holds outsized power in the evenly divided Senate because he can block his party’s agenda.
EUROZONE:-
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The Bank of England will say on Thursday that Britain’s economy is heading for a much stronger recovery this year than it previously expected and it might start to slow its pandemic emergency support.
The BoE forecast in February that the world’s fifth-biggest economy would grow by 5% in 2021, having slumped by 10% in 2020.
That was a bigger hit than in most other European economies after Prime Minister Boris Johnson was slower to impose a coronavirus lockdown and had to keep it in place for longer in an economy heavily reliant on face-to-face consumer services.
But many economists say Britain is now set to grow by more than 7% this year, boosted by its fast COVID-19 vaccinations.
The BoE will announce its latest forecasts at 1100 GMT when it is also expected to keep its benchmark interest rate and its bond-buying programme unchanged, for now.
“There’s a growing sense that the UK is finally on the way out of the pandemic, and with that comes an increased focus on the Bank of England’s future tightening plans,” analysts at ING said in a note to clients. “Indeed, we think the Bank may announce some tapering of its quantitative easing programme.”
The BoE is spending 4.4 billion pounds ($6.12 billion) a week on its bond-buying programme, having cut the benchmark rate to an all-time low of 0.1% in March last year.
That pace might slow to 3.2 billion pounds a week to allow the quantitative easing programme, currently capped at 895 billion-pounds, to last until the end of the year, analysts at Bank of America said.
Such a move would represent a moderate step towards the moment when the BoE begins to reverse its emergency stimulus.
Most economists polled by Reuters last month pencilled in a first rate hike only in 2023.
On Wednesday, investors were pricing in a small 15 basis-point increase in rates by September of next year.
EARLY SIGNAL?
“The Bank of England remains a long way off tightening monetary policy, but could be one of the first central banks to signal it’s thinking about it,” Shamik Dhar, chief economist at BNY Mellon Investment Management.
The Bank of Canada last month said it could start to raise rates by late 2022 and it pared back its bond-buying.
The BoE is treading more cautiously. It said in February it was starting to work on its messaging about how it might tighten monetary policy in the future.
Governor Andrew Bailey has signalled the BoE might start to shrink its massive bond stockpile earlier than it had outlined under his predecessor Mark Carney. That 2018 scenario foresaw no bond sales until the BoE’s benchmark reached 1.5%, a distant prospect now.
Despite the revival of Britain’s economy – retailers and restaurants reopened last month and most restrictions are due to be lifted by the end of June – a big test awaits in September.
That is when finance minister Rishi Sunak is due to finish phasing out a job support programme, the centrepiece of a public spending splurge that has left Britain with record peacetime borrowing.
With unemployment likely to rise, analysts at Citi expect the BoE to resort to a further 50 billion-pound increase to its bond-buying programme in late 2021.
The BoE is also keeping a close eye on how frictions on trade with the European Union weigh on growth. And an election for Scotland’s devolved parliament on Thursday could strengthen calls from nationalists for a new independence referendum that would create fresh political uncertainty for Britain’s economy.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 07 MAY 2021
ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.48% to 3,424.86. Hong Kong’s Hang Seng Index was up about 0.23% to 28,658.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading up 0.10 per cent at 29,360.63 on Friday, while the Australian Index S&P / ASX 200 rose 0.20 per cent to 7,075.71. South Korea’s Kospi was up by 0.64% to 3,199.98.
EUROPEAN MARKET:-
The FTSE MIB climbed up by 0.13% to 24,495.46 In the cash markets, the DAX futures Germany was trading 0.17% higher at 15,196.25. CAC 40 futures in France climbed up by 0.28% to 6,357.57, while the FTSE 100 futures in the U.K rose by 0.52% to 7,076.97, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.93% up at 34,548.38 the S&P 500 was up 0.82% to 4,201.56 and the Nasdaq 100 was up 0.37% at 13,632.03.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.12% at 1.3902. The USDJPY was up 0.09% at 109.19. The USDCHF was up 0.11% at 0.9080. EURUSD was down 0.06% at 1.2058, EUR/GBP was down 0.16% at 0.8673, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures rose 0.18% at $1,819.85. Elsewhere, Silver futures fell 0.21% to $27.418 per ounce, Platinum fell 0.32% at $1,253.05 per ounce, and Palladium was up 0.55% at $2,964.50.
Brent crude oil was up 0.51% to $68.47 barrel while U.S. West Texas Intermediate (CLc1) rose 0.51% at $65.06.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD fell 0.75% at $56,129.9 , Ethereum at 3,444.41 up by 1.60%, Litecoin at 365.791 up 11.36%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Unilever up 1.97 at 4,304.5 Apple Inc. up 1.28% at $129.74 , Amazon.com up 1.10 % at $ 3,306.31, TESLA Inc up 1.10% at $663.54, SAP down 0.81% at 115.720, Microsoft down 0.53% at $246.18 , Barclays up 0.19% at 177.10.
Economic news:
USA MARKET
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U.S. President Joe Biden said a corporate tax rate between 25% and 28% could help pay for badly needed infrastructure, suggesting he could accept a lower rate than what he has proposed in his search for Republican support for the funding.
“The way I can pay for this, is making sure that the largest companies don’t pay zero, and reducing the (2017 corporate) tax cut to between 25 and 28” percent, Biden said during a visit to Lake Charles, Louisiana.
In his $2.3 trillion infrastructure plan, the Democratic president initially proposed raising the corporate tax rate from 21% to 28%. Tax experts and congressional aides told Reuters in April that a 25% rate would be a likely compromise.
“What I’m proposing is badly needed” and will be paid for, said Biden, dismissing the “trickle down” theory that helping businesses and the wealthy will benefit those farther down the economic ladder. “We’ve got to build from the bottom up and the middle out.”
Behind Biden as he spoke was the Calcasieu River Bridge, a structure built in 1952, which he said was 20 years past its expiration date. Bumper-to-bumper traffic crawled across it.
“That’s a recipe for disaster,” Biden said of the crowded bridge.
Later, he stopped in New Orleans to tour the Sewerage & Water Board’s Carrollton Water Plant and discuss the need for spending on water infrastructure.
The U.S. corporate tax rate dropped to 21% from 35% after the 2017 tax cut pushed by then-President Donald Trump and his fellow Republicans, but many big U.S. companies pay much less.
Biden’s visit to storm-battered Louisiana, which has backed Republican presidential candidates for the past 20 years, is part of his “Getting America Back on Track Tour” to promote a $2.25 trillion infrastructure spending plan and a $1.8 billion education and childcare proposal.
His push to spend more federal money on schools, roads, job training and other public works, and to tax the wealthiest Americans and companies to pay for it, is popular with voters of both parties. But the plans face stiff opposition from Republican lawmakers.
EUROZONE:-
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The French government will take a decision in September on whether to top up its 100 billion euro ($120 billion) economic stimulus plan, French Finance Minister Bruno Le Maire said on Thursday.
President Emmanuel Macron eluded last week to a “second period of recovery” that would see investment accelerated, triggering speculation in the press and among economists that a second round of stimulus was in the pipeline.
His European Affairs Minister Clement Beaune, formerly a close advisor to Macron, has been even more explicit about calling for a second Europe-wide stimulus plan.
However, Le Maire has been more circumspect and had so far emphasised that the most important thing was to ensure that already budgeted stimulus projects get rolled out.
“Time for decisions will come in September. In September, we will see what sort of economic situation France and Europe are in and we will see whether some budgets need extra spending because the economic situation merits it,” Le Maire told a news conference.
France has already disbursed 30 billion euros from its recovery plan since it was launched last September with spending focused on a range of public investments in environmentally friendly projects and measures to boost French firms competitiveness.
Le Maire said that the money had helped France see stronger economic growth than most other euro zone economies in the first quarter when the French economy grew 0.4% despite various COVID restrictions.
He added that that gave him confidence that a growth target of 5% for this year could be met.

TECHNICAL SUMMARY

WEEKLY GLOBAL MARKETS TECHNICAL ANALYSIS REPORT – 09 MAY 2021
Germany Manufacturing Purchasing Managers Index (PMI)
WHEN: WHAT IT INFLUENCES:
3rd May 2021 EUR and its subsequent
pairs
WHAT’S HAPPENING:
The German Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.
A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
U.S. Fed Chair Powell Speaks
WHEN: WHAT IT INFLUENCES:
3rd MAY 2021 USD and its subsequent
pairs
WHAT’S HAPPENING:
Federal Reserve Chair Jerome Powell (Feb. 2018 – Feb. 2022) is to speak. As head of the Fed, which controls short term interest rates, he has more influence over the U.S. dollar’s value than any other person. Traders closely watch his speeches as they are often used to drop hints regarding future monetary policy.
U.K. Manufacturing Purchasing Managers Index (PMI)
WHEN: WHAT IT INFLUENCES:
4th May 2021 GBP and its subsequent
pairs
WHAT’S HAPPENING:
The Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below 50 indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.
A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.
Gold Has Best Week Since October on U.S. Payrolls Shock
WHAT IT HAD INFLUENCED:
GOLD
WHAT HAPPENED:
Gold had its best week in six months as shockingly low U.S. payrolls numbers for April, coupled with the yellow metal’s belated catch up to inflationary trends, gave it a gain of 3.5% on the week.
Price-wise, gold was nearing peaks last seen 12 weeks ago, closing in on the $1,850 per ounce level, that could set up a return to $1,900 and ultimately the $2,000 record highs attained in August.
“Gold’s short-term momentum could make a run towards the $1,857 level, which could be followed by a move towards the $1,925 resistance level,” said Ed Moya, head of research for Americas at online trading platform OANDA
Benchmark Gold Futures on New York’s Comex settled up $15.60, or 0.9%, at $1,831.30 an ounce. The session high was $1,844.40. For the week, gold futures showed a 3.2% gain, the highest since the week ended Oct. 29.
The spot price of gold rose by $16.35, or 0.9%, to $1,831.53, after a peak at $1,843.36. For the week, spot gold printed a much higher gain of 3.5%.
Oil Gains for 2nd Week, But Prices Range-Bound Again
WHAT IT HAD INFLUENCED:
BRENT & WTI CRUDE OIL
WHAT HAPPENED:
Oil put in a second week of gains as crude prices reentered range-bound trading on Friday on concerns about slowing U.S. jobs growth and the Covid situation in No. 3 energy consuming nation India.
New York-traded WTI, the benchmark for U.S. crude, settled up 19 cents, or 0.3%, at $64.90 per barrel. WTI hit an eight-week high of $66.75 on Wednesday, before snapping a four-day rally. For the week, it showed a 2% gain.
London-traded Brent, the global benchmark for crude, also settled up 19 cents, or 0.3%, at $68.28. Brent hit an eight-week high of $69.94 on Wednesday, before losing its momentum. For the week, it was up 1.5%.
“Oil prices might have a positive second consecutive week, but it is nothing to get energy traders excited that oil will break away from its tightening trading range,” said Ed Moya, head of America’s research at online trading platform OANDA.
Pessimism grew again on the outlook for oil after the Labor Department reported on Friday that the U.S. unemployment rate rose to 6.1 percent in April as the country added a sharply lower-than-forecast 266,000 jobs in a pandemic-suppressed market.
Economists had expected as many as 1 million new U.S. jobs for last month, building on to the March gains of 916,000. That made what the Labor Department reported disappointing to many.
Expectations of runaway U.S. inflation in an economy sprinting from Covid-19 had fueled a rally across commodities since the start of the year, despite Fed attempts to assuage concerns that rising price pressures were only temporary.
5 KEY EVENTS TO WATCH OUT
Australia Retail Sales MoM
WHEN: WHAT IT INFLUENCES:
9th May 2021 AUD and its subsequent pairs
WHAT’S HAPPENING:
Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
A higher than expected reading should be taken as positive/bullish for the AUD, while a lower than expected reading should be taken as negative/bearish for the AUD.
Germany ZEW Economic Sentiment
WHEN: WHAT IT INFLUENCES:
11th May 2021 EUR and its subsequent pairs
WHAT’S HAPPENING:
The German Zentrum für Europäische Wirtschaftsforschung (ZEW) Economic Sentiment Index gauges the six-month economic outlook. A level above zero indicates optimism; below indicates pessimism. The reading is compiled from a survey of about 350 German institutional investors and analysts.
A higher than expected reading should be taken as positive/bullish for the EUR, while a lower than expected reading should be taken as negative/bearish for the EUR.
Bank of England Governor Bailey Speaks
WHEN: WHAT IT INFLUENCES:
11th May 2021 GBP and its subsequent
pairs
WHAT’S HAPPENING:
Bank of England (BOE) Governor Andrew Bailey (Mar 2020 – Mar 2028) is to speak. As head of the BOE’s Monetary Policy Committee (MPC) which controls short term interest rates, Bailey has more influence over sterling’s value than any other person. Traders scrutinize his public engagements for clues regarding future monetary policy. His comments may spark a short-term positive or negative trend.
U.S. Core Consumer Price Index (CPI) MoM
WHEN: WHAT IT INFLUENCES:
12th May 2021 USD and its subsequent
Pairs
WHAT’S HAPPENING:
The Core Consumer Price Index (CPI) measures the changes in the price of goods and services, excluding food and energy. The CPI measures price change from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
A higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD
European Central Bank Monetary Policy Statement
WHEN: WHAT IT INFLUENCES:
14th May 2021 EUR and its subsequent
pairs
WHAT’S HAPPENING:
European Central Bank Monetary Policy Statement contains the outcome of the ECB’s decision on asset purchases and commentary about the economic conditions that influenced their decision.
EQUITIES IN THE COMING WEEK
1. Panasonic(0QYR) to announce its Quarterly Results on 10th May 2021, EPS estimated to 9.24 per share while revenue estimated 1752.15B
2. Walt Disney(DIS) to announce its Quarterly Results on 13th May 2021, EPS estimated to 0.2707 per share while revenue estimated 15.85B.
3.United Malt (UMG) to announce its Quarterly Results on 13th May 2021, EPS estimated to 12.00 per share while revenue estimated .630.6M
4. Burberry Group(BRBY) to announce its Quarterly Results on 13th May 2021, EPS estimated to 42.71 per share while revenue estimated 1.391M.
5. Sage (SGE) to announce its Quarterly Results on 14th May 2021, EPS estimated to 11.79 per share while revenue estimated 925.23M.

TOP CURRENCIES IN THE UPCOMING WEEK

TECHNICAL ANALYSIS REPORT TODAY – 11 MAY 2021
ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.27% to 3,418.86. Hong Kong’s Hang Seng Index was down about 2.26% to 27,944.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 3.00 per cent at 28,623.63 on Tuesday , while the Australian Index S&P / ASX 200 fell 1.11 per cent to 7,093.71. South Korea’s Kospi was down by 1.41% to 3,204.98.
EUROPEAN MARKET:-
The FTSE MIB climbed up by 0.78% to 24,802.46 In the cash markets, the DAX futures Germany was trading 0.02% higher at 15,400.25. CAC 40 futures in France climbed up by 0.01% to 6,385.57, while the FTSE 100 futures in the U.K was down by 0.08% to 7,123.97, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 0.10% down at 34,742.38 the S&P 500 was down 1.04% to 4,188.56 and the Nasdaq 100 was down 0.88% at 13,742.03.
FOREX MARKET:-
In the Forex market, GBPUSD rose 0.06% at 1.4129. The USDJPY was up 0.09% at 108.88. The USDCHF was down 0.06% at 0.9006. EURUSD was up 0.11% at 1.2142, EUR/GBP was up 0.10% at 0.8594, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.06% at $1,836.85. Elsewhere, Silver futures fell 0.21% to $27.438 per ounce, Platinum fell 0.20% at $1,249.05 per ounce, and Palladium was down 0.19% at $2,956.50.
Brent crude oil was down 0.76% to $6.80 barrel while U.S. West Texas Intermediate (CLc1) fell 0.72% at $64.46.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD fell 6.80% at $55,389.9 , Ethereum at 3,904.41 down by 4.64%, Litecoin at 356.791 down 11.39%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Unilever up 0.13% at 4,278.5 Apple Inc. down 2.58% at $126.85 , Amazon.com down 3.07 % at $ 3,190.49, TESLA Inc down 6.44% at $629.04, Barclays up 2.16% at 185.46, Microsoft down 2.09% at $247.18 , Adidas up 2.31% at 287.65.
Economic news:
USA MARKET
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President Joe Biden on Monday urged U.S. companies to help workers gain access to vaccines and to raise their pay while touting an infusion of $350 billion in federal aid to state and local governments, saying that will help more parents obtain child care and return to work.
Biden’s remarks were designed to address ways employers can hire more workers and to help more people take jobs.
The Labor Department reported on Friday the economy added 266,000 jobs in April, short of the million jobs that most forecasters had expected. Republicans have blamed enhanced unemployment benefits for the numbers, saying the benefits discourage people from returning to work.
“My expectation is that, as our economy comes back, these companies will provide fair wages and safe work environments,” Biden told reporters at the White House. By doing so, he said, the companies will “find plenty of workers, and we’re all going to come out of this together better than before.”
Biden also defended himself against critics who have said expanded unemployment benefits offered in the COVID-19 relief bill passed in March are keeping Americans from taking new jobs.
He said the administration will remind U.S. states this week that any unemployed American offered a comparable job must take it or risk losing unemployment benefits.
Biden, a Democrat, said he will direct the U.S. Labor Department to work with states to reinstate requirements that those receiving unemployment benefits must demonstrate they are actively looking for work.
He said school closures, child care constraints and fears of contracting the coronavirus had hindered job creation last month.
EUROZONE:-
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The European Union’s huge post-pandemic recovery fund could become a more permanent feature if it is successful in firing up growth and fostering a greener and more digital economy, the European Commission’s top economic officials said on Monday.
The 27 EU nations made an unprecedented agreement last year to jointly borrow 750 billion euros for a fund to help fight the economic slump caused by COVID-19 and address the challenges of climate change.
To overcome the opposition of the EU’s frugal northern states, which have long opposed joint borrowing for fear of financing less strict fiscal policy in the south, the scheme was clearly described as an extraordinary, one-off measure.
But many economists saw it as a foot in the door for more regular joint debt issuance by the AAA-rated EU in future and top Commission officials echoed that view before the European Parliament’s economic and monetary affairs committee.
“The more successful we are in the implementation of this facility the more scope there will be for discussions on having a permanent instrument, probably of a similar nature,” Commission Vice President Valdis Dombrovskis said.
The borrowing, to be done by the executive Commission in the name of all EU countries, is to be repaid over 30 years from new taxes called new own resources. These have yet to be yet to be agreed but could include levies on the digital economy, on CO2 emissions or on imports of goods made using dirty technologies.
“It will have permanent consequences on financial markets because we have this European-denominated debt to be repaid in the next 30 years,” European Economic Commissioner Paolo Gentiloni told the same committee.
“In the future — if this instrument works and we are able to agree on the new own resources to repay this common debt, I think we can have a serious discussion on further initiatives.
“But what is crucial for these further initiatives, is to make this one work and be repaid with new own resources,” Gentiloni said.
For the Commission to start borrowing the money on markets, all EU national parliaments must ratify a decision to increase national guarantees to repay it, in case the new taxes fail to materialise. Eight have yet to do so.
To get the EU cash, which will come partly as grants and partly through ultra-cheap loans, each government must submit a plan of how it intends to spend its share which must conform with EU-agreed rules. So far 14 countries have sent in plans and Dombrovskis said the rest could trickle in by early June.
The plans must include not just spending, but also reforms to make economies ready for the digital age and without CO2 emissions. Dombrovskis said that after initial problems with the plans, they in general showed a good balance.
The Commission has two months to assess each plan and EU finance ministers then have one month to endorse a Commission recommendation on it. Dombrovskis said everything was on track for first disbursements from the scheme to be made in July.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 12 MAY 2021
ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.01% to 3,441.86. Hong Kong’s Hang Seng Index was up about 0.13% to 27,997.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 0.76 per cent at 28,397.63 on Wednesday , while the Australian Index S&P / ASX 200 fell 0.58 percent to 7,055.71. South Korea’s Kospi was down by 1.29% to 3,168.98.
EUROPEAN MARKET:-
The FTSE MIB climbed down by 1.64% to 24,396.46 In the cash markets, the DAX futures Germany was trading 1.82% lower at 15,119.25. CAC 40 futures in France climbed up by 0.01% to 6,385.57, while the FTSE 100 futures in the U.K was down by 2.47% to 6,947.97, at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 1.36% down at 34,269.38 the S&P 500 was down 0.87% to 4,152.56 and the Nasdaq 100 was down 0.09% at 13,389.03.
FOREX MARKET:-
In the Forex market, GBPUSD was down 0.18% at 1.4116. The USDJPY was up 0.23% at 108.86. The USDCHF was up 0.23% at 0.9058. EURUSD was down 0.23% at 1.2118, EUR/GBP was up 0.02% at 0.8589, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.45% at $1,827.85. Elsewhere, Silver futures fell 0.77% to $27.453 per ounce, Platinum fell 0.88% at $1,229.05 per ounce, and Palladium was up 0.27% at $2,946.50.
Brent crude oil was down 0.44% to $68.25 barrel while U.S. West Texas Intermediate (CLc1) fell 0.37% at $65.0 6.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD rose 4.87% at $57,857.9 , Ethereum at 4,334.41 up by 12.42%, Litecoin at 391.582 up 11.18%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w...4-1024x576.png
Daimler down 2.42% at 72.100. Apple Inc. down 0.74% at $126.85 , Amazon.com up 1.05 % at $ 3,223.49, TESLA Inc down 1.88% at $617.04, SAP down 2.08% at 113.46, Microsoft down 0.38% at $246.18 , Adidas down 1.22% at 284.65.
Economic news:
USA MARKET
https://www.capitalstreetfx.com/en/w...5/image-98.png
The U.S. Senate voted on Tuesday to repeal a regulation introduced during former President Donald Trump’s administration that Democrats say allows predatory lenders to skirt state consumer protections.
Lawmakers voted 52-47 to repeal the “true lender” rule, marking the first time Democrats have rolled back a Trump-era financial rule using the Congressional Review Act, a 1996 law that gives Congress the ability to rescind recently enacted regulations.
The White House said in a statement it supported the resolution repealing the rule, which now heads to the Democratic-led House, where it is also expected to pass.
The targeted rule, written last year by the Office of the Comptroller of the Currency, attempted to clarify whether state or federal laws applied when lenders like fintechs partnered with traditional banks.
But Democrats and consumer advocates warned it would allow predatory lenders to skirt state usury laws and interest rate caps by partnering with national banks that enjoy more lax federal rules.
The OCC said when it drafted the rule that it was aiming to provide legal certainty to lenders as to whether state or federal laws applied to their business.
The regulator determined that if the bank is named as the lender in the loan agreement, then the relevant bank rules apply, meaning any partnerships with national banks would operate under federal rules, which generally are more relaxed on lending restrictions.
EUROZONE:-
https://www.capitalstreetfx.com/en/w...5/image-99.png
The European Commission expects to finish work soon on a COVID-19 certificate that could allow citizens to travel more easily this summer in the 27-nation bloc, the EU executive said on Tuesday after a meeting with European affairs ministers.
The pass would allow those vaccinated, recovered from COVID-19 or with negative test results to cross borders in a union where restrictions on movement have weighed heavily on the travel and tourism industry for more than a year.
“This is a priority for our citizens and therefore I believe we will deliver (on the certificate) before summer,” Commission Vice-President Maros Sefcovic said after the meeting in Brussels. He said he expected a full roll-out by the summer.
A two week pilot project to test the technology a few countries at a time began on Monday, the EU Commission said.
But EU governments, the European Parliament and the Commission must agree on the design of the certificate. They must also decide whether faster, but less accurate, COVID-19 antigen tests can be included.
Sefcovic called on all sides to work together to complete the legislative, as well as the technical, work as quickly as possible, noting the complexity of the job.
“For the certificate to work, it has to be on smartphones, it has to be interoperable, possible to check it. So it is quite the task to do it at the pan-European level”, Sefcovic said.
The European Parliament says no one will be obliged to use the EU certificate and it must not be considered a vaccine passport.
Sefcovic said the Commission was working closely to inform the United States, the World Health Organization and others about its progress to allow the certificate to be used on a wider scale.
As the vaccination campaign in the EU is gaining speed with 200 million jabs delivered and COVID-19 infections rates falling, Europe is starting to reopen cities and beaches, raising hopes for the summer holiday season.
German Europe Minister Michael Roth called for a swift agreement.
“This is not only important for countries depending on tourism but for all of us: It is … a clear signal for freedom of movement and for mobility in the European Union,” Roth said in Brussels.

TECHNICAL SUMMARY

EUR/USD:-
https://lh5.googleusercontent.com/Oc...w6_2twM95S9Dgg
https://www.capitalstreetfx.com/en/w.../image-100.png

TRADE SUGGESTION- BUY AT 1.21240, TAKE PROFIT AT 1.21440 AND STOP LOSS AT 1.21140

USD/CAD:-
https://lh5.googleusercontent.com/ZB...BcyK5OM836EnaU
https://www.capitalstreetfx.com/en/w.../image-101.png

TRADE SUGGESTION- Sell AT 1.21130, TAKE PROFIT AT 1.21030 AND STOP LOSS AT 1.21180.

GBP/USD:-
https://lh6.googleusercontent.com/PY...jkwfb6E3V_KGtM
https://www.capitalstreetfx.com/en/w.../image-102.png

TRADE SUGGESTION- BUY AT 1.4110, TAKE PROFIT AT 1.4160 AND STOP LOSS AT 1.4060

CAC 40:-
https://lh4.googleusercontent.com/5v...AQX9Es4JiC8ge8
https://www.capitalstreetfx.com/en/w.../image-103.png

TRADE SUGGESTION- BUY AT 6,250.50, TAKE PROFIT AT 6,350.50 AND STOP LOSS AT 6,200.50.

SILVER:-
https://lh4.googleusercontent.com/Zo...srS7bpPSrTCyPA
https://www.capitalstreetfx.com/en/w.../image-104.png

TRADE SUGGESTION- BUY AT 27.360, TAKE PROFIT AT 27.560 AND STOP LOSS AT 27.260

ETHEREUM:-
https://lh5.googleusercontent.com/rn...otaADxrdA16ljg
https://www.capitalstreetfx.com/en/w.../image-105.png

TRADE SUGGESTION- BUY AT 4,320.50, TAKE PROFIT AT 4,520.50 AND STOP LOSS 4,220.50 .

TECHNICAL ANALYSIS REPORT TODAY – 13 MAY 2021
ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was down by 0.74% to 3,437.86. Hong Kong’s Hang Seng Index was down about 0.80% to 27,961.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading down 1.55 per cent at 27,705.63 on Thursday , while the Australian Index S&P / ASX 200 fell 0.54 percent to 7,006.71. South Korea’s Kospi was down by 1.29% to 3,141.98.
EUROPEAN MARKET:-
The FTSE MIB climbed up by 0.23% to 24,452.46. In the cash markets, the DAX futures Germany was trading 0.20% higher at 15,150.25. CAC 40 futures in France climbed up by 0.19% to 6,279.57, while the FTSE 100 futures in the U.K was up by 0.82% to 7,004.63 at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 1.99% down at 33,587.38 the S&P 500 was down 2.15% to 4,062.56 and the Nasdaq 100 was down 2.67% at 13,031.03.
FOREX MARKET:-
In the Forex market, GBPUSD was down 0.06% at 1.4062. The USDJPY was up 0.04% at 109.70. The USDCHF was down 0.05% at 0.9086. EURUSD was up 0.04% at 1.2073, EUR/GBP was down 0.02% at 0.8587, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.30% at $1,817.85. Elsewhere, Silver futures fell 0.46% to $27.120 per ounce, Platinum fell 0.43% at $1,220.05 per ounce, and Palladium was up 0.89% at $2,875.50.
Brent crude oil was down 0.94% to $68.67 barrel while U.S. West Texas Intermediate (CLc1) fell 0.98% at $65.43.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD fell 12.39% at $50,601.9 , Ethereum at 3,916.41 down by 8.42%, Litecoin at 323.582 down 16.18%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w...6-1024x576.png
AstraZeneca up 2.02% at 7,786.0. Apple Inc. down 2.49% at $122.77 , Amazon.com down 2.23 % at $ 3,151.49, TESLA Inc down 4.42% at $589.04, SAP down 0.50% at 112.540, Microsoft down 2.94% at $239.18 , Adidas up 0.97% at 286.65.
Economic news:
USA MARKET
https://www.capitalstreetfx.com/en/w.../image-107.png
The Federal Reserve is exploring the technology that would be required to establish a central bank digital currency, but more research needs to be done before it would move forward with a currency, Boston Fed Bank President Eric Rosengren said on Wednesday.
“It is important to highlight that this is exploratory work, and any decision to move forward with such a currency would depend on a variety of factors beyond the technological feasibility and implementation,” Rosengren said in remarks prepared for a virtual event organized by Harvard Law School.
A central bank digital currency could improve financial inclusion, reduce the cost of cross-border financial transactions and provide more flexibility for implementing monetary policy, he said.
But Fed officials would need to fully consider the policy implications and trade-offs that come with using a digital currency, including possible threats to financial stability, Rosengren said.
The Boston Fed is doing research on the technology that could be used to create a hypothetical digital currency through a joint project with MIT’s Digital Currency Initiative.
They plan to release a white paper and open source code early in the third quarter of this year, and later phases of the research project will focus on privacy, anti-money laundering and other issues.
“It is important to understand what problems a central bank digital currency is being designed to solve, and whether other technologies could more cheaply or efficiently address those problems,” Rosengren said.
EUROZONE:-
https://www.capitalstreetfx.com/en/w.../image-108.png
European banks’ first-quarter earnings have surpassed all expectations in a turnaround from the COVID-19 doldrums of a year ago, yet after a decade of travails more than one season may be needed to win over sceptics.
European bank shares are up 25% already this year, more than double the gains of the underlying STOXX 600 index. Since November, when President Joe Biden won U.S. elections with pledges for big-time spending, the sector has rallied some 66%.
Vaccine rollouts, massive government spending and hopes of a resumption of post-pandemic normality have made investors eager to buy into the recovery; many are rotating portfolios to so-called cyclical stocks, which benefit when the economy looks up.
European banks have become a proxy of choice though some caution the trading frenzy which boosted investment banking revenues may fade over coming months and that non-performing loans could rise once governments cut back on emergency support.
All of Europe’s top 10 lenders by market capitalisation beat forecasts for the January-March period thanks to buoyant revenues from securities trading, lower provisions against bad loans and rising bond yields.
The majority of other big players such as Deutsche Bank , Societe Generale and Unicredit passed the season with flying colours too.
Refinitiv data shows a rough 200% profit jump off the troughs of a year ago after the markets crashed last March as the COVID-19 pandemic hit Europe.
“We have effectively got 95% of all banks beating expectations, and not only that, beating them by an average of 24%,” said Magdalena Stoklosa, head of European banks research at Morgan Stanley .
While European bank shares already are on course for their best performance since 2009, Stoklosa sees potential for another 10% gains from current levels.
Jerome Legras, head of research at Axiom Alternative Investments, which invests in bank equity and debt, said earnings could improve further if banks trim provisions to cover for any pandemic-related losses.

TECHNICAL SUMMARY

EUR/USD:-
https://lh5.googleusercontent.com/IM...QHUCNFqkoldsSA
https://www.capitalstreetfx.com/en/w.../image-109.png

TRADE SUGGESTION- BUY AT 1.20810, TAKE PROFIT AT 1.21010 AND STOP LOSS AT 1.20710

USD/CAD:-
https://lh3.googleusercontent.com/1Z...EpkKA0Aol2xs6A
https://www.capitalstreetfx.com/en/w.../image-110.png

TRADE SUGGESTION- Sell AT 1.21320, TAKE PROFIT AT 1.21020 AND STOP LOSS AT 1.21480.

GBP/USD:-
https://lh6.googleusercontent.com/xH...zVCFVYKsstBs1A
https://www.capitalstreetfx.com/en/w.../image-111.png

TRADE SUGGESTION- BUY AT 1.4050, TAKE PROFIT AT 1.4150 AND STOP LOSS AT 1.4000

NASDAQ 100:-
https://lh5.googleusercontent.com/s8...SHioNkDSCS2ICs
https://www.capitalstreetfx.com/en/w.../image-112.png

TRADE SUGGESTION- SELL AT 13,020.50, TAKE PROFIT AT 12,820.50 AND STOP LOSS AT 13,170.50.

Gold:-
https://lh3.googleusercontent.com/TX...iLbuYgJxTttzdk
https://www.capitalstreetfx.com/en/w.../image-113.png

TRADE SUGGESTION- BUY AT 1820.360, TAKE PROFIT AT 1870.360 AND STOP LOSS AT 1795.360

ETHEREUM:-
https://lh6.googleusercontent.com/Ex...Jlb1j1rP1D6KBU
https://www.capitalstreetfx.com/en/w.../image-114.png

TRADE SUGGESTION- BUY AT 3,990.50, TAKE PROFIT AT 4,190.50 AND STOP LOSS 3,890.50 .

TECHNICAL ANALYSIS REPORT TODAY – 14 MAY 2021
ASIAN MARKET:-
Mainland Chinese stocks were down by the early morning. The Shanghai Composite was up by 1.42% to 3,477.86. Hong Kong’s Hang Seng Index was up about 0.96% to 27,983.75.
Japan’s benchmark Nikkei average. Nikkei 225 is trading up 2.16 per cent at 28,035.63 on Friday while the Australian Index S&P / ASX 200 rose 0.95 percent to 7,048.71. South Korea’s Kospi was up by 0.97% to 3,152.98.
EUROPEAN MARKET:-
The FTSE MIB climbed up by 0.14% to 24,486.46. In the cash markets, the DAX futures Germany was trading 0.33% higher at 15,199.25. CAC 40 futures in France climbed up by 0.14% to 6,288.57, while the FTSE 100 futures in the U.K was down by 0.59% to 6,963.63 at the time of writing.
US MARKET:-
In the U.S. on Wall Street, the Dow Jones Industrial Average closed 1.29% up at 34,021.38 the S&P 500 was up 1.22% to 4,112.56 and the Nasdaq 100 was up 0.72% at 13,124.03.
FOREX MARKET:-
In the Forex market, GBPUSD was down 0.05% at 1.4043. The USDJPY was up 0.12% at 109.70. The USDCHF was down 0.05% at 0.9086. EURUSD was down 0.08% at 1.2087, EUR/GBP was up 0.13% at 0.8605, at the time of writing.
COMMODITY MARKET;-
In the commodity market, U.S. Gold futures fell 0.07% at $1,822.85. Elsewhere, Silver futures fell 0.01% to $27.058 per ounce, Platinum rose 0.71% at $1,219.05 per ounce, and Palladium was up 0.77% at $2,886.50.
Brent crude oil was down 0.40% to $66.78 barrel while U.S. West Texas Intermediate (CLc1) fell 0.31% at $63.62.
CRYPTO-CURRENCY MARKET:-
In the Cryptocurrency Markets, BTCUSD fell 2.56% at $49,235.9 , Ethereum at 3,803.41 down by 2.59%, Litecoin at 313.582 down 2.58%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w...7-1024x576.png
Alibaba ADR down 6.28% at 206.08. Apple Inc. up 1.79% at $124.77 , Amazon.com up 0.30 % at $ 3,161.49, TESLA Inc down 3.09% at $571.04, SAP down 0.50% at 111.980, Microsoft down 2.94% at $239.18 , Adidas down 0.68% at 284.65.
Economic news:
USA MARKET
https://www.capitalstreetfx.com/en/w.../image-119.png
Democratic Senator Martin Heinrich on Thursday introduced a bill that would help states that rely on oil and gas revenue weather the U.S. transition away from fossil fuels by offering federal support to help fill gaps in state and school budgets hit by a decline in oil and gas production.
The Schools and State Budgets Certainty Act would provide “energy transition payments” to states that rely on revenue from federal mineral leasing as a result of changes in U.S. policy to give them time to invest in new industries, the New Mexico senator said.
President Joe Biden signed an executive order in January pausing new oil and gas leasing on federal lands and waters that account for around 25% of the nation’s petroleum production pending a review of its impacts, a move that has been seen as a first step to the permanent ban he promised during his campaign.
“The global energy landscape is undergoing a massive transformation, and states like New Mexico need to be ready,” said Heinrich, adding that the bill offers these states a “glidepath” to move away from their reliance on extractive industries.
His bill would set a baseline mineral revenue amount for each fiscal year based on a historical average of federal mineral revenue that would decline by 5% each year. The federal government would then pay a state or county the difference between the actual mineral payment and the baseline.
EUROZONE:-
https://www.capitalstreetfx.com/en/w.../image-120.png
Europe is not facing the kind of inflation concerns seen in the United States and the current mix of monetary and fiscal policy is appropriate, European Central Bank Governing Council member Yannis Stournaras said on Thursday.
“I think both fiscal and monetary policy are the right mix,” Stournaras told the Delphi Economic Forum in Athens.
He said that despite signs that financial markets were predicting inflation, in Europe models showed that “we have not yet to worry about inflation or not to worry as perhaps in the United States.”

TECHNICAL SUMMARY

USD\JPY:-
https://lh4.googleusercontent.com/HF...pJgEbS9XIuO7L4
https://www.capitalstreetfx.com/en/w.../image-121.png

TRADE SUGGESTION- BUY AT 109.480, TAKE PROFIT AT 109.680 AND STOP LOSS AT 109.380

EUR/USD:-
https://lh4.googleusercontent.com/Tu...rDIIjgK405NM0Q
https://www.capitalstreetfx.com/en/w.../image-122.png

TRADE SUGGESTION- BUY AT 1.20880, TAKE PROFIT AT 1.20980 AND STOP LOSS AT 1.20780

USD/CAD:-
https://lh3.googleusercontent.com/5E...I20kU83d29-Ql8
https://www.capitalstreetfx.com/en/w.../image-123.png

TRADE SUGGESTION- Sell AT 1.21720, TAKE PROFIT AT 1.21520 AND STOP LOSS AT 1.21820.

S&P 500:-
https://lh5.googleusercontent.com/jF...8U6vdbCU3WurDU
https://www.capitalstreetfx.com/en/w.../image-124.png

TRADE SUGGESTION- SELL AT 4,120.50, TAKE PROFIT AT 4,070.50 AND STOP LOSS AT 4,145.50.

Gold:-
https://lh3.googleusercontent.com/QG...2iOC6Ur1izVno4
https://www.capitalstreetfx.com/en/w.../image-125.png

TRADE SUGGESTION- BUY AT 1825.360, TAKE PROFIT AT 1875.360 AND STOP LOSS AT 1800.360

ETHEREUM:-
https://lh5.googleusercontent.com/YT...1pY7-yCegR6VHM
https://www.capitalstreetfx.com/en/w.../image-126.png

TRADE SUGGESTION- BUY AT 3,810.50, TAKE PROFIT AT 3,910.50 AND STOP LOSS 3,760.50 .

TECHNICAL ANALYSIS REPORT TODAY – 17 MAY 2021
Asian share markets turned mixed on Monday. The Shanghai composite is up 0.78% at 3,517.615. Overall, the Singapore MSCI up 0.75% at 347.80. Over in Hong Kong, the Hang Seng Index up 0.60% to 28,083. In Japan, the Nikkei 225 down 0.96% at 27,770, while the Topix index is down 0.27% at 1876.0. South Korea’s Kospi down 0.60% to 3134.53. Australia S&P/ASX 200 up 0.13% at 7023.6.
European equities Friday closing. The DAX futures contract in Germany traded 1.43% up at 15416.64, CAC 40 futures up 0.26% at 6402.85 and the UK 100 futures contract in the U.K. up 0.26% at 7,062.2.
In U.S. on Wall Street, the Dow Jones Industrial Average closed 1.06% up at 34382.5 the S&P 500 up 1.49% to 4173.9 and the Nasdaq 100 down 0.10% at 13396.9, NYSE closes at 16415.35 up 1.44%.
In the Forex market, GBPUSD up 0.19% at 1.41159. The USDJPY down 0.15% at 109.168. The USDCHF up 0.02% at 0.90132. EURUSD flat at 1.21446, EUR/GBP down 0.10% at 0.86040. The USD/CNY up 0.02% at 6.4380, at the time of writing.
In the commodity market U.S. Gold futures up 0.64% at $1,854.00. Elsewhere, Silver futures up 1.07% to $27.703 per ounce, Platinum up 0.82% at $1235.03 per ounce, and Palladium up 0.36% to $2,903.
Crude Oil mix on Monday; Brent crude oil down 0.29% to $68.61 barrel while U.S. West Texas Intermediate (CLc1) is up 0.90% at $65.09.
In the Cryptocurrency Markets, BTCUSD at 44570.82 down 4.04%, Ethereum at 3448.85 down 3.76%, Litecoin at 285.72 up 3.61%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
https://www.capitalstreetfx.com/en/w...3-1024x576.png
SEAGATE TECH. up 12.441% at $97.97, WESTERN DIGITAL up 8.287% at $71.87, GAP Inc. up 6.597% to $35.71, WALT DISNEY Co. down 2.602% to $173.7, BOEING Inc. up 2.619% to $228.47, WALT DISNEY down 2.602% at $173.7.
Economic news:
US: High unemployment. Rising prices. Gas lines.
They’re a bad memory for Americans old enough to remember the 1970s – but they’re also likely causing a few sleepless nights in the White House, as the United States’ economic recovery from the unprecedented coronavirus recession hits some bumps.
The jolts are dampening consumer confidence, ramping up inflation fears, and helping Republicans build their case against President Joe Biden and his ambitious plans to revamp the U.S. economy with trillions in new spending.
As the 1970s show, high joblessness and rising prices the United States saw in April can be a potent political force.
Republicans crafted a “misery index” out of the two factors to attack then-president Jimmy Carter. After hitting 75% approval ratings early in his presidency, the Democrat was trounced in a 1980 landslide.
Eurozone: Euro zone governments’ borrowing costs are at multi-month highs and German 10-year bond yields are rising towards 0%, yet ECB policymakers and investors appear unruffled, a sign that they view the bloc’s ongoing economic recovery as the real thing.
It’s a contrast with February when yields on German bonds, the euro area benchmark rate, rose 35 basis points within a month to -0.20%.
That led European Central Bank officials to line up and talk the markets down with veiled threats to tamp down borrowing costs. They then followed up in March by accelerating the pace of emergency bond buys.
This time, Germany’s Bund yield is near its highest level in almost two years and looks set to breach the 0% milestone for the first time since 2019.
Important Data: US NY Empire State Manufacturing Index (May) today at 8:30 this time estimated 23.9, previously which was 26.3. CANADA Housing Starts (Apr) today at 8:15 this time estimated 292.5K, previously which was 335.2K. RUSSIA GDP Quarterly (YoY) (Q1) today at 12:00 this time estimated 2.2%, previously which was -1.8%. JAPAN GDP (QoQ) (Q1) today at 19:50 previously which was at 2.8%.

TECHNICAL SUMMARY

GBPUSD
https://lh4.googleusercontent.com/GH...eJ-MnING-AN9mw
https://www.capitalstreetfx.com/en/w.../image-131.png

TRADE SUGGESTION- BUY AT 1.41032, TAKE PROFIT AT 1.41473 AND STOP LOSS AT 1.40657

EURUSD
https://lh4.googleusercontent.com/w-...NHWXzfvILW9Do4
https://www.capitalstreetfx.com/en/w.../image-132.png

TRADE SUGGESTION- BUY AT 1.21373, TAKE PROFIT AT 1.21626 AND STOP LOSS AT 1.2111

USDJPY
https://lh6.googleusercontent.com/N8...6sWQNGZtKbcXUk
https://www.capitalstreetfx.com/en/w.../image-133.png

TRADE SUGGESTION- SELL AT 109.221, TAKE PROFIT AT 109.034 AND STOP LOSS AT 109.456

EURJPY
https://lh4.googleusercontent.com/JH...3zfRWqcgqsRpvI
https://www.capitalstreetfx.com/en/w.../image-134.png

TRADE SUGGESTION- BUY AT 132.569, TAKE PROFIT AT 132.806 AND STOP LOSS AT 132.436

DAX 30
https://lh5.googleusercontent.com/rF...zPKRahwDt9qFfE
https://www.capitalstreetfx.com/en/w.../image-135.png

TRADE SUGGESTION- BUY AT 15407.5 TAKE PROFIT AT 15503.9 AND STOP LOSS AT 15261.5

WTI CRUDE OIL
https://lh6.googleusercontent.com/oW...XT3nNZtN-Lcsj0
https://www.capitalstreetfx.com/en/w.../image-136.png

TRADE SUGGESTION- BUY AT 65.34 TAKE PROFIT AT 65.71 AND STOP LOSS AT 64.72

GOLD
https://lh6.googleusercontent.com/2x...6qUq1DAyCjPO6U
https://www.capitalstreetfx.com/en/w.../image-137.png

TRADE SUGGESTION- BUY AT 1853.00, TAKE PROFIT AT 1863.07 AND STOP AT 1842.96

BTC USD
https://lh3.googleusercontent.com/HP...2ObSbx4SeQYXeA
https://www.capitalstreetfx.com/en/w.../image-138.png

TRADE SUGGESTION- SELL AT 45201.00 TAKE PROFIT AT 44319.68 AND STOP AT 46310.62

TECHNICAL ANALYSIS REPORT TODAY – 18 MAY 2021
Asian shares rose on Tuesday. The Shanghai composite is up 0.17% at 3,523.50. Overall, the Singapore MSCI up 2.24% at 355.60. Over in Hong Kong, the Hang Seng Index up 1.41% to 28,487. In Japan, the Nikkei 225 up 2.48% at 28,460, while the Topix index is up 1.79% at 1909.5. South Korea’s Kospi up 1.23% to 3173.50. Australia S&P/ASX 200 up 0.60% at 7066.0.
European equities Monday closing. The DAX futures contract in Germany traded 0.13% down at 15396.62, CAC 40 futures down 0.28% at 6367.36 and the UK 100 futures contract in the U.K. down 0.15% at 7,032.9.
In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.16% down at 34327.8 the S&P 500 down 0.25% to 4163.3 and the Nasdaq 100 up 0.81% at 13430.3, NYSE closes at 16422.96 up 0.55%.
In the Forex market, GBPUSD up 0.43% at 1.41874. The USDJPY down 0.13% at 109.049. The USDCHF down 0.42% at 0.89940. EURUSD up 0.31% at 1.21867, EUR/GBP down 0.02% at 0.85906. The USD/CNY down 0.22% at 6.4248, at the time of writing.
In the commodity market U.S. Gold futures up 0.224% at $1,870.26. Elsewhere, Silver futures up 1.24% to $28.526 per ounce, Platinum up 0.27% at $1242.32 per ounce, and Palladium up 0.44% to $2,915.87.
Crude Oil up on Tuesday; Brent crude oil up 0.36% to $69.79 barrel while U.S. West Texas Intermediate (CLc1) is up 0.41% at $66.56.
In the Cryptocurrency Markets, BTCUSD at 44968.03 up 3.08%, Ethereum at 3472.58 up 5.83%, Litecoin at 302.74 up 7.63%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
SEAGATE TECH. up 6.39% at $104.23, WESTERN DIGITAL up 6.331% at $76.42, COMCAST Corp. down 5.496% to $55.455, DISCOVERY Inc. down 5.049% to $33.85, AT&T Inc. down 2.699% to $31.37, NIEK Inc. up 0.353% at $136.41.
Economic news:
US: The United States and Canada urged Mexico to respect foreign investments during trade discussions on Monday, officials said, while Washington also raised issues over Mexican farm produce.
The talks came at the start of the first meeting of the United States-Mexico-Canada Agreement (USMCA) Free Trade Commission, which centers on the trade accord that last year replaced the North American Free Trade Agreement (USMCA).
Virtual talks were held bilaterally between Mexican Economy Minister Tatiana Clouthier and her counterparts U.S. Trade Representative Katherine Tai and Mary Ng, Canada’s Minister of Small Business, Export Promotion and International Trade.
The Mexican Economy Ministry said Clouthier and Tai discussed auto sector rules of origin, Mexico’s labor market reform, collaboration on environmental issues and ongoing U.S. probes into Mexican agricultural products.
Eurozone: The European Commission wants to propose in 2023 a more unified way of taxing companies in the European Union, hoping that such rules, which have failed to win support in the past, will stand a better chance if they follow global OECD solutions expected this year.
The Commission will present a plan on Tuesday including this proposal and other measures for adjusting the EU’s business taxation to make it more up to date with the modern world, where cross-border business, often carried out via the Internet, is commonplace.
Important Data: US Building Permits (Apr) today at 8:30 this time estimated 1.77M, previously which was 1.759M. AUSTRALIA Wage Price Index (QoQ) (Q1) today at 21:30 this time estimated 0.5%, previously which was 0.6%. US API Weekly Crude Oil Stock today at 16:30 previously which was -2.533M. EURO ZONE GDP (YoY) (Q1) today at 5:00 previously which was at -1.8%.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 19 MAY 2021
Asia-Pacific shares outside Japan dropped 0.3%. The Shanghai composite is down 0.51% at 3,510.96. Overall, the Singapore MSCI down 1.25% at 352.15. Over in Hong Kong, the Hang Seng Index down 0.13% to 28,418. In Japan, the Nikkei 225 down 1.72% at 27,970, while the Topix index is down 1.07% at 1889.0. South Korea’s Kospi up 1.23% to 3173.50. Australia S&P/ASX 200 down 1.90% at 6931.7.
European equities Tuesday closing. The DAX futures contract in Germany traded 0.07% down at 15386.58, CAC 40 futures down 0.99% at 6290.49 and the UK 100 futures contract in the U.K. down 0.69% at 6970.1.
In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.78% down at 34060.66 the S&P 500 down 0.85% to 4127.83 and the Nasdaq 100 down 0.59% at 13117.6, NYSE closes at 16337.73 down 0.52%.
In the Forex market, GBPUSD up 0.03% at 1.41933. The USDJPY up 0.10% at 108.984. The USDCHF down 0.06% at 0.89716. EURUSD up 0.14% at 1.22391, EUR/GBP up 0.13% at 0.86248. The USD/CNY up 0.04% at 6.4278, at the time of writing.
In the commodity market U.S. Gold futures up 0.12% at $1,871.45. Elsewhere, Silver futures down 0.25% to $28.078 per ounce, Platinum down 0.08% at $1219.03 per ounce, and Palladium up 0.03% to $2,904.50.
Crude Oil mix on Wednesday; Brent crude oil down 0.93% to $67.88 barrel while U.S. West Texas Intermediate (CLc1) is down 0.32% at $65.16.
In the Cryptocurrency Markets, BTCUSD at 39105.81 down 8.63%, Ethereum at 2917.71 down 13.69%, Litecoin at 264.17 down 10.16%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Top 5 Stock
WALMART Inc. up 2.174% at $141.91, NETEASE Inc. up 3.537% at $108.61, DEXCOM Inc. up 1.447% to $330.11, CSX Corp. down 1.494% to $98.90, AT&T Inc. down 5.802% to $29.55, GAP Inc. down 3.716% at $34.98.
Economic news:
US: The Biden administration on Tuesday gave investors two extra weeks to buy or sell securities in certain companies it deems are tied to the Chinese military, an extension it said was needed to craft a stronger policy to prohibit such trades.
President Joe Biden’s administration has been reviewing a number of aspects of U.S.-China policy, including a ban imposed under his predecessor Donald Trump on investments in certain Chinese companies that the United States says are linked to China’s armed forces and intelligence agencies.
Investors now have until 9:30 a.m. (1330 GMT) on June 11 to compete their transactions, the U.S. Treasury Department said in a notice posted on its website. The previous deadline was May 27.
Eurozone: British Prime Minister Boris Johnson on Wednesday announced a series of urban renewal projects worth 830 million pounds ($1.2 billion) in towns and cities away from London as part of his promise to “level up” the country’s economy.
Johnson, who won a 2019 election thanks largely to voters in struggling regions of England and is facing pressure from nationalists in Scotland and Northern Ireland, also said more than 3,000 interior and business ministry jobs would move to Stoke-on-Trent in central England, Edinburgh and Belfast by 2025.
“As the country gets back on its feet, the government has renewed its commitment to levelling up and tackling the issues that really matter to people,” Johnson said in a statement.
Important Data: EURO ZONE CPI (YoY) (Apr) today at 5:00 this time estimated 1.6%, previously which was 1.3%. CANADA Core CPI (MoM) (Apr) today at 8:30 previously which was 0.3%. US Crude Oil Inventories Stock today at 10:30 this time estimated 1.623M previously which was -0.427M. JAPAN Adjusted Trade Balance today at 19:50 previously which was at 0.30T.

TECHNICAL SUMMARY

GBPUSD
https://lh6.googleusercontent.com/be...5bf66v4l9d4yOw
https://www.capitalstreetfx.com/en/w.../image-143.png

TRADE SUGGESTION- BUY AT 1.41772, TAKE PROFIT AT 1.41968 AND STOP LOSS AT 1.41716

EURUSD
https://lh6.googleusercontent.com/12...RiXu0bYsFOlFmA
https://www.capitalstreetfx.com/en/w.../image-144.png

TRADE SUGGESTION- BUY AT 1.22196, TAKE PROFIT AT 1.22261 AND STOP LOSS AT 1.22129

USDJPY
https://lh3.googleusercontent.com/-9...hacIYLyVHYJgAw
https://www.capitalstreetfx.com/en/w.../image-145.png

TRADE SUGGESTION- SELL AT 109.059, TAKE PROFIT AT 108.899 AND STOP LOSS AT 109.146

USDCHF
https://lh6.googleusercontent.com/xg...d8zaN7ZJcLL4EY
https://www.capitalstreetfx.com/en/w.../image-146.png

TRADE SUGGESTION- SELL AT 0.90, TAKE PROFIT AT 0.89863 AND STOP LOSS AT 0.90110

HANG SENG
https://lh4.googleusercontent.com/bF...bl450DBlnU_UJ0
https://www.capitalstreetfx.com/en/w.../image-147.png

TRADE SUGGESTION- BUY AT 28397.0 TAKE PROFIT AT 28538 AND STOP LOSS AT 27889

WTI CRUDE OIL
https://lh3.googleusercontent.com/T_...b0rdJOS6lqT0ks
https://www.capitalstreetfx.com/en/w.../image-148.png

TRADE SUGGESTION- SELL AT 64.25 TAKE PROFIT AT 63.60 AND STOP LOSS AT 65.04

GOLD
https://lh6.googleusercontent.com/eN...YUZrZDEWYRfUcY
https://www.capitalstreetfx.com/en/w.../image-149.png

TRADE SUGGESTION- BUY AT 1860.70, TAKE PROFIT AT 1867.95 AND STOP AT 1859.85

LITECOIN
https://lh4.googleusercontent.com/fA...dbZxlnd3C2AGgU
https://www.capitalstreetfx.com/en/w.../image-150.png

TRADE SUGGESTION- SELL AT 271.42 TAKE PROFIT AT 249.30 AND STOP AT 282.95

TECHNICAL ANALYSIS REPORT TODAY – 20 MAY 2021
Asia Pacific stocks were mostly down Thursday morning. The Shanghai composite is down 0.14% at 3,486.06. Overall, the Singapore MSCI up 0.43% at 352.75. Over in Hong Kong, the Hang Seng Index down 0.44% to 28,328. In Japan, the Nikkei 225 up 0.43% at 28,090, while the Topix index is up 0.29% at 1894.5. South Korea’s Kospi down 0.34% to 3162.28. Australia S&P/ASX 200 up 1.27% at 7019.6.
European equities Wednesday closing. The DAX futures contract in Germany traded 1.77% down at 15113.56, CAC 40 futures down 1.43% at 6262.56 and the UK 100 futures contract in the U.K. down 1.19% at 6,950.2.
In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.48% down at 33896.04 the S&P 500 down 0.29% to 4115.68 and the Nasdaq 100 down 0.13% at 13207.7, NYSE closes at 16233.31 down 0.64%.
In the Forex market, GBPUSD up 0.08% at 1.41263. The USDJPY down 0.13% at 109.055. The USDCHF down 0.02% at 0.90347. EURUSD up 0.14% at 1.21865, EUR/GBP up 0.05% at 0.86250. The USD/CNY up 0.09% at 6.4404, at the time of writing.
In the commodity market U.S. Gold futures up 0.14% at $1,872.35. Elsewhere, Silver futures up 0.27% to $27.805 per ounce, Platinum up 1.53% at $1206.03 per ounce, and Palladium up 0.43% to $2,879.77.
Crude Oil mix on Thursday; Brent crude oil up 0.35% to $66.87 barrel while U.S. West Texas Intermediate (CLc1) is down 0.75% at $64.67.
In the Cryptocurrency Markets, BTCUSD at 40268.94 up 9.55%, Ethereum at 2689.41 up 9.97%, Litecoin at 208.47 up 11.78%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Top 5 Stock
TARGET Corp. up 6.094% at $219.01, KLA Corp. up 3.409% at $303.94, TERADYNE Inc. up 3.065% to $122.41, TESLA Inc. down 2.494% to $563.46, EBAY Inc. down 2.447% to $59.79, STARBUCKS Corp. down 1.261% at $109.67.
Economic news:
US: A bipartisan group of 20 U.S. senators introduced legislation on Wednesday to provide the cash-strapped U.S. Postal Service (USPS) with $46 billion in financial relief over 10 years.
The U.S. House of Representatives Oversight and Reform Committee voted unanimously to approve companion legislation last week.
The legislation would eliminate a requirement that USPS pre-fund retiree health benefits for 75 years and would require postal employees to enroll in the Medicare government-retiree health plan. Instead, USPS would pay a small, yearly “top-up” payment to address actual annual retiree costs.
The agency has reported net losses of $86.7 billion since 2007. One reason is 2006 legislation mandating that it pre-fund more than $120 billion in retiree healthcare and pension liabilities, a requirement that labour unions have called an unfair burden not shared by other businesses.
Eurozone: Britain wants to use its independent post-Brexit tariff regime to help make domestic manufacturers more internationally competitive, launching a scheme for firms to apply for a suspension of tariffs on their imported manufacturing inputs.
Tariff suspensions are used to help a huge range of sectors like agriculture, microelectronics and chemicals, by lowering the cost of importing raw materials or other inputs where they are scarce or unavailable locally.
The scheme replaces an equivalent European Union (EU) programme which applied to Britain before it left the bloc and was temporarily rolled over when that exit was completed at the end of 2020. Under the EU scheme, suspensions had to be assessed by all member states.
Important Data: US Initial Jobless Claims today at 8:30 this time estimated 450K, previously which was 473K. CANADA New Housing Price Index (MoM) (Apr) today at 8:30 previously which was 1.1%. JAPAN National CPI (MoM) today at 19:30 previously which was 0.2%. JAPAN Services PMI today at 20:30 previously which was at 49.5.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 25 MAY 2021
Asian shares climbed in morning trade on Tuesday. The Shanghai composite is up 2.26% at 3,576.22. Overall, the Singapore MSCI up 0.39% at 356.75. Over in Hong Kong, the Hang Seng Index down 1.64% to 28,784. In Japan, the Nikkei 225 up 0.67% at 28,530, while the Topix index is up 0.31% at 1918.0. South Korea’s Kospi up 0.79% to 3169.21. Australia S&P/ASX 200 up 0.84% at 7105.0.
European equities Monday closing. The DAX futures contract in Germany traded 0.44% up at 15437.51, CAC 40 futures up 0.35% at 6408.49 and the UK 100 futures contract in the U.K. up 0.48% at 7,051.5.
In U.S. on Wall Street, the Dow Jones Industrial Average closed 0.01% up at 34393.99 the S&P 500 up 0.99% to 4197.06 and the Nasdaq 100 up 0.53% at 13729.0, NYSE closes at 16464.69 up 0.55%.
In the Forex market, GBPUSD up 0.20% at 1.41831. The USDJPY up 0.02% at 108.749. The USDCHF down 0.05% at 0.89624. EURUSD up 0.14% at 1.22313, EUR/GBP down 0.05% at 0.86221. The USD/CNY down 0.17% at 6.4081, at the time of writing.
In the commodity market U.S. Gold futures down 0.17% at $1,877.31. Elsewhere, Silver futures down 0.68% to $27.57 per ounce, Platinum flat at $1173.00 per ounce, and Palladium up 0.48% to $2,739.5.
Crude Oil up on Tuesday; Brent crude oil up 0.41% to $68.66 barrel while U.S. West Texas Intermediate (CLc1) is up 0.34% at $64.87.
In the Cryptocurrency Markets, BTCUSD at 38562.53 down 0.77%, Ethereum at 2634.18 down 0.66%, Litecoin at 182.35 down 1.63%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Top 5 Stock
Twitter Inc. up 4.793% at $57.06, Tesla Inc. up 4.4% at $606.44, NVIDIA Corp. up 4.137% to $624.48, Carmax Inc. down 2.4% to $113.88, Biogen Inc. down 1.529% to $278.86, Amgen Inc. down 1.299% at $247.75.
Economic news:
US: U.S. Treasury Deputy Secretary Wally Adeyemo said he expects strong backing from G7 peers for Washington’s proposed 15%-plus global minimum corporate tax, which should help solidify support in the U.S. Congress for domestic corporate tax legislation.
“My sense is that you’re going to see a lot of unified support amongst the G7 moving forward,” Adeyemo told Reuters on Monday after France, Germany, Italy and Japan made positive comments about the Treasury’s proposal.
That support may be voiced at an in-person meeting of G7 finance ministers in London on June 4-5, Adeyemo said.
Optimism about a long-sought comprehensive deal for how to tax the largest multinationals and digital services companies has increased since the Treasury last week said it would accept a global minimum tax rate of 15% or higher.
Eurozone: European Union leaders agreed on Monday to impose more sanctions on Belarus, including economic ones, called on their airlines to avoid Belarusian airspace and authorised work to ban Belarusian airlines from European skies and airports.
Meeting in Brussels, the 27 national leaders of the bloc demanded an immediate release of dissident journalist Roman Protasevich, as well as an investigation by the International Organization for Civilian Aviation into a Sunday incident during which Belarus forced a Ryanair flight to land in Minsk.
“We are closing our airspace to planes from Belarus and call on EU airlines not to fly over the country,” said the head of the bloc’s executive, European Commission President Ursula von der Leyen. “Further economic sanctions will be presented soon.”
The EU currently has a travel ban and an asset freeze in place on 88 Belarusians, including Alexander Lukashenko, and 7 companies, over Minsk’s crackdown on protests following a contested presidential election last year.
Important Data: CANADA Manufacturing Sales (MoM) today at 8:30 previously which was 3.5%. US Manufacturing Sales (MoM) today at 10:00 this time estimated 970K, previously which was 1,021K. US API Weekly Crude Oil Stock today at 16:30 previously which was 0.62M. New Zealand Trade Balance (YoY) (Apr) today at 18:45 previously which was at 1,690M.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 26 MAY 2021
Asian shares rose on Wednesday. The Shanghai composite is up 0.31% at 3,592.26. Overall, the Singapore MSCI down 0.62% at 354.90. Over in Hong Kong, the Hang Seng Index up 0.83% to 29,134. In Japan, the Nikkei 225 up 0.21% at 28,660, while the Topix index is down 0.03% at 1921.5. South Korea’s Kospi down 0.19% to 3165.28. Australia S&P/ASX 200 down 0.11% at 7107.3.
European equities Tuesday closing. The DAX futures contract in Germany traded 0.18% up at 15465.09, CAC 40 futures down 0.28% at 6390.27 and the UK 100 futures contract in the U.K. up 0.30% at 7,032.6.
In U.S. on Wall Street, the Dow Jones Industrial Average closed flat at 34312.46 the S&P 500 down 0.21% to 4188.12 and the Nasdaq 100 up 0.14% at 13694.4, NYSE closes at 16390.19 down 0.45%.
In the Forex market, GBPUSD up 0.05% at 1.41523. The USDJPY up 0.07% at 108.814. The USDCHF up 0.08% at 0.89537. EURUSD down 0.02% at 1.22466, EUR/GBP down 0.02% at 0.86523. The USD/CNY down 0.22% at 6.3966, at the time of writing.
In the commodity market U.S. Gold futures up 0.17% at $1,901.26. Elsewhere, Silver futures up 0.28% to $28.03 per ounce, Platinum up 0.99% at $1202.75 per ounce, and Palladium up 0.85% to $2,794.14.
Crude Oil up on Wednesday; Brent crude oil up 0.23% to $68.74 barrel while U.S. West Texas Intermediate (CLc1) is up 2.28% at $66.35.
In the Cryptocurrency Markets, BTCUSD at 39845.99 up 3.77%, Ethereum at 2848.17 up 5.39%, Litecoin at 197.96 up 7.72%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Top 5 Stock
CARNIVAL Corp. up 2.437% at $28.58, BAIDU Inc. up 2.016% at $192.77, WORKDAY Inc. up 1.098% to $236.57, ADOBE Inc. up 1.456% to $505.08, BIOGEN Inc. down 1.94% to $273.45, SEAGEN Inc. down 1.939% at $150.69.
Economic news:
US: U.S. companies borrowed $9.8 billion for capital investments in April, up 19% from a year earlier, benefiting from an economic recovery triggered by mass COVID-19 vaccinations and easing restrictions, the Equipment Leasing and Finance Association (ELFA) said.
Borrowing in April rose 5% from the previous month, as companies across several sectors lined up for loans, leases and lines of credit.
“An increasing number of businesses are opening up, as more Americans are receiving a vaccination, traveling and otherwise trying to return to some semblance of normalcy,” ELFA Chief Executive Officer Ralph Petta said on Tuesday.
“What we see so far in terms of capital equipment investment is indeed encouraging as we head into the summer months.”
Eurozone: The European Central Bank should not reduce the pace of asset purchases after its June 10 meeting as the economic recovery is still in an early phase and inflation remains too low, ECB board member Fabio Panetta told Nikkei.
“The conditions that we see today do not justify reducing the pace of purchases, and a discussion about phasing out the PEPP is still clearly premature,” Panetta said in an interview.
The 1.85 trillion-euro ($2.27 trillion) Pandemic Emergency Purchase Programme (PEPP) should first neutralise the effects of the pandemic on inflation then needs to ensure that price pressures become more sustainable, Panetta added.
Important Data: US Crude Oil Inventories today at 10:30 this time estimated
-1.050M, previously which was 1.321M. US Private New Capital Expenditure (QoQ) (Q1) today at 21:30 this time estimated 2.0%, previously which was 3.0%. US Cushing Crude Oil Inventories today at 10:30 previously which was -0.142M. CANADA BoC Gov Council Member Lane Speaks today at 13:00.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 31 MAY 2021
Asia Pacific stocks were mostly down Monday morning. The Shanghai composite is up 0.15% at 3,606.15. Overall, the Singapore MSCI down 0.43% at 358.65. Over in Hong Kong, the Hang Seng Index down 0.54% to 28,831. In Japan, the Nikkei 225 down 0.52% at 28,970, while the Topix index is down 1.00% at 1928.5. South Korea’s Kospi up 0.48% to 3203.92. Australia S&P/ASX 200 down 0.25% at 7161.6.
European equities Friday closing. The DAX futures contract in Germany traded 0.02% up at 15488.60, CAC 40 futures up 0.75% at 6484.12 and the UK 100 futures contract in the U.K. down 0.22% at 7,014.6.
In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.21% at 34535.91 the S&P 500 up 0.08% to 4204.12 and the Nasdaq 100 up 0.06% at 13700.3, NYSE closes at 16555.65 up 0.14%.
In the Forex market, GBPUSD flat at 1.41804. The USDJPY down 0.05% at 109.77. The USDCHF up 0.03% at 0.90011. EURUSD down 0.03% at 1.21877, EUR/GBP up 0.07% at 0.85944. The USD/CNY up 0.01% at 6.3679, at the time of writing.
In the commodity market U.S. Gold futures up 0.11% at $1,904.82. Elsewhere, Silver futures up 0.09% to $27.920 per ounce, Platinum up 0.57% at $1184.17 per ounce, and Palladium up 0.50% to $2,839.50.
Crude Oil mix on Monday; Brent crude oil up 0.38% to $69.24 barrel while U.S. West Texas Intermediate (CLc1) is down 0.66% at $66.61.
In the Cryptocurrency Markets, BTCUSD at 34987.88 down 1.93%, Ethereum at 2385.39 down 0.19%, Litecoin at 168.50 down 1.12%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Top 5 Stock
NVIDIA Corp. up 4.884% at $649.78, EBAY Inc. up 2.613% at $60.88, HP Inc. down 8.941% to $29.23, GAP Inc. down 4.836% to $33.45, ZOOM VIDEO Comm. up 1.562% to $331.53, DOLLAR TREE Inc. down 2.607% at $97.50.
Economic news:
US: Negotiations with U.S. President Joe Biden over a potentially massive infrastructure investment package are inching forward even though disagreements remain over the size and scope of such legislation, Republican Senator Shelley Moore Capito said on Sunday.
“I think we can get to real compromise, absolutely, because we’re both still in the game,” Capito said in an interview with “Fox News Sunday.”
Capito leads a group of six Senate Republicans who have been in regular contact with Biden and White House aides over a bill the administration wants to move through Congress promptly.
The Republican senators have proposed $928 billion to improve roads, bridges and other traditional infrastructure projects. Much of the funding would come from money already enacted into law for other purposes that they argue is unused.
The Biden administration’s latest offer in negotiations is for $1.7 trillion and would include federal spending on projects that go beyond traditional infrastructure, such as home care for the elderly.
Eurozone: A planned reform of the euro zone’s bailout fund poses substantial risks for Germany’s state budget, its federal audit office says in a confidential report, broadcaster ZDF reported on Sunday.
Euro zone finance ministers agreed in November to widen the responsibilities of the fund, known as the European Stability Mechanism (ESM), to strengthen the resilience of the common currency area amid worries that the COVID-19 pandemic increased risks of future economic trouble.
The changes will allow the ESM to lend to the euro zone’s bank resolution fund to wind down failing banks if, in a banking crisis, the fund runs out of its own money.
That would result in “banking risks being communalised at the public funds level,” ZDF quoted the report as saying, which means that the audit office is concerned that the state would have to pay in cases of banking crisis.
Important Data: JAPAN Capital Spending (YoY) (Q1) today at 19:50 previously which was -4.8%. EURO ZONE Private Sector Loans (YoY) today at 4:30 previously which was 3.3%. AUSTARLIA Manufacturing PMI today at 19:00 previously which was 59.9. CANADA RMPI (MoM) (Apr) today at 8:30 previously which was 2.3%.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 01 JUNE 2021
Asia Pacific stocks were mostly up Tuesday morning. The Shanghai composite is up 0.19% at 3,622.32. Overall, the Singapore MSCI up 0.26% at 360.50. Over in Hong Kong, the Hang Seng Index up 0.96% to 29,235. In Japan, the Nikkei 225 down 0.72% at 28,760, while the Topix index is down 0.44% at 1920.0. South Korea’s Kospi up 0.56% to 3221.87. Australia S&P/ASX 200 down 0.27% at 7142.6.
European equities Monday closing. The DAX futures contract in Germany traded 0.64% down at 15421.38, CAC 40 futures down 0.57% at 6447.18 and the UK 100 futures contract in the U.K. up 0.44% at 7,022.71.
In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.21% at 34535.91 the S&P 500 up 0.08% to 4204.12 and the Nasdaq 100 up 0.23% at 13709.3, NYSE closes at 16555.65 up 0.14%.
In the Forex market, GBPUSD up 0.17% at 1.42292. The USDJPY down 0.06% at 109.45. The USDCHF up 0.03% at 0.89873. EURUSD up 0.05% at 1.22306, EUR/GBP down 0.01% at 0.85953. The USD/CNY up 0.01% at 6.3706, at the time of writing.
In the commodity market U.S. Gold futures up 0.42% at $1,914.90. Elsewhere, Silver futures up 1.18% to $28.353per ounce, Platinum up 0.47% at $1192.54 per ounce, and Palladium up 0.97% to $2,860.00.
Crude Oil mix on Tuesday; Brent crude oil up 1.22% to $70.28 barrel while U.S. West Texas Intermediate (CLc1) is down 0.66% at $66.61.
In the Cryptocurrency Markets, BTCUSD at 36764.48 down 1.55%, Ethereum at 2645.03 down 2.30%, Litecoin at 183.58 down 2.51%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Top 5 Stock
NVIDIA Corp. up 4.884% at $649.78, EBAY Inc. up 2.613% at $60.88, HP Inc. down 8.941% to $29.23, GAP Inc. down 4.836% to $33.45, ZOOM VIDEO Comm. up 1.562% to $331.53, DOLLAR TREE Inc. down 2.607% at $97.50.
Economic news:
US: U.S. Customs and Border Protection on Friday imposed a new import ban on seafood from a Chinese fishing fleet that the agency says is using forced labor on its 32 vessels, including abuses against many Indonesian workers.
The CBP said it will immediately detain tuna, swordfish and other products from the Dalian Ocean Fishing Co Ltd at U.S. ports of entry. The “withhold release order” banning the imports also applies to other end-use products containing seafood from the company, such as canned tuna and pet food, a CBP official said.
Department of Homeland Security Secretary Alejandro Mayorkas said the action marks the first time the CBP has banned imports from an entire fishing fleet, as opposed to the individual vessels targeted in the past.
“DHS will continue to aggressively investigate the use of forced labor by distant water fishing vessels, and by a wide range of other industries,” Mayorkas told a news briefing. “Producers and U.S. importers alike should understand that there will be consequences for entities that attempt to exploit workers to sell goods in the United States.”
Eurozone: The European Union (EU) is set to unveil plans for a bloc-wide digital wallet on Wednesday, following requests from member states to find a safe way for citizens to access public and private services online, the Financial Times reported.
The app will allow citizens across the EU to securely access a range of private and public services with a single online ID, according to the FT report on Tuesday.
The digital wallet will securely store payment details and passwords and allow citizens from all 27 countries to log onto local government websites or pay utility bills using a single recognised identity, the newspaper said, citing people with direct knowledge of the plans.
The EU-wide app can be accessed via fingerprint or retina scanning among other methods, and will also serve as a vault where users can store official documents like the driver’s licence, the newspaper reported.
Important Data: German Manufacturing PMI (May) today at 3:55 this time estimated 64.0, previously which was 66.2. UK Manufacturing PMI (May) today at 4:30 this time estimated 66.1, previously which was 66.1. EURO ZONE CPI (YoY) (May) today at 5:00 this time estimated 1.9%, previously which was 1.6%. AUSTRALIA GDP (QoQ) (Q1) today at 21:30 previously which was 3.1%.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 02 JUNE 2021
Asia Pacific stocks were mostly up Wednesday morning. The Shanghai composite is down 1.07% at 3,586.06. Overall, the Singapore MSCI down 1.24% at 358.15. Over in Hong Kong, the Hang Seng Index down 0.53% to 29,192. In Japan, the Nikkei 225 up 0.66% at 28,950, while the Topix index is up 1.15% at 1942.0. South Korea’s Kospi up 0.01% to 3220.89. Australia S&P/ASX 200 up 0.99% at 7213.3.
European equities Tuesday closing. The DAX futures contract in Germany traded 0.95% up at 15567.36, CAC 40 futures up 0.66% at 6489.41 and the UK 100 futures contract in the U.K. up 0.11% at 7,083.50.
In U.S. on Wall Street, the Dow Jones Industrial Average closed up 0.01% at 34575.32 the S&P 500 down 0.05% to 4202.03 and the Nasdaq 100 down 0.05% at 13645.6, NYSE closes at 16643.32 up 0.53%.
In the Forex market, GBPUSD up 0.06% at 1.41542. The USDJPY up 0.24% at 109.73. The USDCHF up 0.07% at 0.89773. EURUSD down 0.01% at 1.22118, EUR/GBP flat at 0.86285. The USD/CNY up 0.08% at 6.3869, at the time of writing.
In the commodity market U.S. Gold futures down 0.09% at $1,898.20. Elsewhere, Silver futures down 0.39% to $27.757 per ounce, Platinum down 0.71% at $1186.13 per ounce, and Palladium down 0.51% to $2,846.00.
Crude Oil mix on Wednesday; Brent crude oil down 0.11% to $70.52 barrel while U.S. West Texas Intermediate (CLc1) is up 1.83% at $67.83.
In the Cryptocurrency Markets, BTCUSD at 36845.25 up 0.41%, Ethereum at 2645.00 up 0.41%, Litecoin at 183.03 up 0.09%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Top 5 Stock
HESS Corp. up 4.713% at $87.77, NUCOR Corp. up 7.997% at $110.74, INVESCO Ltd. down 4.697% to $27.19, EBAY Inc. up 0.805% to $61.37, BAIDU Inc. up 2.828% to $201.82, ADOBE Inc. down 1.718% at $495.91.
Economic news:
US: The U.S. Securities and Exchange Commission (SEC) chair said on Tuesday the agency will review shareholder voting rule changes adopted under the administration of former President Donald Trump that have faced criticism for weakening investor power.
Gary Gensler, appointed by Democratic U.S. President Joe Biden, said the regulator would consider drafting a new proposal for overseeing proxy advisers – firms that recommend to investors on how to vote in corporate elections and cast ballots on behalf of some asset managers.
As proxy advisers have grown more influential on hot button corporate governance issues such as climate change, compensation and diversity in recent years, corporate lobbyists have pushed for greater oversight of the firms.
In August 2019, the SEC issued guidance requiring proxy voting firms take more steps to disclose how they craft their shareholder recommendations. The agency also outlined steps that the firms should consider to ensure they are actually voting the way investors designate.
Eurozone: The European Commission is set to borrow about 80 billion euros ($97.76 billion) this year in long-term bonds to finance the European Union’s plan for economic revival after the pandemic, the EU executive said in a statement on Tuesday.
The Commission said the borrowing, to begin later in June, would be topped up with tens of billions of euros of short-term EU-Bills to cover the remaining financing requirements, adding it would update its funding plan in September.
“The Commission will be able to fund, over the second half of the year, all planned grants and loans to member states under the Recovery and Resilience Facility, as well as cover the needs of the EU policies that receive NextGenerationEU funding,” the Commission said in a statement.
The money is the first part of the EU’s landmark scheme of 800 billion euros, in current prices, that is be distributed to all 27 governments of the bloc in grants and loans.
To get its share of the cash, each government has to submit to the Commission a plan of reforms and investment that will focus on making the economy greener and more digital and boosting its resilience to future health crises.
Important Data: US API Weekly Crude Oil Stock today at 16:30 previously which was -0.439M. JAPAN Services PMI (May) today at 20:30 previously which was 49.5. AUSTRALIA Retail Sales (MoM) (Apr) today at 21:30 this time estimated 1.1%, previously which was 1.1%. UK BoE Gov Bailey Speaks today at 11:00.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 03 JUNE 2021
Asia Pacific stocks were mostly up Thursday morning. The Shanghai composite is down 0.06% at 3,593.55. Overall, the Singapore MSCI up 0.25% at 359.65. Over in Hong Kong, the Hang Seng Index down 0.39% to 29,012. In Japan, the Nikkei 225 up 0.48% at 29,070, while the Topix index is up 0.93% at 1958.5. South Korea’s Kospi up 0.84% to 3251.39. Australia S&P/ASX 200 up 0.58% at 7260.0.
European equities Wednesday closing. The DAX futures contract in Germany traded 0.23% up at 15602.71, CAC 40 futures up 0.49% at 6521.33 and the UK 100 futures contract in the U.K. up 0.39% at 7,108.01.
In U.S. on Wall Street, the Dow Jones Industrial Average closed flat at 34600.38 the S&P 500 down 0.14% to 4208.11 and the Nasdaq 100 up 0.07% at 13691.5, NYSE closes at 16673.96 up 0.18%.
In the Forex market, GBPUSD down 0.13% at 1.41495. The USDJPY up 0.25% at 109.795. The USDCHF up 0.18% at 0.89929. EURUSD down 0.14% at 1.2195, EUR/GBP up 0.02% at 0.86157. The USD/CNY up 0.16% at 6.3908, at the time of writing.
In the commodity market U.S. Gold futures down 0.56% at $1,897.31. Elsewhere, Silver futures down 1.01% to $27.845per ounce, Platinum down 0.53% at $1184.81 per ounce, and Palladium down 0.16% to $2,852.00.
Crude Oil up on Thursday; Brent crude oil up 0.80% to $71.76 barrel while U.S. West Texas Intermediate (CLc1) is up 1.34% at $68.74.
In the Cryptocurrency Markets, BTCUSD at 38727.34 up 3.06%, Ethereum at 2810.35 up 3.79%, Litecoin at 191.52 up 2.29%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Top 5 Stock
ETSY Inc. up 7.146% at $175.14, INVESCO Ltd. up 4.744% at $28.48, EBAY Inc. up 3.324% to $63.41, TESLA Inc. down 3.01% to $605.12, MODERNA Inc. up 3.758% to $191.60, BAIDU Inc. down 1.967% at $197.85.
Economic news:
US: The G7 wealthy democracies are expected to endorse Washington’s proposal for an ambitious global corporate minimum tax when their leaders meet later this week in Britain, a U.S. Treasury official said on Wednesday.
The official said in an emailed statement that the Treasury expects the meetings of the Group of Seven finance ministers on Friday and Saturday in London to provide momentum for advancing global corporate tax negotiations toward a broader G20 finance meeting in July in Italy.
A full endorsement is expected at the culmination of the G7 meetings with the leaders’ summit, the official added.
The U.S. Treasury in May proposed a global minimum corporate tax of at least 15% to try to end a downward spiral of corporate tax rates and deter multinational firms from shifting profits to tax-haven countries.
The proposed minimum is lower than the Biden administration’s own proposals to raise the domestic corporate tax rate to 28% and impose a 21% minimum levy on overseas profits earned by U.S. companies.
Eurozone: The European Central Bank will not change the total size of its asset purchase programme at its June 10 meeting but will start tapering its pandemic purchases later this year, according to a Reuters poll which also showed inflation risks to the upside.
With an economic recovery underway and price pressures rising, calls for winding down the emergency purchases have increased in recent weeks. But several ECB members have said a decision to reduce purchases at the June 10 policy meeting was unlikely.
Nearly 90% of economists, or 34 of 39, in response to an additional question in the May 28-June 2 Reuters poll said the ECB would leave the 1.85 trillion euros worth of asset buys under its Pandemic Emergency Purchase Programme (PEPP) unchanged at its June meeting.
“As the recovery starts to gather speed, the ECB continues to walk a fine line between preserving favourable financial conditions and starting to unwind some of the emergency support measures unveiled during the pandemic,” said Angel Talavera, head of Europe economics at Oxford Economics.
Important Data: UK Composite PMI (May) today at 4:30 this time estimated 62.0, previously which was 62.0. US ADP Nonfarm Employment Change (May) today at 8:15 this time estimated 650K, previously which was 742K. AUSTRALIA Home Loans (MoM) today at 21:30 previously which was 3.3%. JAPAN Household Spending (MoM) (Apr) today at 19:30 this time estimated -2.2%, previously which was 7.2%.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 04 JUNE 2021
Asia Pacific stocks were mostly down Friday morning. The Shanghai composite is up 0.34% at 3,596.52. Overall, the Singapore MSCI down 0.47% at 357.55. Over in Hong Kong, the Hang Seng Index down 0.15% to 28,817. In Japan, the Nikkei 225 down 0.38% at 28,960, while the Topix index is down 0.13% at 1956.5. South Korea’s Kospi down 0.27% to 3237.40. Australia S&P/ASX 200 up 0.49% at 7295.9.
European equities Thursday closing. The DAX futures contract in Germany traded 0.19% up at 15632.67, CAC 40 futures down 0.21% at 6507.93 and the UK 100 futures contract in the U.K. down 0.61% at 7,064.36.
In U.S. on Wall Street, the Dow Jones Industrial Average closed flat at 34577.04 the S&P 500 down 0.36% to 4192.86 and the Nasdaq 100 down 0.19% at 13504.9, NYSE closes at 16632.33 down 0.25%.
In the Forex market, GBPUSD down 0.11% at 1.40854. The USDJPY up 0.01% at 110.262. The USDCHF up 0.17% at 0.90493. EURUSD down 0.15% at 1.21079, EUR/GBP flat at 0.85942. The USD/CNY up 0.05% at 6.4071, at the time of writing.
In the commodity market U.S. Gold futures down 0.12% at $1,869.11. Elsewhere, Silver futures down 0.28% to $27.337 per ounce, Platinum down 0.86% at $1151.00 per ounce, and Palladium down 0.65% to $2,818.00.
Crude Oil mix on Friday; Brent crude oil up 0.24% to $71.36 barrel while U.S. West Texas Intermediate (CLc1) is down 0.03% at $68.81.
In the Cryptocurrency Markets, BTCUSD at 36902.04 down 5.91%, Ethereum at 2670.33 down 6.51%, Litecoin at 176.63 down 8.46%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Top 5 Stock
FORD MOTOR Co. up 7.244% at $15.99, GENERAL MOTOR Co. up 6.387% at $63.46, ETSY Inc. down 5.367% to $165.74, TESLA Inc. down 5.335% to $572.84, BIOGEN Inc. up 1.188% to $272.55, EBAY Inc. up 1.041% at $64.07.
Economic news:
US: U.S. job growth likely accelerated in May as vaccinations eased the pandemic’s grip on the economy, but companies faced difficulties hiring, with millions of unemployed Americans at home because of childcare problems and generous unemployment checks, leaving open the chance for another letdown in job creation.
The Labor Department’s closely watched employment report on Friday could offer assurance that the recovery from the pandemic recession was on track after worker shortages also blamed on lingering fears over COVID-19 sharply restrained employment growth in April, which delivered roughly a quarter of the new jobs economists had forecast.
Slower hiring stirred debate among some economists that growth was stagnating at a time when inflation was rising.
“With the reopening of the economy, we should be seeing very strong job growth,” said Ryan Sweet, a senior economist at Moody’s (NYSE:MCO) Analytics in West Chester, Pennsylvania. “The supply constraints are problematic, but it doesn’t mean that’s going to prevent the economy from continuing to recover. The U.S. is not experiencing stagflation and it won’t over the next few years.”
According to a Reuters survey of economists, nonfarm payrolls likely increased by 650,000 jobs last month after rising only 266,000 in April. That would leave employment about 7.6 million jobs below its peak in February 2020.
Eurozone: British finance minister Rishi Sunak said he was very hopeful that a meeting of G7 finance ministers in London on Friday and Saturday would reach a concrete agreement on taxing large tech companies and other goals.
The gathering will be the first-time finance ministers from the United States, Japan, Germany, Britain, France, Italy and Canada will meet face-to-face since the start of the coronavirus pandemic.
“I’m determined we work together and unite to tackle the world’s most pressing economic challenges – and I’m hugely optimistic that we will deliver some concrete outcomes this weekend,” Sunak said in a statement late on Thursday.
The United States has proposed a global minimum corporate tax rate of at least 15% to stop multinational companies from benefiting from tax havens.
But Britain and other European countries want to ensure that increased tax revenue is paid where the businesses operate, not just where they declare profits.
Important Data: UK Construction PMI (May) today at 4:30 this time estimated 62.3, previously which was 61.6. US Nonfarm Payrolls (May) today at 8:30 this time estimated 650K, previously which was 266K. CANADA Employment Change (May) today at 21:30 this time estimated -20K, previously which was -207.1K. RUSSIA GDP Monthly (YoY) (Apr) today at 19:28 previously which was 0.5%.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 07 JUNE 2021
Asian shares turned sluggish on Monday. The Shanghai composite is down 0.05% at 3,589.65. Overall, the Singapore MSCI up 1.13% at 361.00. Over in Hong Kong, the Hang Seng Index down 0.45% to 28,677. In Japan, the Nikkei 225 up 0.37% at 29,040, while the Topix index is up 0.33% at 1960.5. South Korea’s Kospi up 0.28% to 3248.74. Australia S&P/ASX 200 down 0.08% at 7289.7.
European equities Friday closing. The DAX futures contract in Germany traded 0.39% up at 15692.90, CAC 40 futures up 0.12% at 6515.67 and the UK 100 futures contract in the U.K. down 0.11% at 7,070.40.
In U.S. on Wall Street, the Dow Jones Industrial Average closed down 0.01% at 34756.40 the S&P 500 up 0.88% to 4229.88 and the Nasdaq 100 up 1.78% at 13770.77, NYSE closes at 16708.74 up 0.46%.
In the Forex market, GBPUSD down 0.06% at 1.41424. The USDJPY up 0.01% at 109.494. The USDCHF up 0.04% at 0.89938. EURUSD down 0.04% at 1.21621, EUR/GBP up 0.18% at 0.85995. The USD/CNY up 0.10% at 6.4010, at the time of writing.
In the commodity market U.S. Gold futures down 0.23% at $1,885.89. Elsewhere, Silver futures down 0.76% to $27.579 per ounce, Platinum up 0.43% at $1166.87 per ounce, and Palladium down 0.21% to $2,839.03.
Crude Oil mix on Monday; Brent crude oil down 0.49% to $71.25 barrel while U.S. West Texas Intermediate (CLc1) is up 0.89% at $69.35.
In the Cryptocurrency Markets, BTCUSD at 36407.74 up 1.61%, Ethereum at 2791.38 up 2.98%, Litecoin at 180.14 up 2.25%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Top 5 Stock
BIOGEN Inc. up 4.986% at $286.14, AUTO DESK Inc. up 3.756% at $284.78, TWITTER Inc. up 3.491% to $59.00, INTEL Corp. up 2.009% to $57.37, 3M Co. up 1.169% to $206.05, TESLA Inc. up 4.575% at $599.05.
Economic news:
US: U.S. Treasury Secretary Janet Yellen said that President Joe Biden’s $4 trillion spending plan would be good for the U.S., even if it contributes to rising inflation and results in higher interest rates, Bloomberg News reported.
“If we ended up with a slightly higher interest rate environment it would actually be a plus for society’s point of view and the Fed’s point of view,” Yellen said in an interview with the outlet on Sunday.
“We’ve been fighting inflation that’s too low and interest rates that are too low now for a decade,” the report quoted Yellen as saying.
“We want them to go back to” a normal interest rate environment, “and if this helps a little bit to alleviate things then that’s not a bad thing- that’s a good thing,” Yellen added.
Eurozone: Britain is enjoying a strong economic bounce-back as COVID restrictions lift, though pubs and restaurants are recovering faster than town-centre retail, Bank of England Deputy Governor Jon Cunliffe said on Friday.
“What we’re seeing is a strong bounce back of activity,” Cunliffe told BBC Radio Suffolk after speaking to businesses in that region of eastern England.
“People have accumulated a lot of savings, they’re going out and they’re spending, particularly in those areas we couldn’t go out in the last year or so,” he added
Important Data: JAPAN GDP (QoQ) (Q1) today at 19:50 this time estimated -1.2%, previously which was 2.8%. RUSSIA CPI (MoM) (May) today at 12:00 this time estimated 0.6%, previously which was 0.6%. UK BRC Retail Sales Monitor (YoY) (May) today at 19:01 previously which was 39.6%. US Consumer Credit (Apr) today at 15:00 this time estimated 21B, previously which was 25.84B.

TECHNICAL SUMMARY

TECHNICAL ANALYSIS REPORT TODAY – 08 JUNE 2021
Asia Pacific stocks were mixed Tuesday morning. The Shanghai composite is down 0.88% at 3,567.70. Overall, the Singapore MSCI up 0.24% at 361.55. Over in Hong Kong, the Hang Seng Index down 0.38% to 28,635. In Japan, the Nikkei 225 up 0.03% at 29,040, while the Topix index is up 0.21% at 1964.0. South Korea’s Kospi down 0.11% to 3248.65. Australia S&P/ASX 200 up 0.19% at 7297.7.
European equities Monday closing. The DAX futures contract in Germany traded 0.10% down at 15677.15, CAC 40 futures up 0.43% at 6543.57 and the UK 100 futures contract in the U.K. up 0.03% at 7,082.10.
In U.S. on Wall Street, the Dow Jones Industrial Average closed flat at 34630.24 the S&P 500 down 0.08% to 4226.53 and the Nasdaq 100 up 0.06% at 13832.60, NYSE closes at 16685.14 down 0.14%.
In the Forex market, GBPUSD down 0.13% at 1.41570. The USDJPY up 0.17% at 109.429. The USDCHF up 0.03% at 0.89768. EURUSD down 0.04% at 1.21840, EUR/GBP up 0.15% at 0.86052. The USD/CNY down 0.07% at 6.3918, at the time of writing.
In the commodity market U.S. Gold futures down 0.10% at $1,896.36. Elsewhere, Silver futures down 0.30% to $27.788 per ounce, Platinum down 0.37% at $1170.21 per ounce, and Palladium up 0.12% to $2,838.50.
Crude Oil down on Tuesday; Brent crude oil down 0.71% to $70.94 barrel while U.S. West Texas Intermediate (CLc1) is down 0.45% at $69.04.
In the Cryptocurrency Markets, BTCUSD at 32844.99 down 2.22%, Ethereum at 2498.44 down 3.66%, Litecoin at 157.10 down 3.07%, at the time of writing.
TOP STOCKS TO WATCH OUT TODAY:
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Top 5 Stock
ETSY Inc. up 2.522% at $168.32, FACEBOOK up 1.886% at $336.58, DOCUSIGN Inc. up 3.314% to $240.97, SEAGEN Inc. up 3.85% to $154.01, MODERNA Inc. up 6.551% to $219.57, BAIDU Inc. down 2.109% at $188.92.
Economic news:
US: Several top U.S. Senate Republicans on Monday rejected Treasury Secretary Janet Yellen’s G7 deal to impose a global minimum corporate tax and allow more countries to tax big multinational firms, raising questions about the U.S. ability to implement a broader global agreement.
The opposition from Republicans may push President Joe Biden to attempt to use budget procedures to pass the initiatives with only Democratic votes.
It left lawyers and tax experts in Washington wondering whether it could get done without crafting a new international treaty, which requires approval by a two-thirds majority in the evenly split 100-member Senate.
“It’s wrong for the United States,” Republican Senator John Barrasso said of the tax deal struck on Saturday by finance ministers from the G7 wealthy democracies.
“I think it’s going to be anti-competitive, anti-U.S., harmful for us as we try to continue to grow the economy and certainly at a time when we’re coming out of a pandemic,” Barrasso, who chairs the Senate Republican Conference, told reporters at the U.S. Capitol.
Eurozone: British Prime Minister Boris Johnson told French President Emmanuel Macron on Monday that the United Kingdom and the European Union need to find a solution to the so-called Northern Irish Brexit protocol.
After the United Kingdom left the European Union’s orbit at the end of last year, checks were introduced on some goods moving from mainland Britain to Northern Ireland, which has a land border with EU member Ireland.
The checks triggered anger and a perception among pro-British unionists in Northern Ireland that the Brexit deal divides them from the rest of the United Kingdom.
Johnson, who had promised there would be unfettered trade between Northern Ireland and the rest of the United Kingdom, unilaterally extended a grace period on certain checks to minimise supply disruption, a move Brussels has said breached the Brexit divorce deal.
“On the Northern Ireland protocol, the Prime Minister stressed that both the UK and the EU have a responsibility to find solutions to address the issues with the Protocol,” a spokesman for Johnson said after the call between the leaders.
Important Data: EURO ZONE GDP (QoQ) (Q1) today at 5:00 this time estimated
-0.6%, previously which was -0.6%. US Imports today at 8:30 previously which was 274.48B. US Trade Balance (Apr) today at 8:30 this time estimated -69B, previously which was -74.4B. CANADA Trade Balance (Apr) today at 8:30 this time estimated -0.7B, previously which was -1.14B.

TECHNICAL SUMMARY