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The euro took a hit amid another hike in natural gas prices, this time on news of new moves by Russia to restrict supplies to Europe. Accordingly, the price of the EUR/USD currency pair fell to the lowest support level of 1.0349 for the most popular currency pair in the forex market, and closed last week's trading, stable around the 1.0407 level, in light of the continuation of the downward trend.
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The US dollar index (DXY) is a weighted currency index which is generally used as a benchmark for US dollar performance. DXY continues its upward trend after last week’s US inflation data for April - which printed lower than the March print – surprised to the upside. Higher inflation data underpins the value of the greenback at a time when the Fed is fully motivated to raise the Fed funds rate. Current market expectations see the Fed hiking rates a further 190 basis points before the end of the year.
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During last week's trading, the price of the USD/JPY currency pair was exposed to profit-taking operations. It moved towards the support level 127.52 after the currency pair recorded its highest level in 20 years. As mentioned with the selling operations, forex investors may think of buying the currency pair as it returned to move towards the resistance level 129.45. The pair is stable near it at the beginning of this week's trading. The US dollar is still supported by strong expectations of the path of raising US interest rates strongly during 2022.
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The sharp pessimistic view on the part of the Bank of England, the fears of the impact of the Russian gas cut on Britain, and an expected path for a strong tightening of the US Federal Reserve’s policy, increased the selling of the GBP/USD currency pair to the 1.2155 support level.
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Gold futures fell during last week's trading, officially erasing all their gains in 2022. The price of the yellow metal came under heavy pressure this month, supported by the Fed's tightening efforts, the strength of the US dollar, and rising Treasury yields. For now, the bull market appears to be over, even if inflation has risen significantly. The price of gold fell to the support level of $ 1799 for an ounce, the lowest price of the yellow metal in three months. We ended the week's trading around the level of $ 1811 an ounce.
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Today's recommendation on the lira against the dollar - Risk 0.50%. Yesterday's sell recommendation was activated and it is still trading
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Consistently, the rupee has deteriorated 65 paise on the rear of a more grounded dollar record, risk-off opinion and unfamiliar asset surges
NewsMILAN (Reuters) – Italian energy group Eni will open accounts this week to pay for Russian gas after clarification such a move will not breach sanctions, two sources said on Monday.
IndustryBRASILIA (Reuters) – Brazils Economy Minister Paulo Guedes said on Monday the government will reduce payroll taxes, without giving details or deadlines for a move he has defended since taking office in 2019.
IndustryMILAN (Reuters) – London-based fund Parvus Asset Management has increased its holding in UniCredit to 5%, becoming the second-biggest investor in the Italian bank, data showed on Monday.
Industry(Reuters) – The Russian central bank on Monday said Russian residents and non-residents from friendly states will be able to channel foreign currency abroad equivalent to up to $50,000 a month, from the previous limit of $10,000.
IndustryBy Ricardo Brito and Maria Carolina Marcello
IndustryWASHINGTON (Reuters) -U.S. health regulators will announce action on baby formula imports as soon as Monday to address a nationwide shortage that has left parents scrambling to feed their babies, the Food and Drug Administrations chief said.
IndustryBy Jarrett Renshaw and Stephanie Kelly (Reuters) – The White House is expected to announce in coming weeks the amount of biofuels like corn-based ethanol that U.S. refiners must blend into their fuel this year, a decision that will force it to weigh taming consumer inflation
IndustryLONDON (Reuters) – British consumers are reacting to the cost of living crisis by trading down in both stores and products, switching from supermarkets to discounters and from branded to lower priced and private label products, a report from consultants McKinsey said on Monday.
Industry
Bears cheer Friday‘s downside break of key support as China’s data dump, covid news weigh on sentiment.
NewsLISBON (Reuters) – Portugals largest listed bank, Millennium bcp, posted on Monday a 95% rise in first-quarter net profit, driven by robust income at home, despite losses at its Polish subsidiary due to heavy provisions for foreign currency loans.
IndustryWARSAW (Reuters) – Polands Monetary Policy Council (MPC) should keep raising interest rates, central banker Ludwik Kotecki said on Monday, as he predicted inflation could rise by a further two or three percentage points.
IndustryPARIS (Reuters) – European quick commerce group Flink is buying French rival quick commerce firm Cajoo and French retailer Carrefour, an early investor and exclusive retail partner of Cajoo, will become a direct Flink shareholder and partner, the companies said in a joint statement.
Industry(Reuters) – Thales won a ten-year contract to deliver advanced tactical radios to the U.S. Army as one of two vendors in a deal with an overall volume of $6 billion, the French defence group said on Monday.
Industry
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