10.05.22 Macro Afternoon
Chris Becker | May 10, 2022 17:05
Still not a good day for risk takers out in the Asian stock markets although a late bounce this afternoon has seen equity futures for Europe and Wall Street lift, dragging up some local bourses as well. Currency markets remain in line with a strong USD, with the Australian dollar almost crossing below the 69 handle while oil markets have pulled back again as Brent crude goes below the $104 level. In undollar land, gold is trying to comeback but remains under stress, currently at $1862USD per ounce while Bitcoin is crushing hit, heading below the $30K level and on track for a new yearly low with the weekly chart showing the next stage of an epic head and shoulders pattern almost complete:
The economic calendar will include the closely watched German ZEW survey tonight, followed by a slew of Fed member speeches.
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