17.05.22 Macro Morning
Chris Becker | May 17, 2022 09:52
Last night saw a failure to confirm Friday’s bounceback on stock markets with both European and US shares playing the wobbly game amid tension over interest rates and Chinese growth concerns. The bond market moved around only a little with the 10 Year US Treasury yield easing off to just below the 2.9% level, with interest rate markets still forecasting nearly 2% of rate rises to come from the Fed by the end of the year. Meanwhile the USD pulled back 0.4% as some risk currencies swung a little higher with Euro trying to find a bottom alongside the Australian dollar. Commodity prices were the standout with Oil lifting 2% to a one month high, copper and gold both up 1% with the latter bouncing back after briefly dipping below the $1800USD per ounce level.
Bitcoin is still trying to get out of capitulation mode, unable to start the week above the $30K level after cracking through the $25K level last week. The desire to bid this back up may clash with reality here as trailing resistance is a long way away:
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