25.05.22 Macro Morning
Chris Becker | May 25, 2022 09:12
Wall Street had the wobbles again overnight, led by a steep selloff in tech shares with European shares also unsteady with new PMI surveys coming in under expectations. The bond market saw some strength in response, with the 10 year US Treasury yield pushed down to the 2.7% level, with interest rate markets still continuing to price in a 50 bps rise for the Fed’s June meeting and a slightly lower 195 points at the end of the year. Meanwhile the USD continues to lose ground against Euro, while the Australian dollar remains contained at the 71 handle. Commodity prices were unsteady with oil prices only a little higher with WTI and Brent crude up by nearly 1% while gold finished just above the $1866USD per ounce level .
Bitcoin is still going nowhere – literally unmoved with very low volatility – remaining below the $30K level as price is well contained at the recent near 50% loss lows. After cracking through the $25K level in the previous week, momentum remains heavily negative as trailing ATR resistance remains way overhead for now. This is ready to crack lower:
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