Friday News

Latest updates:

– Wall Street indices finished yesterday’s trading lower – S&P 500 dropped 0.17%, Dow Jones moved 0.66% lower while Nasdaq added 0.18%. Small-cap Russell 2000 dropped 0.84%
– Debt ceiling meeting between US President Biden and congressional leaders has been postponed until next week. However, US House Speaker McCarthy said that it does not mean talks have fallen apart and that staff-level discussions are ongoing
– Politico reports that US Treasury Secretary Yellen will meet with top Wall Street bankers next week, including JPMorgan and Citigroup CEOs. Discussions are likely to be about avoiding debt default
– Indices from Asia-Pacific traded mostly lower today – Kospi dropped 0.6%, Nifty 50 traded 0.1% lower and indices from China were trading as much as 0.9% lower. Australian S&P/ASX 200 traded flat while Japanese Nikkei gained almost 1%
– DAX futures point to a higher opening of the European cash session today
– Ukraine, Russia, Turkey and UN held discussions on extending Black Sea grain initiative on Thursday but no deal has been reached yet
– US Energy Secretary Granholm said that purchases to refill Strategic Petroleum Reserves may begin after June
– Reserve Bank of New Zealand lowered its 1-year inflation expectations from 5.11 to 4.28% while 2-year expectations dropped from 3.3 to 2.79%
– New Zealand’s manufacturing PMI jumped from 48.1 to 49.1 in April (exp. 50.7)
– Major cryptocurrencies are trading lower today – Bitcoin and Litecoin drop 1.5% each, Ethereum drops 1.7% and Dogecoin trades 0.3% lower
– Energy commodities trade lower with oil dropping 1% and US natural gas prices declining 1.2%
– Precious metals trade lower – gold drops 0.2% while silver and platinum trade 0.6% lower
– EUR and CHF are the best performing G10 currencies while NZD and JPY lag the most

NZD is the worst performing G10 currency after new inflation expectations from RBNZ show progress on inflation and hinted that significant tightening may not be needed.  NZDUSD deepens pullback launched after a failed attempt of breaking above 0.6365 area. Source: xStation5

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