In the game of trading and investing, where dynamics are ever-shifting, maintaining awareness of current market trends and data is essential to ensure well-informed decision-making. This article examines the market statistics from the preceding week and explores their significance for traders and investors. It encompasses a range of aspects, including notable earnings, trading statistics, and instruments, while also considering the influence of the global market update on major currency pairs.
Top 5 Payouts:
During the previous week, noteworthy payouts were observed, reaching;
- $29,748 – on a 360K Account Size (Scaled Up) – 8.3% Gain
- $26,342 – on a 200K Account Size – 13.17% Gain
- $24,633 – on a 140K Account Size (Scaled Up) – 17.6% Gain
- $21,929 – on a 280K Account Size (Scaled Up) – 7.8% Gain
- $18,501 – on a 200K Account Size – 9.25% Gain
These substantial payout figures exemplify the market’s volatility and the existence of multiple lucrative prospects for traders. The significant payouts serve as evidence that traders achieved success by capitalizing on these opportunities through prudent investment choices.
Weekly Trading Stats:
Last week, traders collectively received a payout totaling $1,156,419,, which was distributed among 863 individuals. This indicates significant participation of traders in the market, with those who made wise investment decisions reaping substantial profits.
During this timeframe, a total of 264,274 trades were executed, involving a cumulative sum of 261,537 lots. These numbers emphasize the considerable level of trading activity, signifying a market environment characterized by volatility and dynamic movement.
Weekly Trading Instruments:
The most prominent trading pairs observed throughout the week encompassed XAUUSD, EURUSD, US30, GBPUSD, and NDX100. These pairs hold popularity among traders and investors, known for their volatility which adds to their investment appeal. The substantial trading volume associated with these pairs indicates their high demand throughout the week, presenting traders with profit-making opportunities.
Among all the currency pairs, AUDCHF, GBPUSD & EURUSD demonstrated favorable performance, boasting winning percentages of 57.08%, 56.84%, and 56.04% respectively. This suggests that traders who engaged in these pairs potentially achieved notable profits.
Conversely, the AUDUSD, USDCAD & CADJPY currency pairs did not exhibit favorable performance, reflecting losing percentages of 50.03%, 49.99%, and 48.6% respectively. This implies that traders who invested in these pairs might have encountered losses.
|| Federal Reserve Alert: Inflation Progress Crippled, Rate Increase Uncertain – Economy on Tenterhooks ||
Global Market Update:
- The tightening grip of monetary policy continues to cast its shadow over the economy, a reminder of the persistent challenges faced. Mester acknowledges the potential necessity of revising upward her inflation forecast, a chilling prospect that fuels uncertainty. As the June FOMC meeting approaches, everything hangs in the balance, with every option on the table as the Federal Reserve grapples with the daunting task of curbing inflation in a timely manner.
- In this high-stakes saga, the economy finds itself caught in the crosscurrents of inflation, policy decisions, and market reactions. The urgency to find a delicate equilibrium intensifies, with the hopes of steering the economy toward stability and growth. As the dust settles, the world awaits the next chapter in this gripping tale of monetary policy and its profound impact on the nation’s economic fortunes.
- Gold prices struggle to regain momentum as the US economy displays resilience, bolstering the possibility of a June interest rate hike by the Federal Reserve. Despite concerns over inflation, Wall Street experiences gains, fueled by strong consumer and business spending. The Core PCE inflation gauge surpasses expectations, rising to 4.7% YoY in April.
While the data indicates an openness by the Fed to pause its tightening cycle, the prospect of higher interest rates persists. Rising US Treasury bond yields and hawkish remarks from Cleveland Fed President Loretta Mester contribute to the challenges faced by gold’s recovery. The XAU/USD pair hovers near $1940.21, making marginal gains of 0.03% but still falls short of reclaiming the key $1950 level.
EUR/USD Bears Maintain Control, Downside Pressure Persists
- EUR/USD sinks to a 9-week low of 1.0701 as US Dollar strength and expectations of a rate hike weigh on the pair.
- Commerzbank economists anticipate a short-term advantage for the Euro due to the ECB’s potentially more hawkish monetary policy, but sustainability remains questionable.
- The turnaround in the EUR/USD exchange rate may occur around the turn of the year as the ECB’s stance aligns with that of the Fed.
GBP/USD Recovery Hindered Near 1.2400 Resistance
- GBP/USD encounters resistance near the 1.2400 level, impeding further upward movement.
- The US Dollar strengthens following positive US data releases, exerting selling pressure on GBP/USD.
- Better-than-expected UK Retail Sales in April initially support the British pound, aligning with speculation of potential tightening by the Bank of England.
- GBP/USD finds support around 1.2300 but faces selling pressure amid the rebounding greenback and higher US inflation figures.
EUR/JPY Sustains Upside Momentum Above 150.00 Level
- EUR/JPY maintains a bullish outlook, extending gains for the third consecutive day.
- Tokyo Consumer Price Index (May) disappoints, leading to declining bond yields as the Bank of Japan is expected to maintain the loose monetary policy.
- Weaker-than-expected Q1 Gross Domestic Product figures from Germany have minimal impact on the pair’s positive sentiment.
- Key resistance levels to watch are 151.00, 151.60, and 152.00, while immediate support levels are at 150.00, 149.20, and the 20-day Simple Moving Average at 148.97.
AUD/USD Bears Dominate Amidst Disappointing Retail Sales and Hot US Core PCE Inflation
- AUD/USD sustains its bearish momentum, hovering near the psychological level of 0.6500.
- Australian Retail Sales in April showed no growth, falling short of expectations and reflecting challenges in consumer spending.
- US Core PCE inflation rises to 4.7% in April, strengthening the US Dollar and increasing the likelihood of a Fed rate hike.
- Immediate support levels for AUD/USD are at 0.6500, 0.6545, and 0.6400, while resistance levels to watch are around 0.6540 & 0.6600, and the 20-day Simple Moving Average is at 0.6650.
NZD/USD Treads Sideways Around 0.6060 Amidst Soft Recovery, Focus on US Durable Goods Orders
- NZD/USD remains range-bound around 0.6060 after a modest recovery, as market attention shifts to US Durable Goods Orders.
- Federal Reserve (Fed) policymakers are expected to prioritize managing inflation pressure through tight credit conditions rather than pursuing further interest rate hikes.
- RBNZ Assistant Governor Karen Silk emphasizes the need to hold rates and monitor developments, acknowledging the less inflationary impact of Cyclone Gabrielle.
- US Durable Goods Orders data will be closely watched, with expectations of a contraction indicating potential ripple effects on the US Consumer Price Index (CPI).
GOLD:
Gold Price Forecast: XAU/USD Rebound Struggles Within $1,951-43 Range – Confluence Detector
- Gold Price shows signs of a corrective bounce amid a three-week downtrend.
- Cautious market sentiment surrounding the looming US debt ceiling and key US data allows the US Dollar to retreat, supporting a rebound in XAU/USD.
- Upbeat US economic statistics and hawkish concerns regarding the Federal Reserve exert downward pressure on Gold, despite hopes of avoiding a US default.
- Technical indicators indicate key support levels at $1,943 and $1,938, while a recovery would require validation above the previous monthly low of $1,951.
SILVER:
Silver Price Analysis: XAG/USD Breaks Above $23, Rebounds Beyond 50% Fibonacci Retracement
- Silver price rises above the critical resistance level of $23.00, driven by a decline in the USD Index.
- Negotiations between White House officials and House Speaker McCarthy’s team regarding raising the US debt-ceiling impact market sentiment.
- Silver price shows a decent recovery, surpassing the 50% Fibonacci retracement level at $23.00.
- The declining 20-period Exponential Moving Average (EMA) at $23.15 acts as a barrier for further bullish movement, while a break above the recent high at $23.14 could lead to potential targets at $23.48 and $24.00.
OIL:
WTI Crude Oil Steadies Below $72 Amid Market Uncertainty and US Dollar Retreat
- WTI crude oil consolidates after experiencing its biggest daily loss in three weeks.
- Mixed sentiment surrounds the US debt ceiling deal and concerns about the oil demand-supply dynamics.
- Cautious market mood ahead of key data/events limits immediate moves in WTI crude oil.
- Traders await US data releases, the upcoming OPEC+ meeting, and updates on the US debt ceiling negotiations for further guidance.
Watch out for Next Week’s Important Dates
- On 31st May, the US JOLTs report will come out. A figure that is higher than anticipated should be viewed as positive (bullish) for the USD, while a figure that is lower than anticipated should be viewed as unfavorable (bearish).
- On 1st June, the GBP S&P PMI report will have a significant impact on British bond and stock markets. A higher-than-expected figure should be seen as positive (Bullish) for the GBP while a lower-than-expected figure should be seen as negative (bearish) for the GBP.
- It is important to pay attention to the continuous jobless report on 1st June as it may have significant impacts on major currencies. A higher-than-expected figure should be seen as negative (bearish) for the USD while a lower-than-expected figure should be seen as positive (bullish) for the USD.
