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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Daily summary: CPI data pushes gold towards $2,400 area

18:55 15 May 2024
  • Wall Street indices traded higher today, supported by US CPI reading for April. S&P 500 gains 1%, Dow Jones adds 0.7%, while Nasdaq jumps 1.2%
  • US headline CPI inflation slowed from 3.5 to 3.4% YoY in April (exp. 3.4% YoY), while core measure dropped from 3.8 to 3.6% YoY (exp. 3.6% YoY). Monthly headline CPI surprised to the downside, coming in at 0.3% MoM (exp. 0.4% MoM)
  • While data was in-line with expectations, this was the first CPI reading of 2024 that did not show an upside surprise
  • US retail sales data released simultaneously to CPI print turned out to be a disappointment. Headline retail sales for April came in flat, in spite of an expected 0.4% MoM increase. Sales excluding autos were 0.2% MoM higher, in-line with expectations
  • Somewhat dovish CPI reading and disappointing retail sales data put pressure on USD, while supporting precious metals, stocks and cryptocurrencies
  • Gold gains over 1% and trades near $2,390 per ounce, just a touch below all-time highs. Meanwhile, silver rallies over 3%, climbs above $29.50 per ounce and is on the way for the highest daily close since Q1 2013
  • Bitcoin rallies over 5% supported by weaker US dollar. Ethereum and Dogecoin trade over 3% higher on the day
  • A two-day rally in so-called meme stocks seems to have been put to an end today. GameStop drops over 25% today, while AMC Entertainment slumps over 20%
  • European stock market indices traded higher today - German DAX gained 0.8%, UK FTSE 100 and French CAC40 moved 0.2% higher, Spanish IBEX surged 1.1% and Italian FTSE MIB added 0.6%
  • ECB Villeroy said that European Central Bank is very likely to begin cutting rates at June meeting
  • Fed Kashkari said that Bitcoin has little practical use and is not an investment vehicle or a currency
  • European Commission expects euro area inflation to decelerate to 2.5% in 2024 and 2.1% in 2025. GDP is seen growing by 0.8% this year and 1.4% in 2025
  • The latest Atlanta Fed GDPNow estimate for Q2 is 3.8%, down from previous 4.2%
  • Oil recovered part of daily losses after DOE report showed a bigger-than-expected inventory drop of 2.51 million barrels (exp. -1.20 mb)
  • US business inventories declined 0.1% MoM in March (exp. 0.0% MoM)
  • Canadian annualized housing starts for April came in at 240.2k (exp. 234k), down from 242.3k reported for March
  • SEK dropped after Swedish inflation report showed CPI decelerating from 4.1 to 3.9% YoY in April (exp. 4.0% YoY). Core CPI remained unchanged at 2.9% YoY, in-line with market expectations
  • Final French CPI report confirmed deceleration of headline measure from 2.3 to 2.2% YoY as hinted by preliminary release
  • Euro area GDP report showed 0.3% QoQ expansion, in-line with preliminary reading. On an annual basis, euro area economy grew by 0.4% YoY
  • Euro area industrial production dropped 1.0% YoY in March (exp. 1.3% YoY)

GOLD jumps over 1% and is approaching $2,400 resistance zone. Precious metal is trading less than 2% below its all-time highs. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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