- European indices finished today’s session higher, with DAX 40 adding over 1%, while CAC 40 and FTSE100 rose 0.64% and 1,505 respectively despite ongoing recession fears;
- French President Macron lost his absolute majority in France's lower-house National Assembly as legislative elections concluded on Sunday;
- German PPI jumped by 33.6% YoY in May, breaking a new record peak for a 6th straight month as the energy prices continue to move higher;
- The yield on the German 10-year Bund jumped to 1.74% - a level not seen since early 2014;
- ECB President Lagarde reassured that central banks is committed to hike interest rates twice this summer;
- There was no cash session on Wall Street today. US stock futures did not witness any significant price movements;
- Fed Bullard said the economy is slowing to a trend rate of growth as expected with Fed's actions. However despite risks from Ukraine war and supply chain issues in China he expects continued expansion in the US through 2022;
- AUD and NZD are the best performing major currencies while USD and JPY lag the most;
- Cryptocurrencies are trying to recover from recent declines although Bitcoin jumped above $20,000 mark, while Ethereum trades above $1100;
- Oil prices resumed downward move early in the session, however later on the demand side became more active and price is stuck in sideways movement. Currently, the WTI barrel is priced at $ 108.5, and the Brent costs less than $ 114;
- Gold acts in similar manner despite weaker dollar and continues to trade around $ 1838 level, while silver erased most of the early gains and returned to $21,50 level;
Today's session was rather uneventful as US traders went on holiday. Nevertheless, the rest of the week should be more interesting with flash PMI indices from Europe on Thursday as well as a 2-day hearing of Powell in US Congress which will take place on Wednesday and Thursday.
Looking at the Bitcoin chart on the D1 interval, it can be seen that buyers were able to halt declines after the price fell below the psychological level of $ 20,000. In terms of technical analysis, a bullish engulfing candlestick pattern emerged above the support at $ 18,000, which may be a sign that buyers took the initiative at least in the short-term. If current sentiment prevails upward correction towards the $ 25,000 resistance may be launched. Source: xStation5
