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Forex Today. stocks collapse, sell in May and walk away?

Forex Today. stocks collapse, sell in May and walk away?

US stock markets experienced their deepest bearish retracements in months, leading to the liquidation of many long positions.

➡️ Although stock markets have recovered slightly in recent hours after the G7 renewed commitments allowing members to defend their currencies against the surging US dollar, several major indexes made their deepest bearish retracements in months. Both the NASDAQ 100 Index and the S&P 500 Index they have given up more than 3 times the true long-term daily average range. The sell-off is seen to be partly due to higher expectations aggressive on US rate cuts and partly on tensions in the Middle East, although the latter is not convincing since crude oil continues to weaken.

➡️ Precious metals, gold and silver, are holding up relatively well, suggesting that they are maintaining their relative strength and are likely to reach new highs eventually.

➡️ The Bitcoin halving is expected to happen on Friday or Saturday Price action Bitcoin continues to appear bearish, with the price around 15% lower than the high reached earlier this month.

➡️ In the Forex market , since Tokyo opened today, the strongest major currency has been the Australian dollar, and the weakest major currency has been the US dollar, putting the AUD/USD currency pair in focus. The Japanese yen is not showing any strength despite the Bank of Japan saying its near-term policy adjustment will likely move at a slow pace.

➡️ Crude oil continues to move downwards.

➡️ US unemployment claims data will be released today.

➡️ The previous release of Australian unemployment rate data saw a smaller-than-expected rise in unemployment, from 3.7% to 3.8%.

 

Credit by DailyForex.com

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