Daily Market Reflection 2 June 2022

Market Outlook

The Russian rouble strengthened to levels not seen since March

2018 against the dollar on Tuesday, boosted by export-focused Fundamental News
companies selling foreign currency to pay taxes and shrugging
off a slight easing of capital controls. The rouble has firmed
about 30% against the dollar this year despite a full-scale  German Inflation expected to reach
economic crisis in Russia, making it the world's. The rouble is 7% in 2022.
steered by capital controls imposed in late February to shield  Sharp slowdown in UK business
Russia's financial sector after Moscow's decision to send tens of activity rings recession alarm.
thousands of troops into Ukraine prompted unprecedented  Bruised Dollar hits new 1- month
Western sanctions. low.
 Euro zone business growth slowed
Oil fell by almost $1 on Tuesday as concerns over a possible in May but still resilient-PMI
recession and China's COVID-19 curbs outweighed tight global
supply and expectations of a pick-up in fuel demand with the
U.S. summer driving season. Investment banks including UBS
and Goldman Sachs have cut their 2022 China growth
outlooks. The head of the International Monetary Fund, WEEKLY CALLS
meanwhile, said she does not expect a recession for major Intraday Super Star
economies but cannot rule it out. Beijing is stepping up
Date Currency Entry TP SL P/L
quarantine efforts to end its month-old outbreak while
- - - -
Shanghai's prolonged lockdown is due to be lifted in a little
Global
more thanMarkets
a week. Special Call
Date Commodity Entry TP SL P/L
Nasdaq futures lost 2.06%, with traders blaming an earnings - - - -
warning from Snap which saw shares in the Snap chat owner
tumble 28%, while S&P 500 futures slipped 1.47%. That
followed a 1.4% fall in MSCI's broadest index of Asia-Pacific Index of the Week
shares outside Japan, while the benchmark STOXX index of DAX
European shares fell 1.1%. Hawkish remarks from European European stocks retreated Tuesday, tracking
Central Bank Chief Christine Lagarde reminded edgy markets global sentiment as U.S. markets struggled to
that rate hikes loom. maintain a comeback rally.
Things to Note
The World Economic Forum is taking place in
Davos this week, bringing together political
and business leaders from around the world.
Global Currencies International Markets
Currencies Previous Close % Chg Index Value Change % Change
4:30 pm
GBPUSD 1.2509 1.2588 -0.63% DOW 31880.24 +618.34 +1.98%
EURUSD 1.0719 1.0689 +0.28%
NASDAQ 11535.28 +180.66 +1.59%
USDJPY 127.36 127.87 -0.38$
EURJPY 136.51 136.69 -0.13% FTSE 7499 -14.41 -0.15%
GBPJPY 159.32 160.98 -1.03% NIKKEI 26748.14 -253.38 -0.94%
GBPCHF 1.2067 1.2157 -0.74%
SHANGHAI 3070.93 -75.93 -2.41%
USDCHF 0.9649 0.9658 -0.09%
USDCAD 1.2794 1.2764 +0.23% HANG SENG 20112.10 -357.96 -1.75%
EURGBP 0.8570 0.8489 +0.95% DAX 14057.12 -118.28 -0.83%
CHFJPY 132.07 132.36 -0.22%
COMEX
EURCHF 1.0346 1.0322 +0.22% COMMODITY DATE DATE %
AUDUSD 0.7071 0.7106 -0.49% 24/05/22 23/05/22 CHANGE
EURAUD 1.5155 1.51040 +0.76% GOLD 1855.70 1853.59 -0.11%
GBPAUD 1.7682 1.7711 -0.17% SILVER 21.85 21.80 +0.25%

CRUDE 110.12 110.29 -0.15%

Event Calendar (25th May 2022, Wednesday)

Time Currency Event Forecast Previous

7:30 am NZD Official Cash Rate 2.00% 1.50%
7:30 am NZD RBNZ Rate Statement - -
1:30 pm EUR ECB President Lagarde Speaks - -
4:35 pm JPY BOJ Gov Kuroda Speaks - -
6:00 pm USD Durable Goods Orders m/m 0.6% 1.1%
11:30 pm USD FOMC Meetings Minutes - -
OVERVIEW
GOLD

Gold was observed in a range

for most part of the session as
1865 was acting as strict
resistance for the yellow
metal. On sustaining below
1850 may drag it towards
lower side i.e. near support
R1 R2 S1 S2 range of 1840-1832.
1865 1875 1845 1833

SILVER

Silver showed a sign of

reversal on daily charts found
support and was able to
sustain above 21.70. Positive
breakouts can be seen above
22.20 whereas sharp sell offs
are expected to be seen below
R1 R2 S1 S2
the support of 21.70.
22.15 22.40 21.70 21.30
 EURUSD

EURUSD continued the bull

run of previous session and
was able to sustain at higher
levels. Once it closes above
1.0740 then it may further
lead towards 1.0820 whereas
1.0630 is seen as important
support from current levels. R1 R2 S1 S2
1.1310 1.1385 1.1185 1.1135

GBPUSD

GBPUSD observed a sharp

downfall from the resistance
of 1.2600 and the weakness
might continue towards
1.2430. On the contrary,
1.2580-1.2610 may continue
to act as resistance range for
the currency pair.
R1 R2 S1 S2
1.2610 1.2650 1.2450 1.2390
INTRADAY SUPER STAR(PREMIUM)

EURUSD had been expected to face

resistance during the session which
may result in some correction on
lower side.
SELL BELOW 1.0690 TARGETS
1.0670/1.0650 SL ABOVE 1.0710.

SILVER is observed consolidating

in a pattern expected to move up
GOLD fromhovered
the around the resistance
drawn level.
levelBUY
of 1860 for most
ABOVE part
22.78 of the session.
TARGETS
It is expected
22.93 SLtoBELOW
break the up sloping
22.63
trend line coming from recent lows.
SELL BELOW 1854 TARGETS 1846 SL
ABOVE 1860.
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