1. Forex Market Insight
According to recent data, France’s GDP grew by 4.5% in the first quarter, down 0.2% from the previous quarter.
At the same time, Germany, Italy and other major countries in the eurozone economy are also on the verge of decline.
EUR/USD fell sharply for the second consecutive session, falling to an intraday low of 1.0627, a 0.8% drop for the day.
Despite the European Central Bank’s (ECB) announcement that it will end the support of negative interest rates by September.
However, due to the fear of the Fed’s continued strong rate hikes in June, the EUR/USD still retraced from the recent rally highs.
(EUR/USD 1-hour chart)
We focus on the 1.0776-line today. If EUR runs steadily above the 1.0776-line, then pay attention to the support strength of the two positions of 1.0832 and 1.0890. If the strength of EUR breaks below the 1.0697-line, then pay attention to the suppression strength of the two positions of 1.0697 and 1.0642.
GBP Intraday Trend Analysis
President Joe Biden and Federal Reserve Chairman Jerome Powell, after meeting for the first time in six months
Biden said the Federal Reserve will use its policy tools to deal with the problem of high prices.
Fed Governor Waller said he supports a 50 basis point rate hike for “multiple” meetings in the future, and an increase above the neutral level by the end of this year.
The remarks led to a stabilization and recovery of the U.S. index. At the same time causing the pound to enter a post-rally shakeout.
(GBP/USD 1-hour chart)
GBP is mainly focused on the 1.2478-line today. If GBP runs below the 1.2478-line, it will pay attention to the suppression strength of the two positions of 1.2301 and 1.2243. If GBP runs above the 1.2478-line, then pay attention to the suppression strength of the two positions of 1.2668 and 1.2807.
2. Precious Metals Market Insight
Gold prices rose more than 1% on Thursday, 2nd June 2022, with spot gold touching the 1870 mark at its highest. Gold prices rose more than 1% on Thursday,2nd June 2022, with spot gold touching the 1870 mark at its highest, a new high since 10th May 2022, closing at $1868.27 per ounce.
Supported by a falling dollar and data showing that U.S. private jobs rose less than expected last month.
U.S. gold futures closed 1.2% higher at $1,871.4 per ounce.
(Gold 1-hour chart)
Gold pays attention to the 1871-line today. If the gold price runs steadily above the 1871-line, then it will pay attention to the support strength of the 1880 and 1892 positions. If the gold price breaks below the 1871-line, then pay attention to the suppression strength of the two positions of the 1866 and 1847.
3. Commodities Market Insight
WTI Crude Oil
Oil prices rose more than 1% on Thursday, 2nd June 2022.
U.S. crude oil inventories fell more than expected as demand for the fuel was strong.
Oil markets were not affected by the news that OPEC+ agreed to increase crude oil production to compensate for the decline in Russian output.
(Crude Oil 1-hour chart)
Oil prices focus on the 111.95-line today. If the oil price runs above the 111.95-line, then focus on the suppression strength of the two positions of 116.30 and 120.00. If the oil price runs below the 111.95-line, then pay attention to the support strength of the two positions of 109.62 and 107.52.
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