Morning Brew May 28 2021
Erik Schafhauser
Senior Relationship Manager
Summary: Metals celebrate the US Holiday, can they follow through?
Good morning,
Except for metals the market was quiet yesterday as was to be expected on a US Holiday. European equities were friendly with the GER40 rising 18790 again, the EU 50 to 5058. This morning, US Indexes are slightly green with the US 500 at 5310, the US 30 at 39090 and US tech 100 NAS at 18850.
The USD Index fell to 104.40 while yields remained almost unchanged.
Silver rose a full USD yesterday – for the next level higher we need to break the 32.52 as Kim points out in the article below, Gold needs to tackle the 2385. This is an interesting setup heading into the key data at the end of the week, the expiries as well as month end.
EURUSD is trading at 1.0875, GBPUSD 1.2777 and USDJPY 156.75. the Swiss crosses are trading at 0.9917 and 0.9120. Japan's business service prices rise at fastest annual pace since March 2015 but this fails to raise the JPY.
Ole and Kim on Metals:
Ole: Gold and WTI see increased demand as Dollar longs plummet
Kim: Metals finding support and rebounding: Gold, Silver, Platinum and Copper
The US Opening after the long weekend and especially the mood around Nvidia will likely dominate sentiment today. Chinas efforts to reduce its dependency on foreign computer chips will be carefully watched as China launched the third fund to bild the semiconductor industry.
Events this Week:
Tuesday
- Data Japan PPI, AU Retail Sales, US Consumer Confidence, Lorettta Mester & Lisa Cook speaking
- Earnings:
Wednesday
- Data DE CPI, Beige Book
- Earnings: HP Inc
Thursday
- Data CH KoF Indicator, EU Consumer Confidence & Unemployment rate, US GDP& Initial Jobless Claims
- Earnings: Dell Technologies, Marvell, Costco
Friday
- Data Japan CPI, China PMI, France CPI, EU Inflation, US PCE and CA GDP
Expiries
Physically Settled Futures
NGM4 will expire on 28 May 2024 at 19:30
CGZM4 will expire on 29 May 2024 at 15:00
FLGM4 will expire on 29 May 2024 at 15:00
TTFMM4 will expire on 29 May 2024 at 09:00
EMAM4 will expire on 30 May 2024 at 13:00
GCM4 will expire on 30 May 2024 at 15:00
MGCM4 will expire on 30 May 2024 at 15:00
TNM4 will expire on 30 May 2024 at 15:00
UBM4 will expire on 30 May 2024 at 15:00
Z3NM will expire on 30 May 2024 at 15:00
ZBM4 will expire on 30 May 2024 at 15:00
ZFM4 will expire on 30 May 2024 at 15:00
ZNM4 will expire on 30 May 2024 at 15:00
ZTM4 will expire on 30 May 2024 at 15:00
HOM4 will expire on 31 May 2024 at 15:00
RBM4 will expire on 31 May 2024 at 15:00
Expiring CFDs
HK50MAY24 will expire on 30 May 2024 at 14:00
GOLDJUN24 will expire on 29 May 2024 at 15:00
CHINA50MAY24 will expire on 30 May 2024 at 14:00
30YUSTBONDJUN24 will expire on 29 May 2024 at 15:00
10YUSTNOTEJUN24 will expire on 29 May 2024 at 15:00