US Gas Market Poised for Supercycle: Bernstein Analysts 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
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Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
China's Refining Industry Faces Major Shakeup Amid Challenges 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
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U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift? 
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
U.S. Banks Report Strong Q4 Profits Amid Investment Banking Surge 
Stock Futures Dip as Investors Await Key Payrolls Data 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Fed May Resume Rate Hikes: BofA Analysts Outline Key Scenarios 
Moldova Criticizes Russia Amid Transdniestria Energy Crisis 
The US dollar index showed a minor pullback with no direction. It hit a high of 104.79 and is currently trading around 104.65.
Fed Vice Chairman Barr stated “These results did not provide me with the increased confidence that I was hoping to find to support easing monetary policy by reducing the federal funds rate,” Atlanta Fed President Bostic said that “nothing has changed” and reiterated his view that there will be only one rate cut this year.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 96.4% from 96.5% a week ago.
Major resistance- 105/106.50
Major support- 104/103
Economic data for the day
Treasury Sec Yellen Speech (8:00 am GMT)
EURUSD-
EURUSD trades in a narrow range ahead of ECB President Lagarde's speech. It hit a high of 1.08845 yesterday and is currently trading around 1.08585.
May 21st, 2024, ECB President Lagarde Speech (8 am GMT)
Major resistance-1.0900,1.100
Major support- 1.0800,1.0720
Yen-
The pair holds above the 155 level due to a surge in US treasury yields. Any break above 157 confirms further bullishness.
Major Resistance- 156,157
Major support- 154.50,153.40
Canadian Dollar
The Canadian dollar trades flat ahead of CPI data. Any upbeat inflation data will push Canadian dollar prices higher. Any break below 1.3580 confirms further bearishness.
Resistance- 1.3660,1.3765
Major support- 1.3580,1.3535
