Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
China's Refining Industry Faces Major Shakeup Amid Challenges 
UBS Projects Mixed Market Outlook for 2025 Amid Trump Policy Uncertainty 
Fed May Resume Rate Hikes: BofA Analysts Outline Key Scenarios 
Urban studies: Doing research when every city is different 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Moldova Criticizes Russia Amid Transdniestria Energy Crisis 
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
US Gas Market Poised for Supercycle: Bernstein Analysts 
Trump’s "Shock and Awe" Agenda: Executive Orders from Day One 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
The US dollar index gained strength after strong PMI data.It hit a high of 105.119 and is currently trading around 105.09.
The US S&P Global Composite flash manufacturing PMI rose to 50.9 in May, compared to a forecast of 50. While the flash services PMI surged to 54.8 Vs. Estimate of 51.20.
The number of people who have filed for unemployment benefits fell by 8000 in the week ended May 18th to 215000 vs. the Forecast of 220000.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 98.70% from 91.1% a week ago.
Major resistance- 105/106.50
Major support- 104/103
Economic data for the day
US Durable goods orders (12:30 pm GMT)
EURUSD-
EURUSD trades weak despite strong PMI data. It hit a low of 1.08047 yesterday and is currently trading around 1.08091.
The latest German HCOB flash services PMI surges to 53.90 compared to a forecast of 53.50. The policy divergence between the Fed and the ECB puts pressure on the pair at higher levels.
Economic data for the day
German final GDP (6 am GMT)
Major resistance-1.0900,1.100
Major support- 1.0800,1.0720
Yen-
The pair holds above 157 after weak Japan’s inflation data. Any break above 158 confirms further bullishness. Japan’s national core CPI came at 2.2% y/y in Apr, from 2.6% previous month.
Major Resistance- 158,160
Major support- 156,154.50
Canadian Dollar
The Canadian dollar lost momentum ahead of Canadian retail sales . Any break above 1.3750 confirms further bullishness.
Resistance- 1.3700,1.3765
Major support- 1.3580,1.3535
