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market review 28 May 21

28 May 21

Dollar Boosted by Higher Yields; Inflation Data Due

The dollar edged higher in early European trade Friday, helped by rising U.S. bond yields ahead of the release of key inflation data.
At 2:50 AM ET (0650 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.2% at 90.120.
EUR/USD traded 0.1% lower at 1.2180, slipping after reaching a 5 1/2-month high of 1.2266 on Tuesday, USD/JPY rose 0.1% to 109.92, climbing to its highest levels in about seven weeks, while the risk-sensitive AUD/USD was down 0.1% at 0.7731.
Helping the greenback was a report by the New York Times that President Joe Biden will announce later Friday a $6 trillion budget for 2022 to ensure investments in major infrastructure, education and healthcare projects. If this manages to get through a divided Congress, it would take federal spending to its highest levels since World War II.

Solid Asia sets global stocks on extended rally, U.S. stimulus in focus

A rally in Asia put global equities on track for a seventh day of gains on Friday as investors bet the U.S. will lead the world out of the COVID-19 pandemic, with the focus turning to a multi-trillion dollar spending boost by the Biden administration.
Tokyo led the advance, with the Nikkei jumping 2.1%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.1% and hit its highest level this month.
The Hang Seng climbed 0.6%, but Chinese blue chips were an outlier, slipping 0.1% a day after closing at a near three-month high.
The MSCI world equity index added 0.2% to 710.34, a fraction off the all-time closing high of 710.36 set on May 7.
European share markets looked set to open stronger, with pan-region Euro Stoxx 50 futures up 0.4% in early deals. FTSE futures were also 0.4% higher.
U.S. stocks were also poised for further gains after the S&P 500’s 0.1% rise overnight, with futures pointing to a 0.3% increase at the open.

Oil prices little changed as Iran concerns offset rosy demand outlook

Oil prices were little changed on Friday, with Brent holding near $70 a barrel as firm U.S. economic data and expectations of a strong rebound in global demand in the third quarter offset concerns about more supply from Iran once sanctions are lifted.
Brent crude futures for July fell 9 cents, 0.1%, to $69.37 a barrel by 0643 GMT while U.S. West Texas Intermediate crude for July was at $66.90 a barrel, up 5 cents, or 0.1%.
Prices are “running up against a wall”, Howie Lee, economist at Singapore’s OCBC bank said, referring to technical charts that showed prices have hit resistance levels.
“$65-$70 should still be the holding zone for oil unless there is a very good reason to go above $70,” he said.

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