{"id":45705,"date":"2023-05-23T13:05:00","date_gmt":"2023-05-23T12:05:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=45705"},"modified":"2023-05-25T22:03:22","modified_gmt":"2023-05-25T21:03:22","slug":"midday-brief-sentiment-subdued-ahead-of-us-data","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/midday-brief-sentiment-subdued-ahead-of-us-data\/","title":{"rendered":"Midday brief – Sentiment Subdued Ahead of US Data"},"content":{"rendered":"\t\t
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US President Joe Biden and Kevin McCarthy failed to reach an agreement on raising the debt ceiling at their third meeting on Monday, which sparked a risk-off mood in the European session. The dollar<\/a> edged up as Fed officials shrug off bets of a rate pause this year. BoE\u2019s Andrew Bailey commented that the central bank may be on course for another rate hike at the upcoming meeting ahead of the UK inflation data on Wednesday.<\/p>

EURJPY<\/a> slid -0.38% as the Japanese Yen took safe-haven bids amid a risk-off mood. Mixed preliminary PMIs from the Euro area also acted as a headwind for the euro. The German manufacturing PMI slumped more than expected to 42.9 against a survey of 45.0 anticipated while the services PMI rose to 57.8 vs 55.0 forecasts. The Eurozone S&P Global PMI declined to 53.3 from 54.1 in the previous month. The policy divergence between the ECB and the BoJ may cushion the downside. The pair dropped after bulls got rejected at the 150.00 mark, giving bears room for a retest at the 148.80 level.<\/p>

GBPUSD<\/a> was quite subdued trading -0.48% lower as investors assess the debt ceiling deal. Adding to the cable\u2019s selling pressure was downbeat Purchasing Manager\u2019s Index data from the UK. The Composite, Manufacturing, and Services PMI contracted in May settling at 53.9 vs 54.6, 46.9 vs 48.0, and 55.1 vs 55.5, respectively. Comments from the Fed officials on another rate hike this coming June helped the US dollar gain some tractions. Looking ahead, Building Permits, New Home Sales, and PMIs from the US will be due later in the day. The pair tanked below 1.2400 hanging on 1.2450 as bears slid towards 1.2350.<\/p>

USDCAD<\/a> ticked up by +0.24% on dollar strength ahead of key economic data from the US and Canada. The Canadian dollar was undermined despite recovering crude oil prices ahead of the Raw Materials Price Index. The prices are expected to rise to 0.7% from -1.7% which may support the Canadian dollar and limit the downside on the pair. Buyers got capped at 1.3550 after taking over from 1.3486. An extended rise may give bulls 1.3580.<\/p>

European stocks traded in mixed fashion following the PMI data release from the Euro area. The UK100<\/a> was up +0.25% trading a touch away from 7800 while a further rise may give bulls 7880 if the 7820 resistance is breached. CAC 40<\/a> lost -0.80% from an intraday high at 7480 although bears faced a hurdle at the 7400 psychological mark. DAX<\/a> slipped -0.26% from 16 250 falling towards 16 000.<\/p>

US stock futures edged lower as the unsolved debt ceiling issue began to bite. US 500 futures<\/a> inched -0.18% lower, breaching the 4200 mark as sellers may reclaim 4150 in the near term. US 30 futures<\/a> lost -0.19% although sellers face a challenge at 33 200 on their way to 33 000. US 100 futures<\/a> were down -0.18% from 13 920 though the slide may be capped at 13 800.<\/p>

Elsewhere, crude oil<\/a> prices rebounded on Tuesday as investors eye the API weekly crude oil stockpiles. Brent<\/a> rose +0.97% as buyers target $77.00. US WTI gained +0.86% with targets seen at $ 73.00 and $74.00.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

US President Joe Biden and Kevin McCarthy failed to reach an agreement on raising the debt ceiling at their third meeting on Monday, which sparked a risk-off mood in the European session. The dollar edged up as Fed officials shrug off bets of a rate pause this year. BoE\u2019s Andrew Bailey commented that the central […]<\/p>\n","protected":false},"author":4,"featured_media":2290,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[58,64,29,20,601,790,31],"yoast_head":"\nMidday brief - Sentiment Subdued Ahead of US Data - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/midday-brief-sentiment-subdued-ahead-of-us-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Midday brief - Sentiment Subdued Ahead of US Data Midday brief - Sentiment Subdued Ahead of US Data\" \/>\n<meta property=\"og:description\" content=\"US President Joe Biden and Kevin McCarthy failed to reach an agreement on raising the debt ceiling at their third meeting on Monday, which sparked a risk-off mood in the European session.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/midday-brief-sentiment-subdued-ahead-of-us-data\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-23T12:05:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-25T21:03:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/01\/GettyImages-618642530.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"499\" \/>\n\t<meta property=\"og:image:height\" content=\"302\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Midday brief - 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