The Dollar Surges and Reaches Levels Of 104.40
Market news summary
European stocks ended yesterday’s session on Monday, May 29, with a slight decline, amid President Biden and Republicans reaching an agreement on the debt ceiling. At the end of the session, the STOXX600 index fell by about 0.1% to 460 points, while the German DAX decreased by 0.2% to 15,952 points, and the French CAC declined by 0.2% to 7,303 points.
Currently, financial markets expect with a probability of 62% that the Federal Reserve will raise interest rates by 25 basis points in June, compared to an expectation of around 26% a week ago.
Dollar index (USDX)
The dollar maintained its stability yesterday, Monday, May 29th, amid increasing expectations of a Federal Reserve interest rate hike, despite news of an agreement on the debt ceiling that prompted some to hedge against the US currency.
Pivot Point: 104.10
| Resistance level | Support level |
| 104.25 | 104.00 |
| 104.35 | 103.85 |
| 104.50 | 103.75 |
Spot Gold (XAUUSD)
Gold prices declined yesterday, Monday, May 29th, after reaching a preliminary agreement on the US debt ceiling at the beginning of the week. The agreement undermined concerns about a longer period of interest rate hikes, dampening the appetite for the non-yielding precious metal.
Spot gold dropped by more than 0.2% to $1,938.00 per ounce, hovering near its lowest level in two months.
Pivot Point: 1944
| Resistance level | Support level |
| 1948 | 1938 |
| 1954 | 1933 |
| 1959 | 1927 |
Dow Jones Index (DJ30ft – US30)
US stock indices continue their upward trend, supported by the developments regarding the debt ceiling. The Dow Jones has risen by 0.39% since yesterday, Monday, until now.
There is optimism regarding the tech boom fueled by artificial intelligence, despite concerns about a potential bubble that could lead to a collapse in the stock prices of these companies, which have experienced significant gains.
Pivot Point: 33215
| Resistance level | Support level |
| 33275 | 33110 |
| 33370 | 33055 |
| 33430 | 32955 |
US Crude (USOUSD)
Oil prices rose today, Tuesday, May 30th, amid expectations that the US debt ceiling agreement, the largest consumer of oil in the world, will increase demand for crude.
Brent crude futures increased by 35 cents or 0.5% to $77.42 per barrel, following a 12-cent rise on Monday.
Meanwhile, West Texas Intermediate (WTI) crude oil rose by 53 cents to $73.20 per barrel, up 0.7% from Friday’s close.
Pivot Point: 72.85
| Resistance level | Support level |
| 73.70 | 72.15 |
| 74.35 | 71.35 |
| 75.20 | 70.65 |
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