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DAILY ANALYSIS

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Forecasting Strategy for Short Term Trade

EUR/USD

EUR/USD resumes the upside and leaves behind Tuesday’s downtick, although the bullish attempt once again bumped against the 1.0570/80 resistance area. The positive performance of the pair came in response to the renewed weakness in the greenback as well as the persistent hawkish message from ECB speakers.

On the latter, Board members Müller and Villeroy continue to lean towards an interest rate hike as soon as this summer, while Chairwoman Lagarde reiterated that the bond-purchase programme is expected to conclude in Q3

USD/JPY

The USD/JPY pair caught aggressive bets during the early North American session and shot to the daily high in reaction to stronger-than-expected US consumer inflation figures. The momentum, however, ran out of steam near the 130.80 region and the subsequent pullback dragged spot prices back closer to the 130.00 psychological mark.

Looking at the broader picture, this week's pullback from a fresh two-decade high, around the 131.35 region touched on Monday, constitutes the formation of a bearish double-top on short-term charts.

GBP/USD

GBP/USD is on the backfoot as US session risk sentiment deteriorates. Cable is down some 0.3% at the time of writing around 1.2272 and is extending from a high of 1.2400 to a low of 1.2263. 

The US dollar has moved sharply off its lows, turning positive again for the day as markets digest the inflation data from earlier in the US session. While the data showed that inflation has slowed, underlying price pressures remain elevated which is weighing on investor sentiment and US stocks. 

AUD/USD

AUD/USD is back under pressure into the closing hours on Wall Street as risk sentiment deteriorates. At 0.6935, AUD/USD is now printing in the red after falling from a high on the day of 0.7053 to a low of 0.6927.

Markets have digested the inflation data over the course of the trading day making for swings in risk sentiment and price action across the financial asset classes. It was a mixed report in that the Consumer Price Index climbed 8.3%, higher than the 8.1% estimate but below the 8.5% in the prior month.

XAU/USD

At the time of writing, the gold price is some 0.8% higher and correcting from daily support located in the lows of the day at $1,832.07. At $1,853.40, gold is close to the day's highs of $1,858.30. 

While the US inflation data reinforces a hawkish sentiment from the Federal Reserve and justifies front loading called for by the Fed's chairman, Jerome Powell, markets were relieved that the data showed a decline in CPI on an annual basis.

WTI

Oil prices jumped on Wednesday after plunging nearly 10% in the previous two sessions, buoyed by supply concerns as flows of Russian gas to Europe fell and the European Union worked on gaining support for a Russian oil embargo.

Brent crude rose $5.63, a 5.5% increase, to $108.09 a barrel by 1:13 p.m. EDT. U.S. West Texas Intermediate crude climbed $6.47 to $106.23. Oil was also supported by hopes of Chinese economic stimulus, after China’s factory-gate inflation eased and investors took comfort in signs of lower domestic Covid-19 infections.

#BA

Airplane maker The Boeing Company (BA) released data on Tuesday, May 11, showing that its April aircraft deliveries fell compared to the previous month as supply chain snarls and labor issues continue to cause a slowdown in customer handovers.

The company, delivered 35 planes in April 2022, down from 41 in March but up from 17 in the year-ago period. Meanwhile, Boeing's gross orders for April fell to 46 from 53 in March. BA stock lower 3.56 (-2.68%) closed at 129.39 on Wednesday.

#KO

Coca-Cola (KO) has recently been on Zacks.com's list of the most searched stocks. For the current quarter, Coke is expected to post earnings of $0.68 per share, indicating no change from the year-ago quarter. The Zacks Consensus Estimate has changed -1.7% over the last 30 days.

For the current fiscal year, the consensus earnings estimate of $2.47 points to a change of +6.5% from the prior year. Over the last 30 days, this estimate has changed +0.6%. KO stock higher 0.30 (+0.47%) closed at 64.31 on Wednesday.

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