USDCAD is moving an Ascending channel and the market has rebounded from the higher low area of the channel.
The South Korean and U.S. militaries launched their biggest joint military exercises in years Monday, as North Korea said it tested submarine-launched cruise missiles in apparent protest of the drills it views as an invasion rehearsal. North Korea’s missile tests Sunday signal the country likely will conduct provocative weapons testing activities during the U.S.-South Korean drills that are to run for 11 days. Last week, North Korean leader Kim Jong Un ordered his troops to be ready to repel its rivals’ war preparations.
XAUUSD is moving in Descending channel and the market has reached the lower high area of the channel.
Moscow has been trying to take the eastern Ukrainian city for months in a grinding war of attrition. Capture of the city would bring Russia slightly closer to its goal of controlling the whole of Donetsk region, one of four regions in eastern and southern Ukraine annexed by Russia last September following referendums widely condemned outside Russia as a sham. Ukrainian commanders say their strategy aims to tie Russia’s forces down and prevent Moscow from launching any further offensives in the coming months.
XAGUSD is moving in Descending channel and the market has reached the lower high area of the channel.
Turkey will hold presidential and parliamentary elections on May 14, the country’s President Recep Tayyip Erdogan officially announced. The announcement was expected with Erdogan saying in a speech last week the Turkish nation would do what is necessary on the date now officially announced as election day. The elections could be the country’s most significant vote in decades, with Erdogan’s two-decade rule of Turkey at risk. Erdogan, whose popularity has been accused of authoritarianism by his opponents.
EURUSD is moving in Descending channel and the market has broken the lower high area of the channel.
The US is spending $369bn (£310bn) on subsidies for green technologies under the Inflation Reduction Act, while the EU has been scrambling to come up with a response after some companies warned that they were considering prioritizing America for investment. Rishi Sunak’s government has not so far signaled any intention to subsidize Britain’s green industry on a similar scale to the US or EU, although it is thought to be considering some large investments in decarbonization..
EURGBP is moving in Descending Channel and the market has fallen from the lower high area of the channel.
The EU on Saturday welcomed an agreement between Saudi Arabia and Iran to resume diplomatic relations. Saudi Arabia and Iran on Friday agreed to reestablish diplomatic relations and reopen their embassies within two months following years of tensions between the two countries in a China-brokered deal. France also welcomed the agreement and Foreign Minister Catherine Colonna said her country supports dialogue and of any initiative that can contribute in a concrete way to de-escalating tensions and strengthening regional security and stability.
EURJPY is moving in Ascending channel and the market has reached the higher low area of the channel.
The world’s largest seller of electric and hybrid cars will not consider building its first European car factory in the UK because of the impact of Brexit. China’s top-selling electric car maker, which is targeting sales of about 800,000 cars annually in Europe by 2030, has shortlisted locations in Germany, France, Spain, Poland and Hungary. BYD, which stands for Build Your Dreams, said the UK had not even made a top 10 list of possible locations to build its first European car plant. The company already makes buses in Europe.
GBPUSD is moving in Descending channel and the market has reached the lower high area of the channel.
Rishi Sunak has pledged to increase defense spending by nearly £5bn over the next two years to counter emerging threats from hostile states. The funding boost will be confirmed in a new UK foreign and security strategy, to be published on Monday. It comes ahead of talks between the prime minister and his US and Australian counterparts in California. The agreement, known as the Aukus pact, was signed in 2021 as part of a joint effort to counter Chinese military power in the Indo-Pacific region.
GBPCHF is moving in Descending channel and the market has reached the lower low area of the channel.
Switzerland has an arms industry that makes badly needed ammunition for some of the weapons that Europeans have supplied to Ukraine, as well as some of the Leopard 2 main battle tanks they have promised. But it also has strict rules on where those weapons can go that bans any nation that purchases Swiss arms from sending them to the party of a conflict, like Ukraine. The war is testing Swiss tolerance for standing on the sidelines and serving the world’s elite on equal terms, putting the country in a bind of competing interests.
AUDUSD is moving in Descending Channel and the market has reached the lower high area of the channel.
The Biden administration has announced that customers of Silicon Valley Bank will have full access to their deposits, an extraordinary move by federal officials to backstop billions of dollars in uninsured money amid fears that the bank’s collapse could lead to greater panic. Federal regulators said Sunday that it was taking the emergency measures to prevent contagion at other small and regional banks in the wake of Silicon Valley Bank’s sudden implosion. The regulators said customers of Silicon Valley Bank will be able to access all of their money starting Monday.
Crude Oil Analysis
Crude Oil is moving an Ascending channel and the market has reached the higher low area of the channel.
China is planning to host an unprecedented summit attended by senior officials from Iran and its six Arab neighbors of the Gulf Cooperation Council (GCC). The summit would take place in Beijing later this year, after Iran and Saudi Arabia have completed the process of re-establishing diplomatic relations, the United States-based outlet reported on Sunday, citing unnamed sources familiar with the plan. Chinese President Xi Jinping was in Saudi Arabia in December where he reportedly pitched the summit to GCC leaders.
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