Markets Are Awaiting FOMC Meeting Minutes
market news summary
European stocks closed lower on Tuesday, affected by the losses in shares of major luxury goods companies and weak data from Swiss bank Julius Baer Wealth Management. Investors are also awaiting economic data from the region and the resolution of the US public debt ceiling crisis. The European STOXX 600 index fell 0.6%, experiencing its largest daily loss in a three-week period.
According to data released by the US Census Bureau, new home sales increased by 4.1% in April, reaching the highest level in the past 13 months. The total number of homes sold was 683,000, compared to 656,000 in the previous month. It is worth noting that this figure exceeded expectations, as analysts were anticipating sales of 665,000 homes.
Dollar index (USDX)
The dollar index fell during morning trading today, Wednesday, and settled near the 103.30 levels. Investor concerns have increased due to the lack of progress in talks to raise the US debt ceiling. These fears have pushed the yields on one-month Treasury bonds to record levels at 5.88%.
Pivot Point: 103.30
| Resistance level | Support level |
| 103.60 | 103.10 |
| 103.80 | 102.80 |
| 104.10 | 102.65 |
Spot Gold (XAUUSD)
Gold prices traded within a narrow range on Wednesday, May 24, following the conclusion of another round of debt ceiling talks in the United States without reaching an agreement. Investors are now eagerly awaiting the release of the Federal Open Market Committee meeting minutes today in search of clues about future developments.
In spot transactions, gold experienced a 0.1% decline, reaching $1973.38 per ounce, while US gold futures settled at $1975.90.
Pivot Point: 1968
| Resistance level | Support level |
| 1983 | 1960 |
| 1992 | 1945 |
| 2007 | 1936 |
Dow Jones Index (DJ30ft – US30)
US indices closed lower collectively in Tuesday’s session as investors grew increasingly concerned about the lack of progress in talks to raise the US debt ceiling.
The Dow Jones index declined by 0.7%, which is equivalent to 230 points. It experienced its third consecutive session of losses, closing below 33,100 points and near its lowest level in nearly two months.
Pivot Point: 33225
| Support level | Resistance level |
| 32980 | 33385 |
| 32820 | 33630 |
| 32570 | 33790 |
US Crude (USOUSD)
Oil prices increased on Tuesday, driven by expectations of a gasoline supply shortage and speculation surrounding potential production cuts by the OPEC+ alliance, following a warning from the Saudi Energy Minister to speculators.
Brent crude futures rose by 85 cents, or 1.1%, settling at $76.84 per barrel, while US West Texas Intermediate crude increased by 86 cents, or 1.2%, reaching $72.91 per barrel.
Pivot Point: 73.00
| Resistance level | Support level |
| 74.45 | 72.35 |
| 75.15 | 70.95 |
| 76.50 | 70.30 |
