Bank of America Posts Strong Q4 2024 Results, Shares Rise 
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
US Gas Market Poised for Supercycle: Bernstein Analysts 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
Moody's Upgrades Argentina's Credit Rating Amid Economic Reforms 
Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
Trump’s "Shock and Awe" Agenda: Executive Orders from Day One 
S&P 500 Relies on Tech for Growth in Q4 2024, Says Barclays 
China’s Growth Faces Structural Challenges Amid Doubts Over Data 
Gold Prices Slide as Rate Cut Prospects Diminish; Copper Gains on China Stimulus Hopes 
U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift? 
Wall Street Analysts Weigh in on Latest NFP Data 
Lithium Market Poised for Recovery Amid Supply Cuts and Rising Demand 
Moldova Criticizes Russia Amid Transdniestria Energy Crisis 
The US dollar index pared most of its gains after the dismal US jobs data. It hit a low of 104.52 and is currently trading around 105.18.
Non-farm payrolls in the US dropped to 175000 in Apr from the previous month's 315000, below the forecast of 243000. The unemployment rate surged higher to 3.9% from 3.8%, while average hourly earnings declined 3.9% YoY from 4.1%.
The central bank has kept rates unchanged within their current range of 5.25%-5.50%. It has added that it does not expect it would be appropriate to reduce the target range until it has gained greater confidence that inflation is moving towards 2%.
According to the CME Fed watch tool, the probability of a no-rate cut in June increased to 91.6% from 88.90% a week ago.
Major resistance- 106.50/107
Major support- 105.35/104.45
Economic data for the day
May 10th, 2024, Prelim UoM consumer sentiment
EURUSD-
The EURUSD showed a minor sell-off despite the weak US jobs data. Markets eye German and Eurozone final manufacturing PMI for further direction.
Major resistance-1.0760,1.0800
Major support- 1.0660,1.0600
Yen-
The pair showed a minor pullback after a massive sell-off due to Japanese government forex intervention. Any break above 155 confirms major bullishness.
Major Resistance- 155,157,
Major support- 153.45,152.
Canadian Dollar
The Canadian dollar showed a minor sell-off due to weak crude oil prices. Any break above 1.3700 confirms further bullishness.
Resistance- 1.3700,1.3800
Major support- 1.3650,1.3600
