Fed May Resume Rate Hikes: BofA Analysts Outline Key Scenarios 
European Stocks Rally on Chinese Growth and Mining Merger Speculation 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
UBS Predicts Potential Fed Rate Cut Amid Strong US Economic Data 
Wall Street Analysts Weigh in on Latest NFP Data 
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Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Urban studies: Doing research when every city is different 
U.S. Treasury Yields Expected to Decline Amid Cooling Economic Pressures 
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
S&P 500 Relies on Tech for Growth in Q4 2024, Says Barclays 
China's Refining Industry Faces Major Shakeup Amid Challenges 
U.S. Banks Report Strong Q4 Profits Amid Investment Banking Surge 
Oil Prices Dip Slightly Amid Focus on Russian Sanctions and U.S. Inflation Data 
Goldman Predicts 50% Odds of 10% U.S. Tariff on Copper by Q1 Close 
U.S. Stocks vs. Bonds: Are Diverging Valuations Signaling a Shift? 
The US dollar index pared most of its gains the previous week after easing US inflation.It hit a high of 104.08 and is currently trading around 104.43.
The headline and core consumer prices declined considerably in Apr after three consecutive jumps. The dismal US retail sales and Philly Fed manufacturing index has renewed the chance of a rate cut by the Fed this year.
The number of people who have filed for unemployment benefits declined by 10000 to 222000 in the week ending May 11, compared to the forecast of 219000. Building permits declined by 3% to 1.440 million, below the forecast of 1.480 million.
According to the CME Fed watch tool, the probability of a no-rate cut in June decreased to 91.1% from 96.5% a week ago.
Major resistance- 105/106.50
Major support- 104/103
Major economic data for the week
May 20th, 2024, US Flash manufacturing PMI and services PMI (1:45 pm GMT)
May 24th, 2024, Durable goods orders m/m (12:30 pm GMT)
EURUSD-
EURUSD gained momentum on board-based US dollar selling. Fed Reserve Richmond President said that the Fed needs to keep rates a little higher to drag inflation down. It hit a high of 1.08949 the previous week and is currently trading around 1.08807.
May 21st, 2024, ECB President Lagarde Speech (8 am GMT)
May 23rd, 2024, German flash Manufacturing and services PMI
Major resistance-1.0900,1.100
Major support- 1.0800,1.0720
Yen-
The pair gains for the third consecutive day despite rate cut hopes. Any break above 157 confirms further bullishness.
Major Resistance- 156,157
Major support- 154.50,153.40
Canadian Dollar
The Canadian dollar shines on strong crude oil. Any break below 1.3580 confirms further bearishness.
Resistance- 1.3660,1.3765
Major support- 1.3580,1.3535
