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- Negative signals are developing on daily chart and point to a deeper drop
- The European Central Bank policymakers signal quick policy normalization
- Recovery faces headwinds but bulls remain in play above 10DMA
- Relaxing China’s Covid restrictions and supply concerns keep the oil price supported
- Gold remains in red despite inflation concerns but break of key $1800 support zone to confirm bearish stance
- British inflation rises to 9% in April, the highest since 1982
- Sterling was lifted by upbeat UK jobs data and expectations for hawkish BoE, as inflation is forecasted to rise to multi-decade high
- Improved risk sentiment may spark deeper dollar’s correction
- China’s industrial and retail activities slowed more than expected in April on Covid lockdowns
- Bears may accelerate on break of 2017 low