Inflation in France, Italy, Germany and Spain is expected to remain above the ECB’s 2% target.Persistent price pressure, driven partly by energy risks and supply concerns, may strengthen the case for a June rate hike.The ECB faces a difficult choice between fighting inflation and avoiding further weakness in eurozone growth. Inflation in the largest eurozone economies likely rose in May or remained at an elevated level. The latest data from France, Italy, Germany and Spain will therefore be crucial in assessing whether the European Central Bank decides to raise interest rates in June. Such a move would mark a significant shift in direction after a series of cuts that have eased financing conditions in the region in recent months.Inflation readings from the four largest eurozone economies are due to be published on May 29. Their importance is particularly high because France, Italy, Germany and Spain account for a substantial share of economic activity across the entire single-currency area. The results from these countries will therefore have a strong impact on the aggregate eurozone inflation reading, scheduled for June 2.Inflation still above the ECB’s targetIn April, inflation in the eurozone stood at 3%, remaining clearly above the European Central Bank’s 2% target. Economists’ forecasts suggest that May did not bring any significant improvement. In France, inflation may have risen from 2.5% to 2.9%. In Spain, it likely remained at 3.5%. In Italy, it may have accelerated to 3.3%, and in Germany, it may have stayed at 2.9%. Inflation rate in Germany, France, Italy and Spain, source: Bloomberg Persisting price pressure is being driven mainly by more expensive energy and concerns about potential disruptions to commodity supplies, including the risk of the Strait of Hormuz being closed. This is one of the most important routes for transporting crude oil, which is why tensions around the region quickly feed into inflation expectations. Bond markets have also begun to price in more strongly the risk that elevated inflation will persist longer than previously assumed.Stronger arguments for a rate hikeAmong policymakers and economists, there is a growing belief that the European Central Bank may be forced to respond. EU Commissioner Valdis Dombrovskis said the central bank’s response to persistent inflationary pressure is “clear.” Meanwhile, ECB member Alexander Demarco described a June rate hike as “likely.”Bloomberg Economics economist Simona Delle Chiaie points to a similarly cautious scenario. In her view, the ECB may decide to raise interest rates in order to prevent inflation from becoming more entrenched. At the same time, she notes that weaker economic conditions and a cooler labor market may limit the risk of a lasting price spiral, which complicates the central bank’s decision. A difficult choice between inflation and economic growthIf the May data confirm that inflation in the largest eurozone economies remains stubbornly high, the ECB may decide to raise interest rates for the first time since September 2023. This would be a clear shift after a series of eight cuts that brought the deposit rate down to 2%. For households and businesses, such a scenario would mean the risk of more expensive credit and tougher financing conditions. Higher interest rates help curb inflation, but at the same time they may weaken investment, consumption and the pace of economic growth. EURUSD, daily timeframe, source: Trading View The European Central Bank is therefore facing a difficult dilemma. On the one hand, it must defend the credibility of its inflation target and respond to rising prices. On the other hand, it should be careful not to let an overly decisive tightening of monetary policy deepen the eurozone economy’s slowdown. The May inflation data may determine which of these concerns proves more important for the ECB. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Markets are rebounding higher as traders continue to remain optimistic for the peace dealWith Trump boasting about the rally to new records, nothing seems to be barring the path to All-time highsExploring Technical Levels for the Dow Jones, Nasdaq and S&P 500 US stock benchmarks are aggressively dancing back toward uncharted territory as a massive wave of geopolitical optimism sweeps across the trading floor, right ahead of a long weekend for the US, for Memorial Day. Traders are feeling optimistic thanks to the ongoing diplomatic efforts, quickly moving past the doubts they had yesterday – The main reason for today’s strong relief rally is a Sky News report confirming that an agreement regarding the nuclear issue was reached. This diplomatic step is meant to help secure a formal end-of-war deal, easing tensions in the Middle East and giving risk assets the hope they need.President Trump is highlighting the strong rally, signaling that the administration views this as a clear path to new all-time highs – The threat of renewed warfare that worried markets last week is quickly fading.Oil prices are falling, breaking below key support levels and easing the inflation concerns that had worried bond markets. As geopolitical risks decrease, institutional investors are moving back into riskier stocks, fueling a strong bullish trend.The tech-focused Nasdaq is leading the way, setting new records as semiconductor and Magnificent 7 stocks continue to rise. The S&P 500 is also regaining strength as overall market sentiment improves. At the same time, the Dow Jones Industrial Average is moving higher, breaking through resistance and heading back toward its prior record (Futures actually broke their prior record). With immediate geopolitical risks fading, the market is also appreciating the sworn-in from Kevin Warsh.Now, let’s take a look at the intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500. Discover:ECB between fighting inflation and weaker growthUSD/JPY trades close to 160.00 after Japan's CPI – More interventions required? – FX AnalysisAsia open: Stock markets surge on US-Iran peace progress and soft Japan CPICurrent Session's Stock Heatmap Current picture for the Stock Market (13:54 – Market Closed) – Source: TradingView – May 22, 2026 Dow Jones 1H Chart and Trading Levels Dow Jones (CFD) 1H Chart – May 22, 2026 – Source: TradingView Dow Jones technical levels for trading:Resistance LevelsPotential resistance 50,800 to 50,900 (daily highs 50,858)Next stop 51,000 - 51,100Support LevelsPrior ATH resistance 50,400 to 50,500 (now pivot)Pivotal Support – 49,000 to 49,100 (short-term bearish below)Momentum Support 48,500Pivotal Support at 48,000 (mid-term bearish below)Mini Support 47,400 to 47,600Nasdaq 1H Chart and Trading Levels Nasdaq (CFD) 1H Chart – May 22, 2026 – Source: TradingView Nasdaq technical levels of interest:Resistance Levels29,500 - 29,600 current resistanceCurrent ATH 29,698Next stop 30,000Support Levels29,100 - 29,250 momentum pivot28,500 Minor support28,000 Major psychological resistance now Pivot (and channel highs)27,500 micro-supportPrior ATH Support 26,200 to 26,300S&P 500 1H Chart and Trading Levels S&P 500 (CFD) 1H Chart – May 22, 2026 – Source: TradingView S&P 500 technical levels of interest:Resistance Levels7,500 - 7,525 Daily ATH ResistanceCurrent ATH 7,524Support Levels7,430 - 7,450 Intraday Pivot7,400 Key support (Short-term bearish below)7,320 to 7,340 Past week retracementPivotal Support 7,250 to 7,260Prior ATH Pivot 7,000 to 7,020Minor Support 6,880 to 6,900Keep track of WTI Crude and the latest headlines throughout the week to stay ahead of the game.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

As always, USD/JPY is playing its own game within all the FX craziness seen in 2026 – While most other major pairs have regained some strength against the US Dollar, the Yen remains weak.Japan's latest inflation numbers surprised currency markets and added to the ongoing weakness of the yen. In April, the core consumer price index, which leaves out fresh food but includes energy, rose just 1.4% from a year earlier, below the expected 1.7% and much lower compared to other countries (as seen with Canadian PPI this morning for example, up 2% m/m!). The Bank of Japan's preferred measure, the core-core CPI, which excludes both fresh food and energy, slowed to 1.9% from 2.4% in March. This is the lowest level since July 2024 and puts inflation back below the central bank's 2% target. The main reason for this slowdown is the government's use of fuel subsidies, which are offsetting the impact of oil price shocks from the Middle East. Daily FX Performance (8:59). May 21, 2026 – Courtesy of Finviz As a result, the weak inflation data means there is less pressure on the Bank of Japan to tighten its loose monetary policy right now. This increases the gap between Japan's approach and that of other major economies. The yen has remained weak in foreign exchange markets since 2020, and officials at the Ministry of Finance are still looking for ways to address the situation.On top of this, the US Dollar has been especially strong this year, supported by a firm Federal Reserve and a solid US economy. As a result, the USD/JPY back to trading close to the key 160.00 level, implying failed interventions as seen in the past month.If the Bank of Japan can't raise rates to support the yen, the Ministry of Finance may have to step in yet again to prevent a further decline – but this extra intervention could make the Yen lose its status of free floating currency.Let's dive right into an intraday-timeframe analysis for USD/JPY. Read More:Asia open: Stock markets surge on US-Iran peace progress and soft Japan CPICryptos pulled back but sentiment rebounds, Opportunity? – BTC and Ethereum (ETH) Technical OutlookStock Markets stall, too early for the deal ? Dow Jones, Nasdaq and S&P 500 Intraday LevelsUSD/JPY Multi-Timeframe Analysis4H Chart USD/JPY 4H Chart. May 22, 2026 – Source: TradingView USD/JPY erased about 3/4 of its end-April intervention, with bulls happy to consistently fade the Ministry of Japan, with the fundamentals for the currency not changing the slightest.Japanese PM Takaichi is still a dove, the Bank of Japan is still stuck below 1%, and Japanese inflation still pops lower compared to its G7 peers amid global inflation fears.Something to keep your eyes on, particularly for mean-reversion traders, is the potential end to the Middle East conflict, which would ease hawkish stance across central banks, and this tends to help the yen – Looking at the charts, despite a tight 400 pip range since Monday, the RSI is slowing.Let's take a closer look.1H Chart and Technical Levels USD/JPY 1H Chart. May 22, 2026 – Source: TradingView USD/JPY is indeed stuck in a very tight range between 158.80 to 159.20, with the 50-hour MA acting as support to the downside.Looking at the current action after such a rally, overbought levels could simply be easing, indicating higher chances of an upside breakout.But with the descending momentum, a selloff also makes technical sense.The idea would be to watch the upper and lower bounds of the range to play a breakout.Resistance levelsmini-resistance 159.300159.50 to 159.70 2026 Major Resistance (range highs)April 2024 160.00 to 160.40 Major ResistanceJune Mini resistance 160.70 to 161.00Support levels159.02 (50-Hour MA)Mid-range pivot 158.75 bull above, bear belowDecember highs Major Pivot 157.50 to 158.00 (range lows)156.00 Pivotal Support155.00 Mini-SupportSafe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Markets are remaining quite rangebound and muted as traders ease their ecstatic moodThe early morning action was quite muted, with some slow profit-taking – Traders are awaiting for the next communicationsExploring Technical Levels for the Dow Jones, Nasdaq and S&P 500 US stock benchmarks are remaining quite rangebound and muted in today's session as traders actively ease their ecstatic mood following yesterday's explosive peace rally. The early morning price action is characterized by a cautious market, with some accelerating profit-taking. Tech and consumer defensive sectors (Particularly Walmart, down 7%!) are officially leading a modest pullback across the board, dragging both the S&P 500 and the tech-heavy Nasdaq somewhat lower on the day. However, the selling pressure is far from a panic; the downward action remains tightly contained as institutional capital simply digests the recent historic highs. Daily Market Performance (11:24). May 21, 2026 – Courtesy of Finviz Instead of aggressively pushing new positions, traders are actively stepping to the sidelines and patiently awaiting the next definitive headlines (particularly surrounding the deal). The market is desperately looking for concrete communications regarding the fragile US-Iran diplomatic deal, especially after conflicting headlines regarding uranium stockpiles reintroduced heavy geopolitical uncertainty into the energy sector.More importantly, Wall Street is firmly bracing for tomorrow's key event at the White House, where Kevin Warsh will be officially sworn in as the new Federal Reserve Chairman. With sweeping, austere changes to the central bank's balance sheet potentially on the horizon, institutional investors are understandably hesitant to commit fresh capital. Until Warsh's initial policy remarks dictate the next structural trend for global liquidity, Markets are taking a breather.Let's get ready by diving into intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500. Discover:The deal is still quite unsure, Crude Oil back above $100 – WTI Technical analysisAsia open: Relief rally in stock markets as Trump signals final stages of U.S.-Iran peace dealAUD/USD picks up momentum ahead of Australian employment – In-depth FX analysisCurrent Session's Stock Heatmap Current picture for the Stock Market (11:05) – Source: TradingView – May 19, 2026 The Market is mostly red on the session except for semiconductors persistently running higher, helping the broader performance to sustain the daily dip.Walmart and Nvidia are dragging the overall mood lower but other Equities are for now just correcting slightly.Dow Jones 2H Chart and Trading Levels Dow Jones (CFD) 2H Chart – May 21, 2026 – Source: TradingView Momentum for the Dow Jones is actually looking quite tepid after failing to hold above 50,000 in the morning session.After hitting 50,200 twice, sellers have brought the index right back into its main resistance zone, creating a bearish divergence at the same time.Still, the price action remains more balanced than bearish, hence the best to do with such movement is to look for breakouts (50,250 on the buy side, 49,850 on the sell side).Dow Jones technical levels for trading:Resistance Levels49,900 to 50,000 Resistance and Early 2026 Highs (range top)50,200 past session topsATH resistance 50,400 to 50,500All-Time Highs 50,544Support LevelsApril 14 Gap Fill Pivot 49,500Major Pivot – 49,000 to 49,100 (range lows)Momentum Support 48,500Pivotal Support at 48,000 (mid-term bearish below)Mini Support 47,400 to 47,600Nasdaq 2H Chart and Trading Levels Nasdaq (CFD) 2H Chart – May 21, 2026 – Source: TradingView Despite the early selloff, Nasdaq is managing to push for a rebound on its 2H 50-period MA (29,050).Bulls will want to see continuation above 29,400, while failing to do so will retest the 50-MA.Any break below 29,000 should continue lower.Nasdaq technical levels of interest:Resistance Levels29,100 - 29,250 consolidation and momentum pivot29,500 - 29,600 current resistance (ATH)Support Levels28,500 Minor support28,000 Major psychological resistance now Pivot (and channel highs)27,500 micro-supportPrior ATH Support 26,200 to 26,300S&P 500 2H Chart and Trading Levels S&P 500 (CFD) 2H Chart – May 21, 2026 – Source: TradingView The S&P 500 is forming a similar pattern as Nasdaq – hence the technical developments to look for are the same:Bulls will want to see a breakout above the 7,430 - 7,450 intraday resistance (yesterday highs)A break below 7,400 should see further continuation towards the downside back towards 7,340S&P 500 technical levels of interest:Resistance Levels7,430 - 7,450 Intraday Resistance7,525 Daily ATH ResistanceSupport Levels7,400 Channel Pivot (Short-term bearish below)7,320 to 7,340 Past week retracement (and Channel lows)Pivotal Support 7,250 to 7,260Prior ATH Pivot 7,000 to 7,020Minor Support 6,880 to 6,900Keep track of WTI Crude and the latest headlines throughout the week to stay ahead of the game.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

WTI Oil corrected strongly yesterday on Trump's announcement that a deal is close, but the reality could be less optimisticTraders are preparing for a rocky path to peace, as with the situation still unsure, Oil rallies back above $100Exploring an in-depth Technical Analysis of Crude Oil WTI Crude Oil corrected strongly yesterday following President Trump's optimistic announcement that a diplomatic deal was in its final stages, but the geopolitical reality is proving to be much less straightforward.As the market quickly learned this morning, sometimes, headlines aren't enough – Especially when Trump is posting a dozen each day.Ayatollah Mojtaba Khamenei has reportedly announced that the nation insists on keeping its near-weapons-grade enriched uranium stockpile within its borders.This condition remains an absolute dealbreaker for the United States so this could prove to be another barrier to a longer-run deal.Despite yesterday's massive wave of diplomatic enthusiasm, it is now clear that the proposed agreement still harbors severe, contentious roadblocks that must be navigated before any true resolution is reached. Peace Deal odds for June 30 – Source: Polymarket. May 21, 2026. Consequently, traders are actively preparing for a highly rocky and volatile path to peace.With the immediate diplomatic situation once again steeped in heavy uncertainty, the geopolitical risk premium is aggressively flooding right back into energy markets, sending WTI violently rallying back above the $100 psychological handle today.Now, let's take a closer look at the technical analysis for WTI Crude to see if prices can remain above $100 for long. Read More:Asia open: Relief rally in stock markets as Trump signals final stages of U.S.-Iran peace dealAUD/USD picks up momentum ahead of Australian employment – In-depth FX analysisUS-Iran deal in final stages: Markets are exploding – Dow Jones, Nasdaq and S&P 500 Intraday LevelsUS Oil Intraday Timeframe AnalysisWTI 4H Chart and Technical Levels WTI Oil 4H Chart – May 20, 2026. Source: TradingView WTI Crude is stuck in a large triangle formation, currently consolidating $110 to $98 – A key development to watch out for.Recently rejecting its upper bound on rumors of a new deal, the commodity broke its upward channel but this wasn't enough for sellers to push momentum lower.Buyers stepped back into the commodity just shy of the 4H 200-period MA and the commodity is now back 5% higher since – Check out reactions within the $106 - $108 resistance zone as the action gets back there.WTI Technical Levels:Resistance Levels$106.50 broken channel lows$106 to $108 June 2022 Resistance$109 Triangle resistance2022 and Monday highs $117 to $120 (larger channel top)Support Levels$98 to $100 Pivot (4H 200-period MA – Short-term bearish below)Momentum Support $93 - $95$90 Psychological level and past session's lows$87 to $90 mini-Support$82 Friday 17 lows2025 Highs Key Support $78 to $801H Chart and action levels WTI Oil 1H Chart – May 20, 2026. Source: TradingView Bulls are stepping back aggressively, as the narrative of a compromised deal continues to fuel intraday rallies.The 50-Hour MA has just been breached, but it could still weigh on the price action, hence traders will want to keep a close eye on it (4H close for confirmation?)Mean-reversion traders will want to see either rejection here or at the upper resistance lines drawn from the triangle and broken channel formations.Safe Trades and Keep your eyes on the news!Follow Elior on Twitter/X for additional Market News, Insights and Interactions @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

In recent days, Forex Markets have seen a strong increase in activity, moving away from their earlier steady trends. The confirmation of Kevin Warsh as the next Federal Reserve Chair added volatility, but today’s trading is mainly driven by a sharp drop in the US Dollar.Before the recent moves in the US Dollar, Antipodean currencies like the New Zealand Dollar and especially the Australian Dollar were already among the top performers, thanks to optimism around the Iran peace talks. Today, that positive trend gained further support after President Trump announced that a diplomatic deal between the US and Iran is close to completion, easing geopolitical concerns.This breakthrough is easing pressure on global energy supply chains and causing oil prices to fall. As a result, the US Dollar is weakening because the risk of war-driven inflation is fading. Lower energy costs are especially good news for oil-importing countries in the Asia-Pacific, which helps explain why the Australian Dollar is leading today’s forex gains. The AUD/USD pair is also benefiting from renewed global risk appetite.Looking ahead, the focus is rapidly shifting to the critical Australian jobs report scheduled for later this evening. The market expects 17.5K new jobs, a slight slowdown from last month’s 17.9K. Overall, this slower growth is what the Reserve Bank of Australia wants, after raising rates twice to cool the economy in recent meetings. A gradual slowdown in the labor market gives the RBA more flexibility, but a miss could easily see a fast pace correction in the pair's prior bounce. The upcoming employment data will show if the Australian Dollar’s recent strength can continue. Read More: US-Iran deal in final stages: Markets are exploding – Dow Jones, Nasdaq and S&P 500 Intraday LevelsThe Warsh Trade is taking Markets by the horn – North American Mid-Week Market UpdateNVIDIA (NVDA) Technical: Potential mean reversion decline below 236.54 as earnings loomAUD/USD Multi-timeframe AnalysisDaily Chart AUD/USD Daily Chart, May 20, 2026 – Source: TradingView AUD/USD is rebounding quite strongly on its 50-Day moving average, rebounding above 600 pips since.The current daily candle still wasn't strong enough to extend beyond the previous and form a bullish engulfing – Hence this shows some relative hesitancy from Market participants.Today's candle however offers great breakout levels:Any push on high volume and momentum above previous highs (0.7175) should see continuation above 0.72On the contrary, a push below the daily lows (0.7090) and the 50-day MA could extend back towards 0.704H Chart AUD/USD 4H Chart, May 20, 2026 – Source: TradingView Momentum is slowing down hard ahead of the key data releasing during the overnight session, with the action consolidating at the 4H 200-period MA (0.71480).Intraday buyers will want to see a break above today's highs, while sellers will want to see a clear push below the 200-MALevels of interest for AUD/USD:Resistance Levels0.7175 Daily highs2023 Highs from 0.7140 to 0.7160 Resistance June 2022 Extremes 0.72 to 0.72302026 highs 0.7280 to 0.730.7278 May and 2026 highsSupport LevelsDaily Lows 0.70900.7070 - 0.71 Intraday Pivot0.6970 - 0.70 Support0.69 to 0.6935 Early Feb Support0.68340 War lows1H Chart AUD/USD 1H Chart, May 20, 2026 – Source: TradingView The Aussie is pulling back from short-timeframe overbought conditions, with the action likely to stay put ahead of the data.Watch for a potential test of the 50-Hour MA ahead of the data, releasing overnight.Safe Trades! Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Stock Markets are back on a happy ride after President Trump revealed that the US-Iran deal was in its final stagesBoth the Nasdaq and the Dow Jones are taking a fast-speed route to new recordsExploring Technical Levels for the Dow Jones, Nasdaq and S&P 500 Stock markets are surging today after President Trump announced that the United States and Iran are close to finishing intense diplomatic talks.After several days of uncertainty, this breakthrough is giving a strong boost to global risk assets. The threat of war and worries about energy supplies are fading quickly, letting investors regain confidence in the markets.This major diplomatic shift is having a big impact on the energy sector. WTI Crude oil prices fell quickly on the news, dropping to around $97 before recovering a bit as traders adjusted their risk expectations. Oil 1H Chart (13:38) May 20, 2026 – Source: TradingView Lower energy costs are allowing for the pricing of a quick boost in the economy, or at least some relief. Since oil has been the main reason for recent inflation worries, this drop is letting US Treasury yields fall for the first time in a week, with the 10 Year bond dropping below 4.60% for the first time since last Friday. As long-term yields go down, inflation concerns ease, which helps companies with a lot of debt and growth stocks and overall boosts investor sentiment. Daily Market Performance (13:33). May 20, 2026 – Courtesy of Finviz As a result, major US indices are rising sharply. Both the Nasdaq and the Dow Jones Industrial Average are up more than 1% and moving toward new record highs.Another reason for the strong stock rally is that the Warsh Trade is pausing as traders pay attention to the latest news.The recent shift toward higher interest rate expectations, which hurt investor sentiment last week, is now on hold as traders wait for Fed Chair Kevin Warsh's swearing-in on Friday. For now, the positive news about a possible Middle East peace deal is the main focus.Let's take a look at current reaction by looking into intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500. Discover:The Warsh Trade is taking Markets by the horn – North American Mid-Week Market UpdateNVIDIA (NVDA) Technical: Potential mean reversion decline below 236.54 as earnings loomAsia open: Surging 30-year bond yield flirts with 5.20% as market eyes Nvidia and Bank of England dilemmaCurrent Session's Stock Heatmap Current picture for the Stock Market (13:33) – Source: TradingView – May 20, 2026 While the Stock Market picture isn't yet green throughout the Market, Semiconductors are quickly rebounding back towards its prior week highs, and this move is spreading to Finance, Healthcare and the recently struggling Producer Manufacturing.Only the Energy minerals are fully down on the session.Dow Jones 2H Chart and Trading Levels Dow Jones (CFD) 2H Chart – May 20, 2026 – Source: TradingView The DJIA is bullying right back towards 50,000 as we speak, pushed by the renewed boost in sentiment.Industrial and traditional equities get a double advantage to lower Oil prices, for manufacturing costs and lower yields – Firms represented by the Dow tend to often make high use of leverage, hence the higher yields were also putting pressure on the Index.Trying to break the 50,000 resistance, bulls will want to see a close in either today or tomorrow's session to add higher chances of a continuation back towards the preceding all-time highs (50,500).Failing to do so indicates more doubts and rangebound action ahead, but the odds for such a scenario seem lower.Dow Jones technical levels for trading:Resistance Levels49,900 to 50,000 Resistance and Early 2026 Highs (testing the breakout)ATH resistance 50,400 to 50,500All-Time Highs 50,544Support LevelsMajor Pivot – 49,000 to 49,100 (range lows)Momentum Support 48,500Pivotal Support at 48,000 (mid-term bearish below)Mini Support 47,400 to 47,600Nasdaq 2H Chart and Trading Levels Nasdaq (CFD) 2H Chart – May 20, 2026 – Source: TradingView Nasdaq officially broke its pullback bear channel, and after having retested its upper bound, the Index is solidly back above 29,000 and on path to retest its prior record highs.The action is somewhat stalling around the 29,250 pivot area (+/- 75 pts).Closing above the pivot zone will assist bulls towards a new ATHOn the other hand, failing to do may impose a correctionNasdaq technical levels of interest:Resistance Levels29,250 consolidation and momentum pivot29,218 2H 50-period MA29,500 - 29,600 current resistance (ATH)Support Levels28,500 Minor support28,000 Major psychological resistance now Pivot (and channel highs)27,500 micro-supportPrior ATH Support 26,200 to 26,300S&P 500 2H Chart and Trading Levels S&P 500 (CFD) 2H Chart – May 20, 2026 – Source: TradingView The S&P 500 rallied right back into its main channel, but it is also currently struggling at its 7,450 major resistance.Breaching above it before the end of the week should help the index to shoot back to a new record high.Failing to push above however would add to the chances of a larger pullback (~7,200)S&P 500 technical levels of interest:Resistance Levels7,430 - 7,450 Intraday Resistance7,525 Daily ATH ResistanceSupport Levels7,320 to 7,340 Past week retracement (and Channel lows)Pivotal Support 7,250 to 7,260Prior ATH Pivot 7,000 to 7,020Minor Support 6,880 to 6,900Pivotal Support 6,750 to 6,7706,300 psychological level (War lows)Keep track of WTI Crude and the latest headlines throughout the week to stay ahead of the game.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Key takeaways Surging global bond yields intensified pressure on equity markets as the US 30-year Treasury yield approached the critical 5.20% level, reinforcing fears that the Federal Reserve may shift toward future rate hikes instead of cuts.Markets are highly focused on NVIDIA earnings, with options markets implying a massive post-results valuation swing that could determine the near-term direction of AI-related equities and the broader Nasdaq 100.Asia-Pacific markets are mixed due to rising yields and currency stress in today's Asia opening session.Chart of the day: Gold (XAU/USD) bearish breakdown from 1-month range, eyeing next intermediate supports at $4,415 and $4,319.Top macro headlines Inflation worries fuel massive global bond sell-off: Wall Street fell on Tuesday for the third consecutive session as intensifying inflation panic pushed long-dated U.S. bond yields to their highest levels since 2007. The 30-year U.S. Treasury yield is flirting with the critical 5.20% threshold.Fed rate hike pressures intensify: The massive bond rout reflects a structural shift in monetary policy expectations. U.S. futures are now indicating a greater than 50% probability of a Federal Reserve interest rate hike later this year, effectively eliminating previous hopes for a rate cut.Bessent outlines hardline Iran stance: U.S. Treasury Secretary Scott Bessent called on global allies to forcefully disrupt Iran's financing networks. He announced a comprehensive review of the U.S. sanctions list to make it easier for financial institutions to root out sophisticated terrorist financing schemes. Concurrently, oil markets saw a brief reprieve after J.D. Vance cited progress in U.S.-Iran peace talks, leading President Trump to hold off on a scheduled attack.Japan cranks up FX Intervention warnings: With the Japanese Yen sliding through 159 per USD toward the critical 160 level, Finance Minister Satsuki Katayama delivered a harsh warning at the G7 meeting in Paris, stating that Tokyo is fully prepared to step back in to defend the currency.Nvidia earnings loom amid options-driven Swings: Markets are bracing for Nvidia’s highly anticipated quarterly earnings report on Wednesday. Options data indicate that the chipmaker is set for a staggering $350 billion market cap price swing following the release.Key macro themes The sovereign yield storm vs. tech valuations: Soaring bond yields are driving up discount rates, directly threatening the present value of future earnings for high-growth tech firms. This yield breakout comes at an incredibly vulnerable moment, as hyperscalers take on record debt to fund an estimated $700 billion in AI capital expenditure this year.Central Bank "rock and a hard place" scenarios: Multi-year macro shocks are pushing central banks into intense policy trade-offs. For example, the brutal UK labor data, showing a 100,000 drop in April payrolls, directly conflicts with Wednesday's impending hot inflation data, leaving the Bank of England with a choice between supporting growth and containing prices.Diminishing returns on FX Intervention: Sources suggest Japan has already deployed roughly 10 trillion yen since late April to defend its currency. The yen's quick relapse to 159 per USD underscores that massive intervention capital is failing to buy central banks' sustainable breathing room against the widening U.S. yield advantage.Global market impact Equities: Wall Street pulled back, with the S&P 500 and Dow Jones dropping 0.7% and the Nasdaq falling 0.8% [cite: 2]. Decliners were led by communication services, consumer discretionary, and materials (-1.3% to -2.3%).Sovereign debt markets faced a violent sell-off [cite: 2, 4]. The long end of the curve buckled under inflation fears, sending the 30-year U.S. yield flirting with 5.20%, its highest point since 2007.FX: The US Dollar Index remained dominant. The Japanese yen slipped past 159 per USD to print an intraday high of 159.25 on Tuesday, 19 May, entering the acute intervention danger zone. India's Rupee slumped further, printing a record closing low for the sixth consecutive session to hit a record low of 96.52 per USD in today’s Asia opening session.Commodities: WTI and Brent crude oil remained firm in the past 24 hours, recording gains of 1% on Tuesday, 19 May. Non-yielding precious metals plunged on yield pressures, with spot gold dropping 1.8% and silver cratering 5%Asia Pacific impact Regional equity bloodbath except Singapore: Asia-Pacific stock markets absorbed severe shocks. South Korea's KOSPI suffered a brutal 3.3% sell-off on Tuesday, 19 May, leading regional losses as the tech-heavy gauge reacted to rising risk-free rates and structural hardware supply-chain vulnerabilities. Meanwhile, Singapore’s Straits Times Index (STI) bucked the trend, surged by 1.5% to a new record high, supported by defensive dividend stocks. However, rising bond yields trigger profit-taking today, STI dropped by 0.7% at the open with steep losses seen in the Nikkei 225 (-1.2%), ASX 200 (-0.8%), and Hang Seng Index (-0.6%). Meanwhile, KOSPI traded almost unchanged, and China A50 rose by 0.2%.Currency degradation and intervention tensions: The broad surge in the greenback and global yields forced intense pressure onto regional currencies. The multi-day record lows for the Indian Rupee and the yen's collapse past 159 per USD are stoking severe cross-border capital flight risks.Top 3 events to watch today UK CPI & PPI (Apr) - 2.00 pm SGT Impact: GBP/USD, GBP crosses, FTSE 100, UK giltsFOMC Minutes - 2.00 am SGT Impact: All asset classesNvidia Q1 Earnings Release - after close of US session Impact: Nvidia share, Nasdaq 100, S&P 500, semiconductor, and AI-related stocksChart of the day - Gold bearish breakdown from 1-month range support Fig. 1: Gold (XAU/USD) minor trend as of 20 May 2026 (Source: TradingView). Gold (XAU/USD) has staged a bearish breakdown from its former one-month range support at $4,486. In addition, the hourly RSI momentum indicator has continued to exhibit bearish momentum conditions below the 50 level.Watch the $4,580 key short-term pivotal resistance to maintain the minor bearish trend for the next intermediate supports to come in at $4,415 and $4,319 (also close to the key 200-day moving average).However, a clearance and an hourly close above $4,580 negates the bearish tone for a potential corrective rebound to retest the next intermediate resistances at $4,645, and $4,715 (also the 20-day and 50-day moving averages. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Silver, Gold, and other Metals completely faked out to the upside in the past week and are now suffering from their weak topsLong yields are exploding, and this adds further pressure to the non-yielding precious commoditiesIntraday timeframe analysis for XAG/USD and XAU/USD Precious metals surged higher last week, only to quickly reverse and drop due to weak price levels. It looked like metals were gaining control, with strong rallies reaching new two-month highs. But this momentum turned out to be a classic bull trap.The main reason for this big reversal is the fast rise of the Warsh Trade. After Kevin Warsh was confirmed as the next Federal Reserve Chairman, markets quickly adjusted for a major tightening of monetary policy. This change led to a strong, lasting increase in the US Dollar and a sharp drop in bond prices.As a result, long-term treasury yields are rising quickly. This big jump in yields makes interest-bearing assets much more appealing to large investors. Because gold and silver do not pay interest, they are under heavy pressure Silver vs WTI Crude Inverse Correlation – Source: TradingView. May 19, 2026 Why hold a zero-yield metal when government paper is offering increasingly rising risk-free returns?Looking ahead, if the Middle Eastern geopolitical landscape remains frustratingly cloudy and deadlocked, Gold may still see occasional safe-haven demand to cushion its downside. However, higher-beta, industrial-leaning alternatives like Copper and Silver may continue struggling under the sheer weight of a surging US Dollar and restrictive financial conditions. Crucial, trend-defining price action is rapidly approaching for the entire asset class. Daily Market Performance (14:22). May 19, 2026 – Courtesy of Finviz Let's explore the recent shifts in an intraday timeframe analysis of Gold (XAU/USD) and Silver (XAG/USD) to identify where are the key levels to watch for the action ahead. Read More:The Warsh Trade and the US Dollar – EUR/USD, GBP/USD & Dollar Index (DXY) overviewIs the Stock Markets rally over? – Dow Jones, Nasdaq and S&P 500 Intraday LevelsAsia open: Bond yield breakout threatens tech rallyGold (XAU/USD) 4H Chart and levels Gold (XAU/USD) 4H Chart, May 19, 2026 – Source: TradingView Gold is rejecting its resistance and now struggling at the $4,500 support – With the descending RSI, the odds are towards a support break.Any break back above $4,600 on momentum would undo the bearish outlook.Intraday Timeframe Levels to watch for Gold (XAU/USD):Resistance Levels:Daily Momentum Pivot $4,650 - $4,700$4,850 to $4,900 Major Resistance (bullish above)$5,100 Pivotal Resistance$5,400 mini-resistanceSupport Levels:December 2025 Support $4,500 to $4,550 (Testing, bearish below)Pivotal Support $4,325 – $4,400Main Channel Lows Support $4,100Next Support $3,880 to $4,000Silver (XAG/USD) 4H Chart and levels Silver (XAG/USD) 4H Chart, May 19, 2026 – Source: TradingView Silver completely erased its past week's progress and back right within its longer-run $70 to $84 range.Buyers are weakly stepping in at the $74 support, but with the descending RSI and weak candles, odds for a break lower are high.Higher Timeframe Levels to watch for Silver (XAG/USD):Resistance Levels:Pivot $79 to $80Major Resistance $83 to $84.50 Key Range Resistance $90 to $92$96.47 March highs (higher odds of All-time highs if break above)Current Record $121.67Support Levels:Micro support $74 - $76$70 - $71.50 April Support (Bearish below)December FOMC Minor Support $64 to $66$61.10 Past Session lows$50 to $55 October Resistance now Major SupportSilver's 2011 All-time highs $49.81 Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

After their ceaseless rally, Semiconductors and Mag 7s are pulling back, imposing a stop in Stock Markets euphoriaFeeling the pressure of the spike in yields, the Warsh Trade could prove more dangerous for overextended Tech-heavy Stock MarketsExploring Technical Levels for the Dow Jones, Nasdaq and S&P 500 Stock markets have surged since the peak of the US-Iran conflict, but this strong trend is finally starting to slow down. After weeks of pushing the market higher, semiconductor giants and the Magnificent 7 are now pulling back, putting a sudden stop to the recent Wall Street excitement.Geopolitical tensions are still unresolved, and the market's optimism is fading. Even though yesterday saw a big relief rally after news broke that planned US military attacks on Iran were halted, investors could not keep up the positive momentum today. The lack of immediate conflict is no longer enough to hide changing economic conditions, and particularly when it comes to Fed expectations.Now, stocks are under pressure from a sharp rise in bond yields. The new Warsh Trade is especially risky for tech-heavy sectors that have grown too quickly. With Kevin Warsh confirmed to become the next Federal Reserve Chairman and likely to reduce the central bank's balance sheet, less liquidity is causing investors to rethink the current extreme pricing of high-growth assets – We will learn more on his views this Friday, date he will be sworn in.As a result, the strong upward trend that has kept the Nasdaq and S&P 500 rising since early April is now breaking down – But for now, the correction remains quite contained.With the main drivers of the rally now leading the decline, traders are left wondering if the big peace rally has come to an end. Daily Market Performance (11:02). May 19, 2026 – Courtesy of Finviz Breaking News: The US President mentioned that he could potentially lean back into attacks on Iran! Make sure to track the latest narrative on the conflict throughout the week.Let's get ready for a potentially rocky action ahead by diving into intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500. Discover:The Warsh Trade and the US Dollar – EUR/USD, GBP/USD & Dollar Index (DXY) overviewAsia open: Bond yield breakout threatens tech rallyThe Kevin Warsh repricing and Inflation points – Markets Weekly OutlookCurrent Session's Stock Heatmap Current picture for the Stock Market (11:05) – Source: TradingView – May 19, 2026 As you can see, the Stock Market split continues, with ongoing rebalancing and profit-taking from Semiconductors, Tech, and Magnificent 7s, leading the pullback in Nasdaq and S&P 500 while Healthcare remains the most bid sector, helping the DJIA to resist the selloff with more tenacity than its peers.Dow Jones 2H Chart and Trading Levels Dow Jones (CFD) 2H Chart – May 19, 2026 – Source: TradingView After the latest trump comments, the action in Stocks showed a quick wick to the downside but bulls quickly re-entered to fade the move, but a selling wave its making its quick re-apparition.TACO or not, the threat remains a large one for Stock Markets, particularly traditional sectors, hence it will be important to keep track of the latest War narratives to see if these are only words or the prelude to something much worse.Still, the Dow Jones maintains its solid range between 49,000 and 49,900, largely resilient to the outflows seen in other indexes. Keep a close eye on the two range bounds for potential breakouts (with stop orders being a potentially interesting way to enter any buying/selling wave).Dow Jones technical levels for trading:Resistance Levels2H 200-MA (49,500)49,900 to 50,000 Resistance and Early 2026 Highs (range top)ATH resistance 50,400 to 50,500All-Time Highs 50,544Support LevelsMajor Pivot – 49,000 to 49,100 (range lows)Momentum Support 48,500Pivotal Support at 48,000 (mid-term bearish below)Mini Support 47,400 to 47,600Nasdaq 2H Chart and Trading Levels Nasdaq (CFD) 2H Chart – May 19, 2026 – Source: TradingView Nasdaq is now embarking into a more significant pullback, forming a bear channel in its latest action.Still, the pullback technically looks healthy for now, so Bulls will want to watch reactions at the 28,500 support.Any break of that support however could open the way for a larger correction (~26,300, past ATH) particularly if the mood sours until then.Nasdaq technical levels of interest:Resistance Levels28,900 mini intraday resistance29,250 consolidation and momentum pivot29,218 2H 50-period MA29,500 - 29,600 current resistance (ATH)Support Levels28,500 Minor support28,000 Major psychological resistance now Pivot (and channel highs)27,500 micro-supportPrior ATH Support 26,200 to 26,300S&P 500 2H Chart and Trading Levels S&P 500 (CFD) 2H Chart – May 19, 2026 – Source: TradingView After the past week's fake-out above the key bull channel, the S&P 500 is breaking to the downside.Buyers are stepping in right at the past week's support and attempting a push, but the action still looks quite unsure around current levels.To get a better idea of where to look next, traders will want to see:A bullish impulse and 4H close above 7,380 for the bulls to retake the channelFor bears, either a rejection of the support (break below 7,320) or a break-retest of the channel (hence a rejection of 7,370)S&P 500 technical levels of interest:Resistance Levels7,400 Channel Pivot (Short-term bearish below)7,430 - 7,450 Intraday Resistance7,525 Daily ATH ResistanceSupport Levels7,320 to 7,340 Past week retracement (and Channel lows)Pivotal Support 7,250 to 7,260Prior ATH Pivot 7,000 to 7,020Minor Support 6,880 to 6,900Pivotal Support 6,750 to 6,7706,300 psychological level (War lows)Keep track of WTI Crude and the latest headlines throughout the week to stay ahead of the game.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

The US Dollar is back on a strong path higher since last week, already looking to erase some of its April softnessKevin Warsh was confirmed as the next Federal Reserve Chairman after a lengthy, unpredictable political process and Financial Markets are already experiencing significant changes. The Warsh Trade is slowly being priced in, reinforcing the idea of a more austere Monetary policy – Ongoing supply chain disruptions caused by conflict and rising oil prices make near-term rate cuts unlikely, signalling a major shift to what investors were awaiting throughout the past year.At the heart of this market shift is the idea of a smaller Federal Reserve balance sheet, suggesting a level of monetary restraint not seen since before the Great Financial Crisis. Unlike typical quantitative tightening, this approach may aim to reduce the central bank's balance sheet far more aggressively. Since Warsh is President Trump's nominee, traders are still unsure if he will pursue such an independent and hawkish policy, but his past views suggest he might.As a result, investors are anxious to hear Warsh's first public comments, with his swearing-in set for this Friday. Even before he speaks, expectations of a reduction in liquidity are boosting the US Dollar, which is rising sharply against other currencies. The dollar's strength reflects how foreign exchange markets are adjusting to wider yield gaps and the prospect of a potentially tighter monetary policy. Current Session's FX Performance – Courtesy of Finviz. May 19, 2026 We will look at the Dollar Index, EUR/USD, and GBP/USD to spot how the Warsh Trade has already impacted the FX Market and where to look next. Discover:Asia open: Bond yield breakout threatens tech rallyTrump cancels planned attacks on Iran, Stocks rally – Market reactionsThe Kevin Warsh repricing and Inflation points – Markets Weekly OutlookDollar Index 4H Chart Dollar Index 4H Chart, May 19, 2026 – Source: TradingView The US Dollar bulls are attacking the key 99.50 resistance area which served as a top to last week's initial explosion.Current bull candles are showing a strong push that will could easily retake the 99.415 top, with the formation of a tight bull channel formation, also following an upward trendline.Above 99.50, expect a fast paced continuation towards 100.00 – Below 99.00 however, the price action provides a more rangebound picture, hence immediate reactions and today's close will be essential to watch.Levels of interest for the Dollar Index:Resistance Levels99.40 to 99.50 Resistance (past week highs 99.415)Initial War Spike 99.68100.00 to 100.50 Main Resistance ZoneWar Highs 100.544Support Levels99.00 Intraday Pivot98.50 to 98.70 War Pivot now supportSupport 97.40 to 97.60 (triple bottom)2025 Lows 96.40 to 96.80 SupportRange lows at Early 2022 Consolidation just below 96.00GBP/USD 4H Chart and Technical Levels GBP/USD 4H Chart, May 19, 2026 – Source: TradingView Since our last analysis of the Major FX Pair, the price action completely reversed and having rejected the 1.36 Major Resistance on a fakeout, sellers quickly took control of the action.This weekly open allowed a pullback right at the 1.34 - 1.3450 pivot zone, and the ongoing rejection points a high probable a retest of the 1.33 level.A break below would be plausible, with no clear support areas until 1.32 after (the War lows).Levels of interest for AUD/USD:Resistance LevelsKey Pivot 1.34 to 1.3450December Resistance 1.36 (range highs)pre-FOMC Highs 1.36010Resistance 1.37 zone2025 Resistance around 1.38Support LevelsPivotal Support 1.3280 - 1.331.32 War SupportEUR/USD 4H Chart and Technical Levels EUR/USD 4H Chart, May 19, 2026 – Source: TradingView EUR/USD is subject to heavy pressure since last week, with sellers leading a 2,000 pip lower in an attempt to break the low-slope descending channel – Add to it a death-cross with the 50-period MA crossing below the 200 MA, and the action is decisively bearish.While the price action is strong, the pair is reaching some oversold levels, hence an immediate break could be less strong – Watch if the action closes below 1.16 to confirm a downside break.The next target for bears is the 1.1540 to 1.1570 War Support.Levels to place on your EUR/USD charts:Resistance LevelsPivot 1.1635 - 1.16551.17 to 1.1720 March ResistanceResistance Zone around 1.18 (+/- 150 pips)1.1830 June 2025 highsSupport Levels1.1540 to 1.1570 War Support1.1475 to 1.15 November SupportWar lows 1.1410Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Key takeaways Rising global bond yields and growing expectations of future Federal Reserve rate hikes are increasingly threatening the AI-driven technology rally, pressuring growth-stock valuations across global equity markets.Geopolitical tensions escalated sharply after a drone strike targeted a UAE nuclear facility, intensifying concerns over prolonged Middle East instability, elevated oil prices, and persistent inflationary pressures.Despite broader macro weakness, Asian technology stocks showed resilience as Baidu posted strong AI-driven earnings growth and Samsung Electronics gained ahead of highly anticipated NVIDIA earnings.Chart of the day: Nasdaq 100’s medium-term uptrend damaged, potential near-term weakness is likely to persist below 29,400 key short-term resistance.Top macro headlines UAE nuclear plant targeted in severe escalation: Geopolitical tensions spiked as a drone strike caused a fire at a nuclear power plant in the United Arab Emirates. Simultaneously, Saudi Arabia reported intercepting three hostile drones. U.S. President Donald Trump warned that Iran must act "fast" before he backed down on fresh military strikes following appeals from Gulf allies.Fed rate hike talks build: Wall Street is actively positioning for a hawkish pivot. Fed funds futures are now pricing in a high probability of a 25 bps rate hike by late 2026 or January 2027, driven by persistent inflation linked to the Middle East energy shock.Global bond rout deepens: Long-term government bond yields are breaking out to major inflection levels globally. The buckling of global bonds is being driven by entrenched inflation fears as the Middle East conflict drags on.Baidu and Samsung defy broader market gloom: Asian tech showed resilience, with Baidu topping Q1 estimates with a 49% surge in core AI-driven revenue, while Samsung shares (+3.9% on Monday, 18 May) jumped as investors look ahead to Nvidia's blockbuster earnings release.China retail sales growth weakens: China's retail sales have expanded at their slowest pace since the COVID-19 pandemic, signaling severe domestic demand sluggishness that is capping broader regional equity gains.Key macro themes US-Iran conflict extends as midterms loom: There are currently few signs that a resolution to the Iran war is coming soon. The clock is ticking not just for Iran, but also for President Trump, as financial markets react to the ongoing oil shock while the U.S. midterm elections approach.The shift to active tightening: With headline April inflation running hot, the narrative has shifted away from a simple "higher for longer" pause. Stagflation risks are forcing central banks and markets to consider renewed rate hikes to kill structural energy-driven inflation.Nvidia earnings as the ultimate market litmus test: Markets are now hyper-focused on Nvidia's upcoming earnings this Wednesday, which carries astronomical expectations and raises systemic risks for a broader tech selloff if the results or guidance disappoint.Global market impact (last 24 hours) Equities: S&P 500 and Nasdaq 100 traded lower for the second consecutive session, weighed down by elevated government bond yields and prolonged anxiety over the Iran war. Despite the broader market pressure, Asian tech showed resilience as Samsung shares jumped and Baidu topped Q1 estimates. In today’s Asia opening session, the S&P 500 and Nasdaq 100 E-mini futures extended losses to around 0.2%.Fixed Income: A global bond rout is deepening, leading to an impending yield major breakout that is actively pressuring the stock market. The U.S. 10-year Treasury yield zoomed past 4.50%, while Japan's 10-year JGB yield hit a record high of 2.8%.FX: The US Dollar Index (DXY) remains structurally dominant as rate hike expectations build, eroding alternative G10 gains and pressuring emerging market currencies.Commodities: Oil prices jumped to a two-week high following the unexpected drone attack on the UAE nuclear power plant before slipping down in the closing hour of Monday’s US session to trade almost unchanged after Trump backed down on military strikes against Iran. Conversely, spot gold slipped to a 1.5-month low, falling 1.1% to around $4,480/oz before it staged a minor bounce to end the US session with 0.6% at $4,566/oz, below its 20-day and 50-day moving averages Asia Pacific impact Tech resilience vs. macro gloom: While Baidu's strong earnings and Samsung's pre-Nvidia bounce may provide a tailwind for regional tech, broader indices like the Hang Seng and Nikkei are struggling under the weight of higher U.S. yields and China's sluggish retail sales. Nikkei 225 is trading almost unchanged in today’s Asian opening session, while KOSPI sees profit-taking activities (-2.6% at this time of writing).Currency strains & import bans: The widening yield premium with the U.S. and the structural oil shock continue to deplete regional FX valuations. To protect the capital account, the Indian government has initiated emergency curbs on silver imports.Samsung labor talks: High-stakes negotiations between Samsung Electronics management and its labor union continue, with global memory supply chains hanging in the balance.Top 3 economic data/events to watch today Japan Q1 GDP Preliminary Release - 7.50 am SGT Impact: USD/JPY, JPY crosses, Nikkei 225RBA Monetary Policy Meeting Minutes - 9.30 am SGT Impact: AUD/USD, AUD crosses, ASX 200CA Core Inflation Rate (Apr) - 8.30 am SGT (consensus: 2.6% y/y, Mar: 2.5% y/y) Impact: USD/CAD, CAD crosses.Chart of the day - Nasdaq 100’s medium-term uptrend damaged Fig. 1: US Nasdaq 100 CFD minor trend as of 19 May 2026 (Source: TradingView). The medium-term uptrend of the high-flying US Nasdaq 100 CFD (a proxy of the Nasdaq 100 E-mini futures) has been damaged as price actions broke below the former ascending channel support from the 31 March 2025 low.In addition, the hourly RSI momentum indicator continues to flash out bearish momentum conditions below the 50 level,Watch the 29,400 key short-term pivotal resistance for a further potential side towards 28,660 near-term support. A break below it exposes the next intermediate support at 28,460/280 (also the 20-day moving average) (see Fig. 1).On the flip side, a clearance and an hourly close above 29,400 negates the bearish tone for a squeeze up to re-test the current intraday all-time high of 29,704 in the first step. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

The US just rejected the latest Iranian proposal but Stock Markets don't seem to care much, down small despite the large rise in OilUS Markets are still lower compared to last week due to the repricing of the Warsh tradeExploring Technical Levels for the Dow Jones, Nasdaq and S&P 500 US stock indexes are down just a little from where they closed on Friday, even after the latest geopolitical news.A senior US official told Axios that the United States has turned down Iran's latest diplomatic proposal. The White House says the offer does not include real concessions on Tehran's nuclear program and calls it just "token improvements." Because of this, tensions in the Middle East remain high, and WTI Crude oil prices have jumped amid continued concerns about the Strait of Hormuz. WTI Crude 4H Chart – Source: TradingView. May 18, 2026 However, bad news from the Middle East is not causing as much panic in the stock market as it used to. In the past, higher oil prices would drag down risk assets, but stocks are mostly shrugging off this latest setback. The main reason US markets are a bit lower than last week is the ongoing adjustment to the "Kevin Warsh trade." Daily Market Performance (11:41). May 18, 2026 – Courtesy of Finviz After Kevin Warsh was named the next Federal Reserve Chairman, markets started thinking about what a big cut in the Fed's balance sheet could mean over time. Market Participants are slowly getting ready for the central bank to sell assets, which unsettled the bond market and caused sharp drops in stocks and crypto last Friday. This anticipated regime change in liquidity has made people worry about a return to the tough times before the global financial crisis.At the start of the new trading week, the negative effects from the Kevin Warsh trade are easing. The selloffs are still relatively small in today's Stock Market action.The early panic has faded as traders wait to hear more from the new Fed Chair about possible tighter policy. If Warsh confirms worries about a liquidity drain, stocks could drop more. For now, most people are waiting and staying cautious.Let's get ready for this week by diving into intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500. Discover:Asia open: Trump-Xi summit disappoints, inflation fears fuel bond yield surgeThe Kevin Warsh repricing and Inflation points – Markets Weekly OutlookBritish bonds under pressure. Yields at their highest in yearsCurrent Session's Stock Heatmap Current picture for the Stock Market (11:44) – Source: TradingView – May 18, 2026 The picture almost completely inverted compared to what we have seen in the past 2/3 weeks, with Semiconductors actually tumbling to start the week and allowing more traditional Tech and defensive sectors to rebound – Finance and Energy minerals are the leaders of today's action.Producer Manufacturing however is also taking a hit, which seems to be a profit-taking trade.Dow Jones 2H Chart and Trading Levels Dow Jones (CFD) 2H Chart – May 18, 2026 – Source: TradingView The Dow Jones is the only index remaining close to unchanged on the session, supported by the broader rise in defensive equities – but the price action isn't much more bullish.Sellers appeared at the 2H 50-period MA and are rejecting the index right back into the past week's range between 49,000 and 49,900.It seems that consolidation is the path of least resistance in the waiting for more fundamental news for the DJIA.Dow Jones technical levels for trading:Resistance Levels2H 50-MA (49,726)49,900 to 50,000 Resistance and Early 2026 Highs (range top)ATH resistance 50,400 to 50,500All-Time Highs 50,544Support LevelsApril 14 Gap Fill Pivot 49,500Major Pivot – 49,000 to 49,100 (range lows)Momentum Support 48,500Pivotal Support at 48,000 (mid-term bearish below)Mini Support 47,400 to 47,600Nasdaq 2H Chart and Trading Levels Nasdaq (CFD) 2H Chart – May 18, 2026 – Source: TradingView Nasdaq has officially stalled is insane rally for the first time since mid-April, topping right below the huge 30,000 milestone.Despite a few attempts to trade above it, sellers brought back the Index below 29,000, but some dip-buyers seem to be holding the 28,900 level.Any break of that mini-intraday support could bring heavy selling flows back towards 28,000 first, with very minor supports below – Hence it could be difficult to see consequential dip-buying until a retest of the prior ATH record (~26,300), but this still remains quite far.Nasdaq technical levels of interest:Resistance Levels29,250 consolidation and momentum pivot29,265 2H 50-period MA29,500 - 29,600 current resistance (ATH)Support Levels28,900 mini intraday support28,500 Minor support28,000 Major psychological resistance now Pivot (and channel highs)27,500 micro-supportPrior ATH Support 26,200 to 26,300S&P 500 2H Chart and Trading Levels S&P 500 (CFD) 2H Chart – May 18, 2026 – Source: TradingView The S&P 500 has faked out of its longer-run upward channel, now selling back within the key technical pattern.After retesting the 7,430 resistance (and 2H 50-period MA), the action is now getting somewhat bearish on the short-term.Look at what happens when and if sellers bring back the index back towards 7,340 (the Channel Lows).S&P 500 technical levels of interest:Resistance Levels7,400 Channel Pivot (Short-term bearish below)7,430 - 7,450 Intraday Resistance7,525 Daily ATH ResistanceSupport Levels7,320 to 7,340 Past week retracement (and Channel lows)Pivotal Support 7,250 to 7,260Prior ATH Pivot 7,000 to 7,020Minor Support 6,880 to 6,900Pivotal Support 6,750 to 6,7706,300 psychological level (War lows)Keep track of WTI Crude and the latest headlines throughout the week to stay ahead of the game.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Key takeaways The Trump-Xi Beijing summit delivered limited concrete progress, disappointing markets that had hoped for broader trade and geopolitical breakthroughs, while renewed warnings over Taiwan tensions kept regional risk sentiment fragile.Rising inflation pressures and surging global bond yields reinforced fears that the Federal Reserve may eventually shift toward rate hikes rather than cuts, with the US 10-year Treasury yield climbing to 4.59%.The AI-driven equity rally is increasingly viewed as overconcentrated, with growing concerns that elevated valuations in semiconductor and AI infrastructure stocks could face pressure from rising yields and sector rotation ahead of NVIDIA earnings.Chart of the day: WTI crude’s minor bullish structure remains intact after a strong rebound from 20-day and 50-day moving averages, with key short-term support at $103.40/bbl.Top macro headlines Trump-Xi Beijing summit concludes with limited progress: The highly anticipated two-day meeting between U.S. President Donald Trump and Chinese President Xi Jinping concluded in Beijing with few concrete agreements. While pledging a three-year "strategic stability" truce, Xi issued his bluntest warning yet on Taiwan, stating it could lead to "clashes" and create a "highly dangerous situation". On trade, China agreed to purchase only 200 Boeing jets, well short of the 500 investors expected.Gundlach and Wall Street warn of Fed rate hikes: DoubleLine Capital CEO Jeffrey Gundlach warned that stubborn inflation and a commodity boom could force the Federal Reserve to implement interest rate hikes rather than cuts. This aligns with a growing chorus on Wall Street, which is pricing out 2026 rate cuts entirely, shifting expectations toward tightening as the Fed's preferred inflation gauge runs at more than double its target rate.Global bond yields surge, threatening stock rally: Global bond yields marched higher over the weekend, with the U.S. 10-year Treasury yield climbing to 4.59%. A steep rise in yields may start to pose a direct valuation threat to the global equity market rally, with the magnificent rallies seen in semiconductor, AI infrastructure-related equities since the end of March 2026.Goldman warns AI-fueled market rally overconcentrated: Goldman Sachs cautioned that the AI-driven stock surge powering the S&P 500 to repeated records is morphing into "one big trade," exposing investors to heightened systemic risk. Concurrently, J.P. Morgan data revealed that AI-related industries now command more than half of the total S&P 500 weight.Bill Ackman builds hefty stake in Microsoft: Pershing Square revealed a contrarian core position in Microsoft. Famed investor Bill Ackman is betting against the popular market trade of selling software firms to buy chipmakers, arguing that Microsoft's enterprise software suite remains deeply embedded and insulated from AI rivals.Key macro themes Vanishing rate cuts and tightening Fears: Persistent inflation, driven heavily by energy and commodity shocks, has completely upended the global monetary outlook. Investors are rapidly moving from a "higher-for-longer" stance to actively positioning for potential rate hikes under incoming Fed Chair Kevin Warsh.Geopolitical friction and supply-chain vulnerabilities: The U.S. war in Iran and the ongoing closure of the Strait of Hormuz continue to impose structural inflation constraints on the global economy. While the physical ceasefire holds, the lack of a diplomatic breakthrough keeps WTI and Brent crude elevated near $105-110/bbl.Extreme equity concentration in the AI supercycle: With the AI ecosystem now exceeding 50% of the S&P 500's weight, the market's technical structure is highly sensitive to thematic rotation or an options market correction.Global market impact Equities: Wall Street pulled back ahead of the weekend, with the S&P 500 closing lower at 7,409, putting a pause to its prior 6-week of weekly gains with a loss of -0.4% for the week of 11 May. Tech shares led the decline as investors re-evaluated software vs. hardware valuations.Fixed Income: Bond markets experienced heavy selling. The U.S. 10-year Treasury yield climbed to 4.59%. Long-term UK bond yields climbed to their highest levels since 1998 on fiscal deficit concerns due to political instability within the ruling Labour Party's leadership.FX: The U.S. Dollar retained broad structural strength as rate cut expectations evaporated. The Japanese Yen and British Pound remained defensive against greenback dominance as both ended with a weekly loss of 2.3% and 1.3%.Commodities: WTI and Brent crude oil surged 3% on last Friday to settle at $109.48-105.86/bbl due to the ongoing closure of the Strait of Hormuz [cite: 8]. Spot Gold corrected lower by 2.4% to settle at $4,540/oz under pressure from higher global bond yields. Asia Pacific impact Stock markets & supply chains: High energy import costs continue to pressure regional growth, with India's stock market down around 10% YTD. In South Korea, Samsung Electronics and its labor union are scheduled to resume high-stakes pay negotiations today to avert a threatened 18-day strike that could disrupt global memory chip supplies. S&P 500 and Nasdaq 100 E-mini futures extended their losses to 0.6% to 0.7% in today's Asia opening session at this time of writing.Currencies: The Indian Rupee was flagged as Asia's worst-performing currency due to the crude oil price shock. The offshore Yuan weakened in line with other regional currencies after China's summit talks concluded. Xi's blunt language regarding Taiwan leaves the regional complex highly sensitive.Regional policy actions: To combat currency depreciation and macro strains, the Indian government has initiated emergency solutions, including tightening controls on gold imports and cracking down on domestic fuel consumption.Top 3 economic data/events to watch today CN House Price Index, Retail Sales, Industrial Production (Apr) - 10:00 am SGT Impact: USD/CNH, Hang Seng Index, ChinaA50, AUD/USDTrailing impact of U.S. 10-Year bond yield above 4.59% Impact: US Treasuries, growth stocks, USD, Gold.Market positioning ahead of Nvidia Q1 earnings release on Wednesday, 20 May Impact: US semiconductor stocks, Nasdaq 100, S&P 500Chart of the day - WTI crude bullish revival from 20-day and 50-day MAs Fig. 1: West Texas oil CFD minor trend as of 18 May 2026 (Source: TradingView). After a retest on its 20-day and 50-day moving averages on Monday, 11 May 2026, the West Texas oil CFD (a proxy of the WTI crude oil futures) surged by 9% to hit a two-week high.The current minor uptrend from its 6 May 2026 low remains intact within a medium-term sideways range configuration since the 9 March 2026 high of $119.54 (see Fig. 1).Watch the $103.40 key short-term pivotal support, and a clearance above $108.20 sees the next intermediate resistance coming in at $112.84 before the medium-term range resistance of $116.56/119.54.However, a break and an hourly close below $103.40 invalidates the bullish tone for another round of choppy minor corrective decline towards the next intermediate supports at $100.25 and $97.40 (also the area of the 20-day and 50-day moving averages). Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Discover our Weekly Market Outlook, exploring themes and events that forged financial flows throughout the week.Markets are subject to significant repricing after the confirmation of Kevin Warsh to be the next Fed Chairman and this theme should continue to price throughout the coming weekA few inflation releases (Canada, UK) will continue to provide clarity into the Market situationGet ready for next week's action by exploring upcoming events across global Markets.Week in review – Earnings break records, pulling Markets higher Stock markets reached spectacular new highs just yesterday, heavily profiting from relentless artificial intelligence trends and a massive wave of record corporate earnings. The S&P 500 aggressively breached the monumental 7,500 milestone, while the Dow Jones Industrial Average temporarily reclaimed the historic 50,000 mark as global risk appetite peaks.Adding to this initial bullish momentum, the highly anticipated summit between President Trump and Chinese President Xi Jinping delivers a highly constructive geopolitical tone. The two leaders establish aligning views regarding the ongoing Middle East conflict and the general World order with the two superpowers needing to collaborate.Investors are now looking ahead to the next encounter between the two leaders, with an official invitation extended for President Xi to visit Trump in the United States in mid-September.However, while these diplomatic developments generate better hopes for a sustainable peace process, financial markets are already rapidly turning the page on this theme.Despite the midweek ecstasy, a much more dominant macroeconomic theme is now aggressively gripping the markets and causing widespread bloodshed ahead of the weekend. Following the official Senate confirmation of Kevin Warsh as the next Federal Reserve Chairman, risk assets are subject to a brutal, significant repricing. Ruthless bearish flows wipe out recent equity, metals and Crypto gains as the US Dollar explodes higher at the direct expense of virtually all other asset classes.Markets are hyper-focusing on the severe, long-term implications of a Warsh-led Federal Reserve. Institutional capital is actively preparing for a massive, systematic emptying of the central bank's balance sheet, which remains one of the new Chair's dearest ambitions. You can see this in the shocking action in bond markets which swears to trigger cascading effects into the broader Market regime Broad US Bond Market since beginning 2026 – May 15, 2026 – Source: TradingView This aggressive trajectory possesses the terrifying potential to severely impact the foundational liquidity system that has supported global markets since the post-Great Financial Crisis era. As this historic recalibration drains speculative excess from the financial system, this structural liquidity shift is the exact theme that continues to heavily dictate price action heading into next week and coming months.Weekly Performance across Asset Classes Weekly Asset Performance – May 15, 2026 – Source: TradingView What could have been a dream-like week for major assets quickly turned out to be a dramatic rewinding which took out more than what it gave.When Markets fear a drain in liquidity, it quickly brings back gigantic fears of a much more ruthless pre-GFC regime, where demand gets pushed and pulled by cyclical factors rather than the continuous support that it had seen in the past 17 years.Stock Markets, Cryptos and Metals, which had started the week on a rocketship, quickly turned back the other direction with most assets now down on the week.The only exceptions remain WTI Crude and the US Dollar. Discover:The new Fed Chair's balance sheet erasure and Market bloodshedBritish bonds under pressure. Yields at their highest in yearsCrude Oil eases its overnight rally but what's next? – WTI Technical analysisThe Week Ahead – G7 Meeting, UK and Canada CPI along with high-tier PMI reports One of the key geopolitical event is the G7 Meeting which aims to provide more collaboration along members (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States).And in terms of broader Markets, players will want to focus on the Kevin Warsh trade, bullish for the US Dollar and bearish on everything else.Asia Pacific Markets – Australian Employment and broad economic indicators Next week's APAC calendar brings heavy volatility across major economies. China kicks off with high-impact Industrial Production forecasted at 5.9% and Retail Sales at 2.0%, before the PBoC holds interest rates at 3.0%. Japan faces critical Q1 GDP data expecting a 1.7% annualized print, ahead of Thursday's National CPI. Australia navigates the RBA Meeting Minutes and Wednesday's pivotal employment report, projecting a steady 4.3% unemployment rate. Finally, New Zealand traders prepare for Thursday's Q1 Retail Sales data.Europe and UK Markets – UK Employment and Inflation, along with flurries of economic data Get ready for a ton of action for the Old Continent.In the UK, traders brace for Tuesday’s 4.9% unemployment rate and Wednesday’s critical CPI report, with headline inflation forecasted at 3.3%. Thursday’s UK Services PMI is expected at 52.7. In Europe, focus shifts to PMIs, projecting contraction in Germany at 48.4 and the broader Eurozone at 48.8. Friday caps off the week with German Q1 GDP growth anticipated at 0.3%.And don't forget a high number of ECB and BoE speakers throughout the week.North American Markets – Canadian CPI, FOMC Minutes and US PMIs Next week, North American markets face pivotal data as traders seek fresh direction. In Canada, Tuesday's crucial CPI report takes center stage, with previous core YoY inflation sitting at 2.5%, followed by Friday's retail sales forecasted at 0.6%. Meanwhile, US markets will hyper-focus on Wednesday's critical FOMC Minutes for monetary policy clues. The US narrative then shifts to economic health on Thursday, highlighted by preliminary Manufacturing PMIs (previously 54.5) and Services PMIs (previously 51.0).Don't forget to keep a close eye on US Markets and Bonds, particularly with the end of week turmoil!Next Week's High Tier Economic Events Next week's Economic Calendar – Courtesy of TradingEconomics Safe Trades and keep an eye on US-Iran developments, along with the Warsh Trade!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

UK bond yields surged to multi-year highs as investors reacted nervously to the possibility of Andy Burnham eventually challenging Keir Starmer’s leadership.Markets fear that a potential Burnham-led government could pursue looser fiscal policy, higher public spending and greater borrowing.The sell-off reflects lingering sensitivity after the 2022 Liz Truss crisis, as well as global pressures from inflation, energy prices and geopolitical tensions. The British debt market came under strong pressure after Manchester Mayor Andy Burnham gained the ability to run for a parliamentary seat. For investors, this is a signal that he could, in the future, open a path toward competing for the leadership of the Labour Party and, consequently, challenging Prime Minister Keir Starmer. The mere prospect of such a scenario was enough to trigger a nervous reaction in the bond market.The yield on 30-year UK government bonds rose by as much as 20 basis points to 5.86%, reaching its highest level since 1998. The yield on 10-year bonds, meanwhile, climbed to 5.18%, a level not seen since 2008. Falling bond prices were accompanied by a weakening of the pound against the dollar, with the British currency heading for its worst week since 2024. Yield on 30-year British bonds, source: TradingView Investors fear higher spendingThe source of concern is the belief that a potential Burnham government could pursue a more expansionary fiscal policy than Starmer’s current cabinet. Markets are primarily worried about higher public spending, a larger budget deficit, and increased debt issuance. This is particularly important at a time when the UK’s public debt-to-GDP ratio is currently at its highest level since the 1960s.Investor unease has been reinforced by Burnham’s earlier comments. The Manchester mayor suggested that the UK is, in a sense, “in hock” to the bond markets, and also indicated that defence spending could be excluded from the existing fiscal rules. For the debt market, such statements sound like a signal of greater freedom to increase public borrowing.The spectre of a return to the 2022 crisisThe investor reaction is so sharp also because the British market still remembers the 2022 crisis. At that time, unfunded spending proposals from Liz Truss’s government led to a severe sell-off in bonds and major financial turbulence. Since then, every suggestion of a departure from cautious budget policy has been punished especially quickly by the market in the UK.Global factors are also adding to the situation. High energy prices, concerns about persistent inflation, and tensions linked to the war in the Middle East are increasing pressure on government bonds. As a result, investors have begun to change their expectations for the Bank of England. Instead of assuming interest-rate cuts, the market has started pricing in the possibility of rate hikes. Weekly timeframe of GBPUSD, source: TradingView Politics is becoming a key risk for debtThe sell-off in British bonds shows that investors are paying increasingly close attention not only to macroeconomic data, but also to political signals. The rise in yields stems both from external factors, such as energy prices and inflation, and from growing uncertainty around the future direction of UK fiscal policy.The most important question for the market today is whether a possible change in Labour Party leadership would mean a departure from the cautious approach to public finances represented by Starmer and Rachel Reeves. Until investors receive a clear answer, British bonds and pound sterling may remain vulnerable to sharp swings. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

The morning session brings ruthless flows across all financial markets as participants actively price in absolute bloodshed ahead of the weekend.Investors are facing a brutal reality check as the much-discussed Warsh trade moves into a significantly heavier and more destructive phase.At the core of this widespread Market selloff is the aggressive repricing for the effective emptying of the Federal Reserve balance sheet.Shrinking the portfolio of assets remains one of the new Fed Chair dearest ambitions, and the market is finally digesting the severe liquidity implications of this impending policy shift.While the central bank did engage in quantitative tightening cycles in recent years, the sheer scale and aggressive trajectory currently repricing under this new mandate point to a structural liquidity drain unmatched in its intensity since the original massive expansion programs began during the 2008 financial crisis.And the only asset profiting from this is the US Dollar – The Dollar Index is bouncing to levels not seen since late April. Dollar Index 4H Chart, May 15, 2026 – Source: TradingView The recent sharp rise in the US Dollar reflects the structural changes underway. As the central bank plans to gradually withdraw capital from the financial system, the dollar is gaining strongly while most other asset classes are losing value.Explore our latest Dollar Index Analysis to learn more.Stocks are falling across the board. The recent gains in the Nasdaq and S&P 500 are reversing as tighter financial conditions put pressure on growth and tech stocks. The Dow Jones is also losing ground, with the broader stock market in a state of ceaseless anxiety since this morning.The declines are not limited to stocks. Precious metals, which recently saw strong gains, are now falling as the stronger dollar removes much of their support. Cryptocurrencies are also dropping as speculation fades from the market. Bond yields are rising quickly as the market prepares to handle more debt without central bank support.Traders are seeing a major shift in the markets. Risk assets are having trouble maintaining their high valuations as the central bank signals tighter monetary policy, making the market environment much more challenging.Let's look around asset classes to get ready for what could be a heavy period in Markets. Discover:Crude Oil eases its overnight rally but what's next? – WTI Technical analysisAsia open: Oil surges past $106, USD rose as Fed signals steady ratesTrump-Xi summit 2026: Key expectations and what markets are watchingA Bloody Stock Market Picture Stock Market Futures – Courtesy of Finviz. May 15, 2026 As explored in our past session's Stock Market analysis, Nasdaq was showing signs of weakness which translated into today's broader correction.This could be the beginning of something much more significant, especially when looking at bond Markets seeing volatility unseen since the 2022 hike cycle.Metals lose their ground Metals weekly performance – May 15, 2026 – Source: TradingView Metals are getting swept downward, erasing most of their past week's rallies in the single session.Bonds are getting heavily rejected, reaching 12-month lows 10Y US Treasury Bond Chart – May 15, 2026 – Source: TradingView With bonds breaking lower like this, there will be dire consequences for the broader Market.Is this the beginning of something much more consequential? It might just be.Reactions to current levels in Bond Markets will be very important to watch – Look for much rougher Market conditions in the next week if this continues. Broad US Bond Market – May 15, 2026 – Source: TradingView Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

US Stock Benchmarks explode to new highs in today's sessionNasdaq and S&P 500 print fresh new records, while the Dow Jones gets back above 50,000Exploring Technical Levels for the Dow Jones, Nasdaq and S&P 500 US stock indexes are reaching new all-time highs today, fueled by strong global risk appetite. The S&P 500 has moved past the 7,500 level, while the Nasdaq is also setting new records. The Dow Jones Industrial Average has climbed back above 50,000.The Chairman Warsh trade is leading market activity. Investors see his confirmation as Federal Reserve Chair as positive for stocks. Large investors are moving money into growth and risk-oriented assets, while other asset classes are seeing less demand. Precious metals, which recently benefited from safe-haven buying, are now giving back some of their gains as market fears ease. This rise in stocks is global, with international indexes also rising, signalling broad risk appetite.The ongoing diplomatic summit between President Trump and China's Xi Jinping is also supporting the rally. Investors are encouraged by the positive tone from Beijing. This important meeting is improving investor sentiment and offers hope that the global economy will move away from the deglobalization trends seen in 2025.While markets are rallying, the Federal Reserve is also seeing major changes. Kevin Warsh has joined the Fed board as its new leader, and Miran is stepping down. Since there has been no official statement about Jerome Powell leaving, Wall Street assumes he will stay on the Board of Governors for now. Daily Market Performance (15:18). May 14, 2026 – Courtesy of Finviz To get ready for a potentially volatile weekend, dive into intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500. Discover:Trump-Xi summit 2026: Key expectations and what markets are watchingKevin Warsh gets confirmed for Fed Chairman – Reactions for Dow Jones, Nasdaq & S&P 500Inflation is buoyant and Trump lands in China – North American Mid-Week Market UpdateCurrent Session's Stock Heatmap Current picture for the Stock Market (15:22) – Source: TradingView – May 14, 2026 Nvidia continues to lead the push in Semiconductors, with the sector pulling the rest of the Market higher.Dow Jones 2H Chart and Trading Levels Dow Jones (CFD) 2H Chart – May 14, 2026 – Source: TradingView The Dow Jones broke its 49,500 to 50,000 range to the upside, looking to close above the key level for the first time since February 11.Expect to see a continued push towards the end of the week, with the prior all-time highs being the next target for the bulls (~50,500).Dow Jones technical levels for trading:Resistance Levels50,200 morning highsATH resistance 50,400 to 50,500All-Time Highs 50,544Support LevelsApril 14 Gap Fill Pivot 49,500Major Pivot – 49,000 to 49,100 (short-term bearish below)Momentum Support 48,500Pivotal Support at 48,000 (mid-term bearish below)Mini Support 47,400 to 47,600Nasdaq 2H Chart and Trading Levels Nasdaq (CFD) 2H Chart – May 14, 2026 – Source: TradingView Nasdaq is now forming what seems to be the basis of a short-term top, with the 2H RSI now forming a bearish divergence, turning lower despite the daily record highs – Bears will want to see a push below 29,400 with confirmation below the 2H 50-period MA (29,250).Nasdaq technical levels of interest:Resistance Levels29,500 - 29,600 current resistanceDaily highs 29,620Support Levels2H 50-period MA (29,250) – (ST bearish below)28,500 short-term pivot28,000 Major psychological resistance now Pivot (and channel highs)27,500 micro-supportMomentum Pivot at 27,000 (4H 50-period MA)Mini-support 26,600 to 26,750Prior ATH Support 26,200 to 26,300S&P 500 2H Chart and Trading Levels S&P 500 (CFD) 2H Chart – May 14, 2026 – Source: TradingView As explored in our past day analysis of the Index, the S&P 500 showed high potential for a channel breakout and did so in this morning, reaching a 7,526 new record!Despite the overbought momentum, the Index still looks strong enough to pursue its run higher – Nevertheless, keep an eye on if the Nasdaq ends up correcting as it may drag down sentiment with it.S&P 500 technical levels of interest:Resistance Levels7,525 Daily ATH ResistanceNext Stop 7,600Support LevelsMomentum Pivot 7,250 to 7,260Channel lows 7,230 (bearish below)7,100 psychological levelPrior ATH Pivot 7,000 to 7,020Minor Support 6,880 to 6,900Pivotal Support 6,750 to 6,7706,300 psychological level (War lows)Keep track of WTI Crude and the Trump-Xi meeting throughout the end of the week to stay ahead of the game.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

Key takeaways US inflation pressures intensified after April PPI surged 6.0% y/y, reinforcing the “higher for longer” Federal Reserve narrative and fuelling expectations that any future Fed move could shift toward rate hikes rather than cuts.Donald Trump and Xi Jinping began high-stakes talks in Beijing, with AI competition, semiconductor restrictions, and Middle East geopolitical tensions dominating market focus.Despite rising bond yields and inflation shocks, AI-driven equity momentum remained resilient as the Nasdaq 100 and S&P 500 climbed to fresh record highs, while energy markets stayed elevated above $100/bbl due to worsening Strait of Hormuz supply concerns.Chart of the day: AUD/USD bullish breakout from minor range configuration, 0.7210 key short-term support with next intermediate resistances at 0.7265, 0.7300, and 0.7340.Top macro headlines US producer prices surge: April PPI jumped 1.4% month-over-month and 6.0% year-over-year, marking the biggest gain in four years. The hotter-than-expected print confirms inflation is accelerating amid the ongoing conflict with Iran.Trump arrives in Beijing for high-stakes summit: President Donald Trump arrived in Beijing for meetings with Chinese President Xi Jinping. Nvidia CEO Jensen Huang joined the US delegation, highlighting the focus on the global AI race and the proposed US "MATCH Act" targeting Chinese chipmakers.EIA drastically revises Oil supply hit: The US Energy Information Administration revised its forecasts, projecting a much longer and more severe disruption to global oil supplies as Iran moves to formalize control over the Strait of Hormuz.Kevin Warsh confirmed as Fed official: The US Senate confirmed Kevin Warsh to a 14-year term as a Federal Reserve governor, setting him up as the likely successor to Fed Chair Jerome Powell.Alibaba posted an operating loss on AI Spend: Alibaba Group ADRs slipped 3% after posting its first operating loss since the pandemic, underscoring the massive capital expenditures required to compete in the AI space. Interestingly, its ADR recovered as the US session progressed and ended with a gain of 8% to close at a near 5-month high.Key macro themes Inflation resurgence cements "Higher for Longer": Following the 3.8% CPI print, the massive 6.0% y/y headline PPI surge has completely wiped out remaining hopes for Fed rate cuts in 2026, and reflected an increase in rate hike bets coming in the first half of 2027, according to data from the CME FedWatch tool.The cost of the AI arms race: Alibaba's earnings reflect a growing reality: the AI supercycle requires staggering, profitability-draining capital expenditures. Markets will increasingly scrutinize tech giants to balance AI spending with near-term margins.Structural geopolitical premiums: The oil market is shifting from pricing a "temporary disruption" to a "persistent geopolitical premium" as the Middle East conflict restricts global supply chain norms.Global market impact (last 24 hours) Equities: US stock markets remained buoyant despite a red-hot PPI print. Supported by tech stocks, the S&P 500 (+0.6%) and the Nasdaq 100 (+1%) rallied to another record high.Fixed Income: The US 10-year Treasury yield climbed to an intraday high of 4.5% on Wednesday, 13 May, hitting a 10-month high as bond markets fully absorb the dual CPI and PPI inflation shocks.FX: The US Dollar Index (DXY) extended gains to 98.45, marking a third consecutive session of strength as investors increased bets on a prolonged restrictive Fed policy.Commodities: WTI and Brent crude remain elevated over $100/bbl following the EIA's grim supply revisions. Spot Gold is holding near $4,645/oz, supported by haven demand ahead of the Beijing summit.Asia Pacific Impact Stock markets: Chinese and Hong Kong equities will be in focus, following Alibaba's earnings miss, China's vocal opposition to the US MATCH Act, and the Trump-Xi summit gets underway. Tech heavyweights like Tencent, Alibaba, Baidu, and Xiaomi will be closely watched. In today’s early Asia season, the China and Hong Kong stock markets opened with an upbeat tone; CSI 300 (+0.1%), China A50 (+0.1%), and Hang Seng Index (+1.1%) at this time of writing.Currencies: The yuan traded almost unchanged against the USD at 6.7855 per US dollar in today’s Asia opening hours as the Trump-Xi summit gets underway. The offshore yuan (CNH) has rallied for six consecutive sessions against the USD. It is now eyeing a near 3-year high of 6.7740 per US dollar as the market seems to be pricing a status quo in terms of US-China trade relations after the summit.Economic outlook: All regional eyes are on the Beijing summit. Any signs of diplomatic progress regarding Iran or AI trade regulations could trigger massive, rapid reversals in regional risk sentiment.Top 5 events to watch today Trump-Xi Summit Developments Impact: USD/CNH, global equities, WTI, Brent crudeUK Q1 GDP Prelim - 2:00 pm SGT (consensus: 0.8% y/y, Q4 2025: 1% y/y) Impact: GBP/USD, GBP crosses, FTSE 100US Retail Sales (Apr) - 8.30 pm SGT (consensus: 0.5% m/m, Mar: 1.7% m/m) Impact: USD, US Treasuries, US stock indicesUS Initial Jobless Claims (week ending 9 May) - (consensus: 205K, prior: 200K) Impact: USD, short-term US Treasuries, US stock indicesApplied Materials Earnings - after US session close Impact: Semiconductor stocks, Nasdaq 100Chart of the day - AUD/USD bullish breakout from minor range Fig. 1. AUD/USD minor trend as of 14 May 2026 (Source: TradingView). The price actions of the AUD/USD have staged a bullish breakout from a minor “Symmetrical Triangle” range configuration on Wednesday, 13 May 2026.Currently, it is retesting the former “Symmetrical Triangle” range resistance, which has now become a near-term pull-back support at 0.7244, as indicated by the hourly RSI momentum indicator, which is holding at the 50 level (see Fig. 1).Watch the 0.7210 key short-term pivotal support on the AUD/USD. A clearance above 0.7265 triggers the next intermediate resistances at 0.7300 and 0.7340.However, a break and an hourly close below 0.7210 negates the bullish tone for another round of potential minor corrective decline to expose the next intermediate support at 0.7180 (also the 20-day moving average), below it may see further weakness towards 0.7145/7130 next. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.

US Stock Benchmarks rise but show mixed reactions to the confirmation of Kevin Warsh to become the next Fed ChairNasdaq and S&P 500 continue to explode to new all-time highs, while the Dow Jones still strugglesExploring Technical Levels for the Dow Jones, Nasdaq and S&P 500 After a long and uncertain process, the Senate has confirmed that Kevin Warsh will officially replace Jerome Powell as the head of the Federal Reserve for a four-year term.Although he has not served on the Federal Reserve board since 2011, the new Fed Chair has stayed close to economics and finance as a partner at Stanley Druckenmiller's family office, which is one of the world’s top-performing hedge funds.US stock benchmarks are mostly rising after the news, but the market’s reaction to Warsh’s confirmation is mixed. The tech-heavy Nasdaq continues to jump to new all-time highs, signalling a welcome change and benefiting from strong momentum in growth stocks.In contrast, the Dow Jones Industrial Average is still struggling, as blue-chip investors try to figure out how a Fed led by Warsh will address persistent inflation and ongoing global challenges. Daily Market Performance (11:13). May 8, 2026 – Courtesy of Finviz Overall, the reaction across different asset classes shows that Participants are feeling uncertain.Both the US Dollar and Precious metals are still rising, building on their strong weekly gains as investors look for cover their bearish positions in the asset class, while, cryptocurrencies and US Treasuries continue to struggle. The Market division shows that the market is still unsure about the new Fed Chair’s approach – hence, traders will have to assess his views at the coming FOMC meeting on June 17. Explore the different reactions in Stock Markets by diving into intraday charts and trading levels for the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500. Discover:Inflation is buoyant and Trump lands in China – North American Mid-Week Market UpdateChart alert: Nasdaq 100 faces pullback risk as semiconductor rally shows signs of exhaustionGold (XAU/USD) rises slow and steady – In-depth Gold technical analysisCurrent Session's Stock Heatmap Current picture for the Stock Market (15:14) – Source: TradingView – May 13, 2026 The Stock Market heatmap is still heavily fractured – Stock Market leaders like Nvidia, Tesla, Eli Lilly and a few semiconductors are doing the heavy lifting while other names largely struggle and the AI boom continues to bulldoze the Nasdaq to new records.Dow Jones 1H Chart and Trading Levels Dow Jones (CFD) 1H Chart – May 13, 2026 – Source: TradingView After initial struggles, the Dow Jones is rallying back to the top of its tighter consolidation between 49,500 and 49,800, which provides further strength of support and resistance levels.For an upside breakout, look for a 1H candle break on high volume above 49,800 – the confirmation comes on a close above 50,000.On the other hand, bears will want to see a break below 49,500 and a longer-run pullback below 49,000.Dow Jones technical levels for trading:Resistance Levels49,780 post-Warsh confirmation highs49,900 to 50,000 Resistance and Early 2026 Highs (range highs)ATH resistance 50,400 to 50,500All-Time Highs 50,544Support LevelsApril 14 Gap Fill Pivot 49,500 (mini range lows – short-term bearish below))Major Pivot – 49,000 to 49,100 (mid-term bearish below)Momentum Support 48,500Pivotal Support at 48,000 Mini Support 47,400 to 47,600Nasdaq 1H Chart and Trading Levels Nasdaq (CFD) 1H Chart – May 13, 2026 – Source: TradingView Despite the record highs reached in today's session, led by a gigantic rebound after yesterday's rough correction, the immediate highs aren't so optimistic.Indeed, the new record is stalling right above the previous record, a price action that hints at stop chasing rather than a continuous rise – Still, the previous rally hints at decent potential for upside, but to confirm, the index will have to print above 29,600.On the other hand, if the action falls below the 50-Hour MA (29,160), the action may get dire.Nasdaq technical levels of interest:Resistance Levels29,485 morning highsNext level 29,600 (Short-term bullish above)Support Levels50-Hour MA (29,160) (ST bearish below)28,500 short-term pivot28,000 Major psychological resistance now Pivot (and channel highs)Momentum Pivot at 27,000 (4H 50-period MA)Mini-support 26,600 to 26,750Prior ATH Support 26,200 to 26,300S&P 500 2H Chart and Trading Levels S&P 500 (CFD) 1H Chart – May 13, 2026 – Source: TradingView The S&P 500 is continuously following the higher part of its bull channel, helping a consistent bounce to new all-time highs – The Index is showing the strongest intraday price action out of the 3 major US Benchmarks.As long as the action remains above the Channel's mid-line 7,375, expect the rally to persistent records to continue.S&P 500 technical levels of interest:Resistance Levels7,390 - 7,400 Channel extension resistance (morning highs)7,415 161.% FibNext stop 7,480Support LevelsMomentum Pivot 7,250 to 7,260Channel lows 7,230 (bearish below)7,100 psychological levelPrior ATH Pivot 7,000 to 7,020Minor Support 6,880 to 6,900Pivotal Support 6,750 to 6,7706,300 psychological level (War lows)Keep track of WTI Crude and the latest headlines throughout the week to stay ahead of the game.Safe Trades!Follow Elior on Twitter/X for Additional Market News, interactions and Insights @EliorManier Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only.If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use.Visit https://www.marketpulse.com/ to find out more about the beat of the global markets.© 2026 OANDA Business Information & Services Inc.