The firm argues that while overall dollar usage is still holding within historical estimates, the usage was more „bifurcated under the hood“. While the dollar’s share of traded currency volumes is just a little off record highs, at 88%, there are other evident signs of de-dollarisation elsewhere.

Of note, the firm notes that the dollar’s share as part of global central bank FX reserves has dropped to a record low of 58%. That number is still by far and out the largest in the world but it has been slipping, not really helped by the challenges the dollar is facing in dealing with the likes of Russia and China in particular.

An interesting thing to note in that pointer is that gold now comprises 15% of reserves as compared to just 11% five years ago.

Besides that, JP Morgan also highlighted a decline in the dollar’s role as part of global exports – in which the US share is now down to a record low of 9%. Meanwhile, for all the talk of countries wanting to be less dependent on China, their share has actually increased to a record high of 13%.

Going back to the first paragraph on traded currency volumes, the euro is the biggest loser there as its share shrunk by 8% in the last decade to a record low of 31%. The yuan is once again a winner in that category, rising to a record high of 7%.

However, JP Morgan says that the progress by Beijing to internationalise the yuan has been limited and that is unlikely to change much given the China’s capital controls.

This article was written by Justin Low at www.forexlive.com.

Higher Treasury yields continue to play its part in underpinning the dollar today, as we continue from where we left off on Friday last week. The only difference is that equities aren’t as enthusiastic but the technical picture for stocks is looking optimistic (see the charts below). Here’s a snapshot of the Treasuries space at the moment:

• 2-year yields up 4.9 bps to 4.551%
• 5-year yields up 6 bps to 3.901%
• 10-year yields up 5.4 bps to 3.746%
• 30-year yields up 4.9 bps to 3.931%

In turn, that is helping to keep the dollar bid this morning with EUR/USD down 0.2% to 1.0685 and USD/JPY in particular up 0.3% to 140.35 at the moment. But the moves are roughly similar to what we had at the start of the session here.

Only the pound has slipped a little further alongside the antipodeans, with GBP/USD down 0.5% to 1.2385 and AUD/USD now down 0.4% to 0.6585 on the day.

Elsewhere, gold tested its 100-day moving average once again and is seen holding above that – at least for now.

In the equities space, the overall mood remains tentative with US futures keeping little changed in general. S&P 500 futures are flat, Nasdaq futures down 0.2%, and Dow futures up 0.1%. However, the breakout move from Friday does provide scope for optimism:

The S&P 500 is looking towards testing the highs from August last year while the Nasdaq itself has broken that barrier, as tech stocks could be angling towards a stronger run to the upside on the back of the AI boom.

This article was written by Justin Low at www.forexlive.com.

Spheroid Universe, a futuristic Metaverse that augments the real world in every part of the Earth, is announcing that their token, SPH, will officially be listed on MEXC today, on June 5th. Founded in 2018, MEXC (also known as MEXC Global) is a rapidly-growing cryptocurrency exchange with more than 6 million users in over 200 countries, including the USA, UAE, Canada and Australia. MEXC is regularly featured as one the top exchanges globally for trading volume. The exchange offers one of the widest ranges of cryptocurrencies with over 1,500+ coins listed on the platform.

It brings a wealth of experience listing top-performing tokens, with a reach that only a handful of exchanges in Crypto have, helping Spheroid Universe go global. The move follows the company’s recent launch of ChatGPT-powered artificial intelligence (AI) Avatars that will inhabit the world around us via augmented reality (AR). This ground-breaking development will deliver breakthrough opportunities across numerous business platforms – from e-commerce and retail to advertising, sales, general customer, and consumer interactions and more.

Commenting on the announcement, Andrey Almiashev, CEO, of Spheroid Universe said: “Launching our token on MEXC will place SPH firmly on its trajectory towards growth as well as will bring the bandwidth that aligns with our aspirations for Spheroid Universe – putting Spheroid Universe as a leader in the metaverse projects, and the entire Extended and Augmented Reality industry.”

Spheroid Universe aims to be the battle-tested AR/XR platform across the entire landscape of web3, XR/VR and metaverse industries, ultimately helping to define the internet experience of the future.

Brands and organizations that are looking to create an immersive digital experience will make Spheroid Universe the place where they can truly demonstrate innovative experiences.

About Spheroid

Spheroid Universe (https://spheroiduniverse.io/), an Extended Reality Metaverse company. It’s a platform for developing Extended Reality projects. The technological basis of the platform is the Spheroid XR Cloud and the Spheroid Script programming language designed for AR/XR creation.

SPH is the native token of the Spheroid ecosystem that fuels the activities of the platform. It can be exchanged for Spaces (virtual lands of the Spheroid Universe), used for advertising in AR/XR, placing content, and for various platform services. Among the products powered by SPH there is Spheroid Earth – an open global project for creating Earth 3D Digital Twin. For further details, please visit Spheroid Universe’s Official website or follow them on Twitter and Instagram.

This article was written by ForexLive at www.forexlive.com.

Last Friday’s NFP report once again surpassed expectations,
maintaining an impressive streak of 14 consecutive beats on the headline number.
However, a closer examination of the report’s specifics reveals a less
remarkable picture. The unemployment rate experienced a significant jump from
3.4% to 3.7%, representing the largest month-over-month increase since the
beginning of the pandemic. Additionally, there was a slight decline in average
workweek hours, often signalling employers‘ inclination to reduce hours before
implementing layoffs.

Considering all factors,
this report offered something to satisfy different perspectives. The optimists
drew a positive outlook from the solid job growth, while the higher
unemployment rate and soft average hourly earnings suggested a decrease in
labour market tightness, potentially easing inflationary pressures. Some participants
may interpret the lower average weekly hours worked as a reversion to the
pre-pandemic trend.

On the contrary, the
pessimists focused more on the report’s details rather than the headline
number, recognizing that the trend holds greater significance than the absolute
figure.

Dow Jones Technical
Analysis – Daily Timeframe

On the daily chart, after bouncing from the key
32684 support, the Dow
Jones broke above the downward trendline and
extended the rally towards the swing high at the 33850 level. The moving averages are
about to cross to the upside, possibly signalling an imminent change in trend. If
the buyers manage to maintain the bullish momentum, the resistance at 33477
will be the natural target.

Dow Jones Technical Analysis
– 4 hour Timeframe

On the 4 hour chart, we can see that the price
overextended a bit as depicted by the distance from the blue 8 moving average.
Generally, in such cases, the price consolidates or pulls back toward the
trendline to find a new equilibrium before the next move. This overextension comes
right when the Dow Jones is at the swing high resistance at 33854, which should
raise the probabilities of a pullback. The sellers are likely to pile in at
this swing high resistance with a tight stop just above it to target the 33300
support.

Dow Jones Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can see that a
good spot for new longs for the buyers would be the 33625 level. In fact, we
can find the confluence with
the 38.2% Fibonacci
retracement level, the red 21 moving average and an
upward trendline there. If that support zone fails, the buyers are likely to
retry at the 33300 level where there’s the confluence of the previous resistance turned
support and the broken downward trendline. The sellers, on
the other hand, will pile in at every downside breakout.

The market today is likely
to focus on the US ISM Services PMI report:

–
Given the impressive performance of the S&P Global
Services PMI in the previous month, there may be an anticipation for a favourable
outcome in the ISM report. If the data surpasses expectations, especially if
the prices paid sub-index indicates a lower value, we could witness a rally in
the Russell 2000 as market participants would expect a soft landing scenario.

–
Conversely, if the data disappoints expectations, it
could trigger market weakness, potentially leading to the above-mentioned
pullback or even a complete reversal.

This article was written by ForexLive at www.forexlive.com.

Recap of a ForexLive previous 2023 yearly forecast and why watch 4400 on the S&P 500 emini futures

As we continue to explore the financial landscape of 2023, the spotlight remains firmly on the S&P 500. In this condensed follow-up to our previous analysis, we’ll take a unique approach to predicting this market’s trajectory, focusing specifically on the 4400 key level.

Revisiting Our Previous Forecast

In our earlier article, we delved into an eye-opening forecast for the stock market in 2023, utilizing the powerful tools of yearly candles and volume profile. We identified significant levels of support and resistance and assessed the distribution of trading activity over time.

This approach allows us to discern pivotal price levels that could influence the S&P 500’s performance. High purchasing activity at a particular price level, as indicated by the volume profile, often signals market optimism and potential future price increases.

Zooming In On the 4400 Key Level

As we advance in 2023, the 4400 mark emerges as a significant level to watch on the S&P 500. This point could serve as a critical resistance level, potentially triggering a sell-off if the price attempts to break through it. However, if the volume profile at this level shows high trading activity, it could also imply that the market is bullish, suggesting that prices may continue to climb.

Investors who purchased at highs during 2021 or 2022 could look to sell once the S&P 500 approaches this level, adding an element of volatility to the market. Therefore, careful monitoring of this key level could offer valuable insights into the S&P 500’s future direction.

Aiming For A Fruitful 2023

As we journey through 2023, staying abreast of these pivotal levels and understanding their potential impact on the S&P 500 is critical. Through careful observation and a readiness to adapt, we can better navigate the shifting market landscape.

For more insights and updates, consider visiting resources like ForexLive’s website. By staying informed, we can position ourselves for a prosperous 2023. Remember, past performance is not indicative of future results, and individual research and analysis are paramount.

This article was written by Itai Levitan at www.forexlive.com.

Greg Michalowski of Forexlive.com takes a deep into the technicals defining the bias, risk and key targets for the EURUSD heading into the new trading week starting June 5, 2023. In the report, he looks at the daily chart and then drills into the hourly chart.

Get your week started on the right foot by understanding what levels are key and in play for the EURUSD. .

This article was written by Greg Michalowski at www.forexlive.com.

The buyers in the NZDUSD tried to break higher on Friday, moving above a key 200 hour MA on the hourly chart and swing level on the daily chart. However, momentum failed and the price rotated lower.

Prior to the rally on Thursday and Friday, the price did break below the 50% midpoint of the range since 2021 low on the daily chart opening the door for lower levels. That break also failed leading the snap back rally higher.

So for the week, the sellers had their chance, and the buyers had their chance. Both failed.

As a result, the price is back in a neutral area in the short term and waiting for the next shove.

Find out the key levels in play that will give traders clues in the new trading week.

This article was written by Greg Michalowski at www.forexlive.com.

The GBPUSD moved higher into the jobs report on Friday, but fell as yields moved higher and so did the USD. The GBPUSD fell to a support level on the hourly chart, but maintained hope for more upside from the look from the daily chart.

Monday should give traders some technical clues on who might win the next battle. The video will outline the key levels in play for the pair.

This article was written by Greg Michalowski at www.forexlive.com.

The AUDUSD made new cycle lows this week, but bottomed midweek and moved higher on Thursday and Friday. The move back to the upside took the pair back into a „red box“ that confined price action for 3-months. The break failed. The buyers returned.

However, the run to the upside on Friday ran into resistance against the high of a swing area on the daily chart, and a key retracement level on the hourly chart (the May trading range).

So as we head into the new week, there is key resistance on the top and key support on the downside as well and both the daily and hourly charts support those levels for different reasons.

Find out why those levels are key and where they are in this video.

Be aware. Be prepared.

This article was written by Greg Michalowski at www.forexlive.com.

Greg Michalowski of Forexlive.com takes a deep into the technicals defining the bias, risk and key targets for the USDJPY heading into the new trading week starting June 5, 2023. In the report, he looks at the daily chart and then drills into the hourly chart.

Get your week started on the right foot by understanding what levels are key and in play for the USDJPY. .

This article was written by Greg Michalowski at www.forexlive.com.