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Turkish Presidential Palace: Turkish President Recep Tayyip Erdoğan held a telephone conversation with Iranian President Sergei Pezechzian. The two leaders discussed the ceasefire and the regional security situation. During the conversation, President Erdoğan noted that Turkey had cooperated closely with relevant countries in facilitating the ceasefire. Erdoğan emphasized that the upcoming negotiations, which will begin in the coming days, must be fully utilized to achieve lasting peace and stability. It is crucial not to give those attempting to undermine the process any opportunity, and our country is prepared to provide various forms of support, together with friendly nations, in this new phase.On April 10, Iranian Supreme Leader Mojtaba Khamenei stated on the 9th that Iran has never sought war and does not seek it now, but "we will never give up our legitimate rights." In this regard, Iran views the regional "resistance front" as a unified whole.On April 10, Iranian Supreme Leader Mojtaba Khamenei announced on April 9 that the Iranian nation had achieved a "decisive victory" in the current war imposed on Iran.Irans Supreme Leader Mojtaba Khamenei: We regard all resistance fronts as one.On April 10th, Iranian state television read a statement from Supreme Leader Mojtaba Khamenei on the evening of April 9th, emphasizing that Iran does not seek war, but will not relinquish its rights. This latest statement from Mojtaba was released on the 40th anniversary of the assassination of his father, the late Supreme Leader Ali Khamenei. The statement reviewed Khameneis life and stressed that Irans victory in the war was due to the unity of the government, the army, and the people. The statement indicated that Iran will pursue war reparations and advance its administration of the Strait of Hormuz to "a new phase," while considering the "resistance front" as a unified whole. The statement also called on Irans southern Gulf neighbors (the Gulf Arab states) to stand on the "right side," stating that Iran will extend goodwill to these countries, but only if they distance themselves from "arrogant hegemons."

European Open: Reality Check for Risk as China Data Misses

Cory Russell

May 17, 2022 10:43

Indices from Asia:

The ASX 200 index in Australia increased by 18.3 points (0.26 percent) to 7,093.40.


The Nikkei 225 index in Japan has gained 167.78 points (0.63 percent) and now trades at 26,595.43.


The Hang Seng index in Hong Kong has dropped 73.65 points (0.37%) and is now trading at 19,825.12.


China's A50 Index is presently trading at 13,144.84, down -151.19 points (-1.14 percent).


UK and Europe: FTSE 100 futures in the UK are now down -25 points (-0.34%), with the cash market expected to open at 7,393.15 points.


Futures on the Euro STOXX 50 are now down -13 points (-0.35%), with the cash market expected to open at 3,690.42.


The DAX futures in Germany are now down -40 points (-0.29%), with the cash market expected to open at 13,987.93.


Futures in the United States are now down -128 points (-0.4 percent )


Futures on the S&P 500 are now down 69 points (-0.56 percent )


Futures for the Nasdaq 100 are now down -21 points (-0.52 percent )


Form of data To say the least, China today was unimpressive. Because of the lockdowns, we knew it wouldn't be wonderful, yet retail sales, industrial production, output, and investment all fell in lockstep, while the unemployment rate climbed. This dampened mood in the area, with copper reversing early gains and Chinese shares, as well as the AUD/JPY and US futures, trading down.


The fact that there is a light at the end of the tunnel for lockdowns has helped to lessen the pain. Shanghai declared over the weekend that restaurants, stores, and shopping centers will be allowed to return today, and then disclosed that the goal date for reopening is June 1st.


Commodity currencies were once again lower, continuing a trend that began last week. The yen stepped up to the safe-haven plate and even outperformed the US dollar, with USD/JPY shattering a major hourly trendline.


While prices hit resistance around the 100-hour eMA, a bearish divergence emerged on the stochastic oscillator, and the trendline break revealed a rising wedge pattern is in action, targeting the lows at 127.50. For the time being, we'd like to fade into weakness below the 129.50 resistance zone, with the 128.30 support zone serving as a stop-loss.


On Friday, the FTSE 100 had its best day in two months as risk assets rallied ahead of the weekend. It started at the day's low and finished slightly below its 20-day eMA, just off the high.


Despite the day's gloomy end, the stochastic oscillator issued a buy signal on Wednesday. However, a false breach of 7200 on that day signified a swing low ahead of Friday's rebound, which saw it close above the 200-day eMA as well.


We'd like to look for dips inside Friday's range from here, particularly if prices can stay above the 7340–7350 support zone. If that's the case, 7500 is a good intermediate goal before 7600, while a break (or hourly close) below the 200-day eMA at 7269 invalidates our bullish stance.

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