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07.05.202110:08 Forex Analysis & Reviews: Morning review of US stock market for May 7, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 07.05.2021 analysis

S&P 500

Yesterday, the US stock market climbed to record levels on strong economic data. The Dow gained 0.9%, while other main indices grew by 0.3%.

China presented strong economic statistics. Oil encountered resistance below the year's highs.

January to April, China's oil and gas imports increased by 7.2% and 22.4% respectively.

The US-China trade turnover rose by 61.8% in April, to $221 billion. China's services PMI advanced to 56.4.

Gold soared above $1,8K per ounce on the weaker US dollar.

Morning review of the Asian stock market: Japan's stocks added 0.2%, China's lost 1% despite strong economic data.

COVID-19 worldwide: The third wave is still at its peak and is not expected to loosen its grip any time soon. India recorded 415K new infections yesterday, accounting for almost half of coronavirus cases reported worldwide (855K). Yesterday, some 4K people died from the infection in India. Brazil's and the US's COVID-19 death toll in a day reached 2.5K and 860 respectively.

France reported 22K new COVID-19 cases. In Germany, 17K people were infected.

BRENT gained 0.4% to 68.50. The price is expected to be in the 67.00–69.00 range. The price has recently increased but has encountered resistance near the level of 71.

WTI was up by 0.5% to 65.00. The price is likely to be in the 64–66 range.

Jozef Kovach
Analytical expert of InstaForex
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