Daily Alert – Wednesday 3rd May 2023: US banks contribute to market gloom

Mark NugentDaily Alert, May 2023

Daily Alert – Wednesday 3rd May 2023: US banks contribute to market gloom

Good morning.

The mini firestorm hitting small US banks continues. This time, we see PacWest Bancorp down 28% and Western Alliance Bancorp down 15%. I am watching this closely.

Banking problems, poor numbers from China, a slowing US economy combined with stubborn inflation have thrown much gloom across the markets. Oil is down and GOLD is up.

I went long on EURUSD as the EUR regained its strength and the USD its weakness. So far, it’s doing quite well.

Looking ahead, we have the Fed. It is widely expected that the bank will raise rates by a further 25 basis-points and will signal that the peak has been reached.

I’ll be back tomorrow.

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