Market Commentary: Monday 19th May

US indices are down, along with the USD, following the credit downgrade news. The rating cut adds to growing concerns surrounding US assets.

Longer-dated Treasury yields rose, briefly touching the 5% level.

UK and European Union negotiators worked into Sunday evening in an effort to reset post-Brexit relations ahead of a summit in London.

Putin believes he holds a strong hand ahead of a Monday phone call with Trump, while European leaders attempt to get ahead of a potential rushed US deal.

Gold is steadily climbing and currently sits at $3,230.

Cryptocurrencies are lower:

• Bitcoin is down 1.1%, just below $103,000

• Ether is down 0.7% to $2,378

FOMC members are scheduled to speak later today, but it’s otherwise a quiet day for scheduled data releases.

Canadian banks will be closed today in observance of Victoria Day.

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