Market Commentary: Wednesday 21st May

The USD continues to decline after CNN reported new US intelligence indicating that Israel is preparing for a potential strike on Iranian nuclear facilities.

Oil is on the rise, with Brent jumping 1.5%. Prices are expected to remain volatile, amid mixed headlines surrounding the fate of Iran–US nuclear talks.

UK CPI was released a short while ago, with all rates slightly better than expected. CPI y/y came in at 3.5% versus the 3.3% forecast.

Gold is steadily climbing and is now trading above the $3,300 level.

Crypto markets continue to rise:

• Bitcoin rose 0.5% to $107,520.72

• Ether rose 2.9% to $2,586.17

There are minimal impactful data releases today outside of the ECB Financial Stability Review, though G7 meetings and FOMC member speeches continue.

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