BingZi Forex Solutions, 10 Woodlands Square, #04-53 Woods Square, Singapore (2026)

03/06/2026

04 Jun 2026......Market Updates

The S&P traded lower while the US10Y and DXY traded higher last night, after the US posted positive US ADP Employment Change, Factory Orders and Services PMI .

The Beige Book reported moderate economic growth resilience amid persistent inflation

The S&P finally saw profit taking ahead of pending IPOs from SpaceX, Anthropic and OpenAI, as doubts over the market's capacity to absorb the new supply, that is in the $1 trillion and $1.75 trillion league!

The S&P could not stay above 7,600 and closed @ 7,554 (range 7,551-7,597).

The DXY traded just above its critical resistance @ 99.50 and closed @ 99.54 (range 99.25-99.55), while the US10Y closed @ 4.49% (4.46%-4.50%) respectively.

Here are the headlines:

1. The House of Representatives voted to halt US military actions against Iran as a handful of Republicans joined Democrats to end the 3-month long Iran war

2.. Hezbollah launches rockets at Israel while Iran launches drones at Kuwait International Airport in retaliation to "US self-defense" attacks on Iran missile sites.

3. Netanyahu downplays row with Trump, while Trump admitted calling him crazy over joint phone calls to stop the war in Lebanon

4. Trump said that Iran had agreed to not having nuclear weapons while both sides are still poles-apart with communications still open. (Iran confirms this)

6. Trump will rebuild his Liberalisation Tariffs (illegal) and now proposed a new tariff of at least 10% on imports from 60 trading partners, using 301 tariffs, which allow a President to impose tariff on countries which use unfair practice that undermines the US economy (e.g. forced child labour).

A lot had happened last night but there was no progress, as the USD/JPY briefly tanked from 159.95 to 159.36 on Japan's PM's rare warning of interventions

The loss was quickly replaced with a sharp spike back up to 160.10.

The market seemed very intent on testing Japan's resolve after Japan wasted $73.5 billion on interventions on 29 April 2026.

Technically, the XAU/USD last-line-of-defense @ 4415.00 (low 4426.00) is expected to hold for a move towards 4680.00.

Once it gets there, I will need to recalibrate if we are still bound for the 3900.00(longer term) support.

The USD/JPY has run its last wave count, projected 160.15 (high 160.10) and is now up to the BOJ to deliver its resolve.

What is left is tonight's US Jobless Claims and tomorrow US NFP and Unemployment rate and of course, news updates on the progress of the war.

Let's see

02/06/2026

03 Jun 2026......Market Updates

It was a quiet day yesterday but lots of news events took place:

1. Israel strike south Lebanon after stepping back from Beirut attack on Trump's request

2. Netanyahu faces sharp criticisms for having lost Israeli's sovereignty, by acquiescing to Trump's demand to stop fighting the Hezbollah and is weighing on his reelection chances in October

3. Iran was reported to be studying the latest US proposal for a 60 day ceasefire negotiation

4. Rubio was testifying to the Senate Foreign Relations Committee that it was fake news that the US and Iran had stopped talking to each other

5. Trump scrapping plans to create $1.8 billion fund meant to compensate 2020 election rioters

6. US impose sanctions on Iran's biggest crypto exchange over IRGC links

7. US JOLTs registered a strong number of 7.618M (consensus 6.860M, previous 6.887M) .

Despite the geopolitical uncertainties, the S&P notched another new historical high and closed @ 7,609 (range 7,583 - 7,620) as the market continues its bull-run, as there was no major changes in the US/Iran war.

Small Caps were the ones that attracted lots of demand as it finally do "catch up" with the MAGA 7 stocks.

US JOLTs showed that job openings rose to the highest in 2 years and was the fastest increase in 5 years.

The strong number was concentrated in one sector (professional and services) but the rate of hiring, layoffs and quits were lower, indicating stagnation rather than a buoyant market.

Inflation across the world is rising (in part due to the closure of the Hormuz Straits) and the ECB looks likely to hike interest rates next week .

There is also good chance that the BOJ, BOE and the FED to do so in the weeks to follow.

Technically, the XAU/USD rebounded like clock-work after basing out @ 4450.00 and hit a high of 4542.00 before closing @ 4492.00.

It is expected to retry and close above 4550.00 over the next 2 days.

The USD/JPY hit a new high of 159.99, effectively testing the BOJ's resolve (160.00) and close @ 159.92.

It has traded above its "last-line-of-defense" @ 159.55 and is currently at a point of directional inflection, to either see 162.00 or 154.00 depending on the BOJ.

The DXY range traded and closed @ 99.22 (range 99.05-99.32) while the US10Y closed @ 4.46% (range 4.42% - 4.46%) respectively.

The focus today will be the release of the US ADP Employment Change and the Services PMI from China, the EU, the UK and the US.

Let's see.

01/06/2026

02 June 2026......Market Updates

Reports of renewed strikes by US and Iran and also Israel and Hezbollah in Lebanon, drove up oil price and the dollars last night.

Iranian news media reported that Iran negotiators will stop communicating with the US and will completely shut the Straits of Hormuz.

Tehran suspended talks in protest of Israel's expanding offensive in Lebanon.

Trump was very "cool" with that and was reported to have spoken with both Hezbollah and Netanyahu to stop the war in Lebanon.

It was a very confusing situation as Trump cannot be trusted.

He spins daily narratives that Iran is desperate for a ceasefire and he can allow oil prices to soar higher, as a small price to pay to remove a nuclear weapon from Iran.

The market "ignored" the geopolitical news and went risk-on as Anthropic filed for IPO yesterday, ahead of rival OpenAI.

Nvidia also made headline news and rallied 6% when it announced that its new processor chip for laptop will be embedded with new AI chips.

The S&P made another new historical high and closed @ 7,600 (range 7,570-7,616).

The DXY closed higher @ 98.17 (range 98.92-99.38), pulled along by higher oil prices due to the deteriorating war news in the middle east.

The US10Y traded sideways and closed @ 4.45% (range 4.44%-4.51%) after mixed US manufacturing data were released last night.

Technically, the XAU/USD fell $100 from 4546.42 to 4447.52 while the USD/JPY spiked up from 159.36 to 159.76 on the breakdown in ceasefire talks between the US and Iran.

The BOJ was nowhere to be seen as the USD/JPY had traded above 159.55 (mini last-line-of-defense).

Technically, at current levels, the XAU/USD is expected to rally with support @ 4440.00, the DXY to cap 99.50 for a move back to 98.50 target.

The USD/JPY has a BOJ Intervention cap @ 160.00 (high 159.76) and may still see a sharp 300 pips reversal down should the BOJ strike when the Far East market opens later.

The US JOLTs will be the only data scheduled for release today.

Focus will be on the BOJ and further news update from the wars in the middle east.

Let's see.

30/05/2026

30 May 2026......Market Updates

The month of May ended last Friday with the S&P notching another historical high, despite no decision on Trump's acceptance of the latest agreed US/Iran ceasefire MOU.

Nevertheless, the S&P notched another historical high, while the DXY, US10Y and Oil traded a tad lower, buoyed by optimism that a deal will be reached.

The risk-on in the S&P and Nasdaq was still predicated on the confidence of Tech and AI sectors outperforming, even though the US has not resolved its electricity grid that is expected to drive the AI sectors.

The S&P traded to another historical high and closed @ 7,581 (range 7,563-7,598).

The DXY and the US10Y closed a tad lower @ 98.94 (range 98.75-99.19) and @ 4.43% (range 4.42%-4.46%) respectively.

Meanwhile, Israel decided to breach its Gaza ceasefire agreement and proceeded beyond the 53% Yellow Line, capturing 64% of Gaza with the intention of pushing it to 73%.

The UN condemned such a move but could do nothing.

Trump's delayed decision to accept the latest US/Iran ceasefire MOU, seemed to be "buying time" for Israel to secure its 75% Gaza objective!

Meanwhile, domestically in the US, Trump is facing resistance:

1. US Judge temporarily blocks Trump's $1.8 billion "out-of-court" settlement fund to "reward Trump's riot supporters during the 2020 elections

2. The US Court also threw out Trump's bid to change the name of the Kennedy Centre to Trump Kennedy Centre as only Congress has the authority to do so

3. Large protest outside New Jersey ICE Facility while ICE inmates staged a hunger strike inside the ICE Facility in a bid to protest against inhumane treatment

4. New "Gang of 6" Republican senators defected to the Democrats as Trump's Republican support is being reduced over the US/Iran war atrocities.

5. Bessent preparing to seek approval from Congress to put Trump's face on the new US Dollar notes

Technically, the DXY is still on track to try 98.50 while the USD/JPY is finding new resistance @ 159.40 after slipping to hit a low of 159.10 (high 159.65 -Last Line of Defense).

The XAU/USD has recovered almost 100% of its recent decline to 4403.00 and closed @ 4538.00 (range 4491.70-4596.76).

The USD/JPY is expected to start trading lower towards 150.50 in the new month of June.

The XAU/USD strong rebound has put the trek towards 3700.00 on hold as, technically, it was not supposed to trade back above 4500.00.

Will need further monitoring on this pair.

The week ahead is heavy with economic data such as:

1. S&P Global Manufacturing PMI (Monday)
2. US JOLTs (Tuesday)
3. ADP + S&P Global Services PM (Wednesday)
4. Beige Book + Jobless Claims (Thursday)
5. US Nonfarm Payroll and US Unemployment. (Friday)

Monday will kick off the week with the releases of the US S&P Global Manufacturing PMI.

Focus will still be on the US/Iran ceasefire MOU and the BOJ today.

Let's see.

28/05/2026

29 May 2026.......Market Updates

Axios, Iran's Tasnim news agency, reported that the US and Iran have agreed to extend a ceasefire for 60 days to negotiate the sticking point of nuclear containment.

The Straits of Hormuz will be opened for unrestricted shipping passage during that time.

That would also require the US to lift some sanctions on Iranian oil sales.

However, this is now pending Trump's approval.

The S&P rallied while Oil, DXY and the US10Y fell on that news, despite economic data showing that the US is heading into Stagflation (persistent inflation + low growth).

The US Core PCE Price Index registered 3.3% (consensus 3.3%, previous 3.2%) while the US GDP registered 1.6% (consensus 2%, previous 0.5%).

US Jobless Claims registered more claims @ 215K (consensus 211K, previous 210K).

The S&P, however, soared to a another new historical high, closing @ 7,563 (range 7,509-7,569), fueled by AI growth earnings.

Zooming out, the data contrasted the fortunes between Business and Consumers.

Corporate profits growth slowed in Q1 but profitability remains at record highs, while savings rate in April fell to 2.6%, indicating that Wall Street is doing well but Main Street is treading water.

The DXY and the US10Y fell and closed @ 98.99 (range 98.95-99.53) and @ 4.45% (range 4.43%-4.53% respectively).

Technically, the DXY is finally trekking lower towards 98.50.

The XAU/USD recovered from a low of 4366.05 to a high of 4517.00 while the USD/JPY "kissed" its last line of defense @ 159.60 (high 159.65) before falling to a low of 159.11.

The USD/JPY is expected to cap 159.60 to resume its trek lower towards 150.50 from here.

The focus today will be news report on Trump's decision to accept the reported ceasefire extension.

Trump could be delaying his decision to time the S&P, which he has been "manipulating" for his benefits all this while.

There are no major US data schedule for release today other than the US Chicago PMI and Japan's inflation data which will serve as guidance for the next BOJ interest rate decision.

Let's see.

27/05/2026

28 May 2026......Market Updates

Iran finally read Trump's book "The Art of the Deal" and practice what was being taught in the book!

In the book, Trump wrote "The worst thing you can possibly do in a deal is seem desperate to make it……The best thing you can do is deal from strength and leverage is the best strength you can have".

So Iran announced that the US has agreed to a deal and the Strait of Hormuz will reopen.

Trump denied immediately but the market lapped it up and saw Oil and Gold prices falling while world stocks eked out new highs while the S&P, DXY and the US10Y eased off slightly.

The USD/JPY hit a high of 159.58 (2 pips shied of 159.60 last line of defense) mainly on hawkish central bank statements.

The RBNZ left rates unchanged but the post-rate statement was very hawkish.

The ECB, BOJ and BOE were all singing the Hawkish Song.

All Fed officials speeches so far has been for a rate hike, rather than for a rate cut and this is happening on Warsh's Watch.

The market will focus on tonight's US PCE Price Index and Jobless Claims as a verification of the recent hawkish central bankers rhetoric.

The S&P traded sideways and closed @ 7,520 (range 7,499-7,530).

The DXY and the US10Y traded sideways and closed @ 99.20 (range 98.97-99.26) and @ 4.48% (range 4.44%-4.49%) respectively.

Technically, it was a mess, as the XAU/USD broke below 4480.00 and delivered its $50 downside directional bias (low 4401.00) and may not do a correction rally to 4660.00 anymore (highest so far 4580.00 on Monday)

The USD/JPY technicals for a SELL towards 150.50 first target is still good, as the USD/JPY tested its upper SELL-ZONE target of 159.60 (high 159.58) before reversing and closing @ 159.44.

Let's see if the BOJ will intervene today, to drive it down below 158.70 to start the trek lower towards 150.50.

Both the DXY and the US10Y seems to be losing its upside momentum and technically bound for lower levels from here.

On the geopolitical fronts, US and Iran are staging a puppet show while Israel is making significant inroads into Lebanon from the south with its troops.

Ukraine, meanwhile, made a statement that Russian troops are now tired and not making headways since the war started in 2022 and now has a 6-month window to seize the battle initiative from Russia.

Let's see.

26/05/2026

27 May 2026......Market Updates

The US/Iran truce was short lived, as the US attack South Iran's missiles sites and mine-laying boats on the pretext of self-defense yesterday.

Iran shot down a US drone and fired at an F-35 fighter jet in retaliation.

Meanwhile, Israel strikes killed 31 in south Lebanon in its efforts to expand ground operations beyond its "Yellow Line" which runs 10 km deep inside Lebanese territory.

Iran now demanded the release of $24 billion in frozen funds once a MOU to end the war is signed, after the US launched the "self-defense strikes".

However, world stocks, the S&P and Nasdaq rose to new historical highs last night, ignoring the geopolitical risk events!

This was driven by unyielding optimism around AI that lifted Micron Technology into the $1 Trillion club.

Investors are now looking at the Space X IPO which could value Elon Musk's company at $1.75 trillion or more.

The DXY and the US10Y traded a tad lower despite the renew attacks in the US/Iran war and closed @ 99.14 (range 99.02-99.24) and @ 4.48% (range 4.47%-4.52%) respectively.

The S&P traded to another new historical high and closed @ 7,519 (range 7,501-7,539) even though the US Consumer Confidence decreases 0.7 points to 93.1 in May, as worries over inflation caused by the US/Iran war intensified.

The largest growing dissatisfaction is with Trump's handling of the US economy.

Technically, the XAU/USD fell from 4560.00 to a low of 44482.37 before closing @ 4503.00.

It was supposed to closed above 4600.00 but the surprised US "defensive" strike distorted the technicals and we are now back inside a pivot level of 4480.00 and 4530.00 where a break of either side will show the directional bias for the next $50 move.

The USD/JPY, which was supposed to attempt a break below 158.70, shot up to a high of 159.38 (still inside the SELL-ZONE 158.80-159.60).

It could not test 159.60 due largely to BOJ intervention fears.

It is expected to trade below 158.70 today with a resistance @ 159.60, to start its trek lower, towards 150.50 as a first pit-stop.

The DXY is still on track to see lower @ 98.50 over the next 2 days.

Today's data focus will be the RBNZ Interest Rates Decision (likely hold) and the US ADP Employment Change with Fed Speakers Logan, Cook and Jefferson expected to make their speeches.

Expect another quiet day in FX, subject to news development from the Middle East.

Let's see.

25/05/2026

26 May 2026.......Market Updates

Stocks futures, such as the pan-European STOXX 600 climbed 1% to 631.1, while the NASDAQ and the S&P futures were up 1.4% and 1% respectively, as prospects of a US/Iran ceasefire deal buoyed risk-appetite, even though there was zero clarity over the details.

Oil and the DXY fell in tandem as Gold rallied to close near 4600.00 last night.

The UK and the US were on holidays, as headlines of Iran discussing potential peace deal with Qatar prime minister greeted the market.

The ceasefire in April will be extended by 60 days.

Once a deal is signed, the Straits of Hormuz will take a month to reopen (after mine clearance operations).

The 60 days ceasefire is to facilitate ongoing Nuclear Talk with the objective of removing Iran's access to building a nuclear bomb.

Iran President ordered the reopening of international internet access after a 90 day blackout in the wake of the war.

Iran also says obstacles remain but acknowledged that a deal is taking shape with the US.

Trump now demands the sign-up to the Abraham Accords as part of the Iran peace deal.

This was a set of agreements brokered under Trump 2000 to govern the normalisation of diplomatic relations between Israel and countries that have been historically hostile towards Israel.

The UAE and Bahrain are already members leaving Qatar , Pakistan, Turkiye, Egypt, Saudi Arabia and Jordan yet to join.

Saudi Crown Prince MBS said in 2025 that the kingdom was open to joining the Abraham Accords as long as there was a clear path towards a two-state (Israel & Palestine) solution.

Trump said that Iran should also sign on to the accords.

The Saudis are not likely to join the Abraham Accords as there is no benefits in agreeing to normalise relations with Israel.

The DXY and the US10Y traded a tad lower and close @ 99.00 (range 98.93-99.10) and @ 4.47% (range 4.46%-4.49%) respectively.

Technically, the USD/JPY, while still trading between 158.70-159.25, is losing its upside momentum and is expected to break below 158.60 and start the trek lower for the rest of this week.

The XAU/USD is looking all pumped up to break above 4600.00 and trade towards its SELL-ZONE @ 4650.00-4700.00 over the next 2 days.

The DXY is likely to trek towards 98.50 similarly.

The US and the UK will be back from holidays today and the only data scheduled for release is the US Consumer Confidence tonight.

Let's see.

23/05/2026

25 May 2026......Market Updates

The market is currently held "ransome" by the outcome of the US/Iran War ceasefire talk.

News reports of a ceasefire deal hit the market last Friday as the world waited in vain for a closure.

There was no closure as the thriller continues over the weekend.

Trump will not be attending his son's wedding over the weekend, citing that he needs to be at his desk to oversee the formalisation of the ceasefire deal.

Pakistan, Qatar and the UAE have all flown into Tehran to help formalise a ceasefire deal, whose gaps had narrowed, but Iran's uranium enrichment and control over the Hormuz straits, remain the two major sticking points.

Rubio was over the air saying that he does not want to be overly optimistic and will have to see what happens over the next few days.

Warsh has been formally sworn in as the Fed Governor and he pledged that he will not run Trump's agenda and will operate independently.

Despite the US 1-Year/5-Year Inflation Expectations showing a higher number, the S&P traded higher (on expected ceasefire news) to close @ 7,474 (range 7,463-7,505).

The DXY and the US10Y traded sideways (waiting for an official ceasefire news) and closed @ 99.32 (range 99.17-99.41) and @ 4.55% (range 4.52%-4.59 %) respectively.

Technically, the XAU/USD dipped back towards 4500.00 lows on "no ceasefire news" while the USD/JPY traded above 159.00 but below 159.35 the entire day, waiting for an "outcome".

Despite this, the technical picture is still intact for a lower USD/JPY and a higher XAU/USD in the coming week.

The economic data calendar is quite light as we approach the end the month of May 2026.

The only highlight for the week ahead is the RBNZ Interest Rates Decision (Wedneday) as the UK and the US will be out on holiday on Monday.

The only "market mover" will be the US/Iran ceasefire outcome.

Let's see.

21/05/2026

22 May 2026

Gold recoverd higher while Oil price, DXY and the US10Y fell as news of a ceasefire agreement has been reached between the US and Iran.

An official announcement will be due before 12 noon Singapore time today.

A final draft is now being drafted and will include the following

1. Immediate and comprehensive ceasefire

2. Commitments from both sides to avoid targetting infrastructure

3. Guarantees for freedom of navigation through the Hormuz straits under a joint monitoring mechanism

4. Gradual lifting of sanctions tied to Iran's compliance, while negotiations on unresolved issues would begin within 7 days.

The DXY traded higher after the US PMI data and Jobless Claims data came out positive but eased off after the ceasefire report.

Technically, the XAU/USD flinched away from its 4480.00 support (low 4488.35) and closed @ 4545.00.

The XAU/USD is expected to trade higher into the SELL-ZONE @ 4650.00-4700.00 before cresting for a move lower towards 4150.00 as a first target.

The USD/JPY rejected its resistance @ 159.30 (high 159.35) and closed @ 158.98.

It is now expected to start trading lower towards its 150.80 target for the rest of the month.

The DXY is expected to cap 99.50 and start trading lower towards 98.50 from its current level.

The S&P nudged a tad higher and closed @ 7,445 (range 7,390-7,463).

The DXY and the US10Y traded lower and closed @ 99.19 (range 99.08-99.51) and @ 4.57% (range 4.56%-4.64%) respectively.

The PMI data for the US was positive, while Japan, Australia, the EU reported below weaker PMI.

The UK PMI was mixed.

The focus today will be the US Michigan Consumer Sentiment and the 1-Year & 5-Year Inflation Expectations.

Let's see if the official US/Iran War Ceasefire announcement later will help to bring back some cheers to the market later.

BingZi Forex Solutions

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