Sell ​​in May and go away? Oil Price, Nasdaq, Euro and Dollar May 2023

Today is the last day of May 2023, so we check which of the popular markets were the most active. So, this is the set of wins after the beaten May 2023 edition:

Winners

Nasdaq xnumx with an increase of almost 8%. (excluding the last session of the month). The main driving force is, of course, the AI ​​theme and the huge increase in ratings shares of Nvidia. Nevertheless, the share price of Apple and Microsoft also found themselves near important places in May, i.e. about 4% from their historical highs.

Nikkei 225 with an increase of over 6% also attracted attention. The Japanese index has climbed to levels not seen in 30 years on hopes that Japan will finally emerge from its deflationary stagnation. At the same time, the monetary policy in the country remains loose, and despite the change of power in the central bank, it has not changed.

The dollar exchange rate rose by almost 3%, probably due to increased expectations regarding interest rate hikes in the US. A series of statements by representatives Fed and macroeconomic data seem to support the move towards a June rate hike. But this one should be final. For this reason, the euro could fall below 1,07.

Bruised

Petroleum fell by almost 12 percent. The WTI barrel may react to deteriorating data from the Chinese economy, indicating that the recovery after the lifting of restrictions related to the epidemic is short-lived. In addition, contrary to earlier warnings from Saudi Arabia, the chances that OPEC will cut production in the first week of June are diminishing. This, in turn, may negatively affect the price of oil, but positively affect the disinflationary trend.

Silver fell by more than 7% in May, probably due to weaker prospects for the industry, as silver is half an investment metal and half an industrial metal, which may be indicated by indices SMEs. In addition, the US dollar strengthened and bond yields rose, which may have reduced the attractiveness of gold's smaller cousin.

Copper fell by 6,5%, which may reflect the disappointment of the data from China. Nevertheless, there are also rumors that the worse the data will be, the more hopes are placed on easing monetary policy by the PBOC. Will this be the case and will anyone else follow in China's footsteps? We may find out in June.