Last week, the US government failed to reach an agreement with Congress on the debt ceiling issue, but the negotiations are making positive progress. Market concerns about the US government’s default have weakened, risk appetite has increased, and risky assets such as copper have rebounded.
In addition, the report released by the Federal Reserve showed that after the collapse of three US banks, more than 700 banks are still facing major safety and solvency risks. Once the bank liquidity risk continues to ferment, the US will fall into an economic recession. And the US dollar and copper prices will weaken.
As the initial jobless claims at the beginning of the week were significantly lower than expected and retail sales in April rose, the US economy is resilient. This, combined with the hawkish speeches of Fed officials during the week, weakened market expectations that the Fed will cut interest rates by the end of the year. Expectations for a rate hike in June have grown.
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