OECD Region’s CPI in May Rises to 4.6% YoY

The OECD region's CPI rose to 4.6% in May, signaling an increase in inflation that could lead to interest rate hikes. A high-interest-rate environment may pressure growth-oriented technology stocks. GOOGL's technical indicators show the MACD below the signal line and RSI around 58, suggesting mild downward pressure in the short term. While the 20-day moving average remains above the 50-day moving average, indicating an upward trend, negative news effects may dominate in the near term. Therefore, a slight decline in GOOGL is expected over the 1-3 day period.

Rising inflation in the OECD region could provide short-term support for the Dollar Index, as it keeps interest rate hike expectations alive. Technically, the RSI is at 57 in neutral territory, while the MACD is above its signal line and positive, indicating continued upward momentum. The price is above the SMA20 but close to the SMA50, suggesting potential resistance. Considering both the news and technical indicators, an upward move is possible, but caution is advised against being overly aggressive.

NDX is trading below its 20- and 50-day moving averages, with the RSI approaching the sell zone at 37. The MACD line remains below the signal line and in negative territory, indicating weak short-term momentum. Higher-than-expected OECD inflation data could reignite rate hike concerns, putting additional pressure on technology stocks. The 1.3% decline over the past 24 hours confirms sustained selling pressure. However, the RSI has not yet reached oversold levels, suggesting further downside may be possible.

EURUSD is trading at 1.1417, below both its 20-day and 50-day moving averages. While the RSI at 37.9 approaches oversold territory, the MACD remains below the signal line and in negative territory, indicating continued short-term bearish momentum. Rising inflation in the OECD region to 4.6% could increase pressure on the European Central Bank to raise interest rates, potentially weighing on the EUR in the near term. However, the low RSI level may signal a possible corrective bounce, so my bearish outlook is limited with moderate confidence.