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Market updates for May 13: Stocks fall on renewed trade tensions; Yen and Dollar rise, gold and oil consolidate

Investors have abandoned the US dollar, albeit temporarily, after the results of recent important US economic releases that confirm the extent of the world's largest economy’s suffering from the closures policy imposed to contain the Corona pandemic and the loss of millions of jobs in record time.

The gold price is still benefiting a lot from the historical and record negative results of the global economic releases due to the strict closures policies approved by countries to contain the rapid spread of Coronavirus.

Prior to the announcement of a historical contraction of the British economy in the Corona era, the GBP/USD pair finds it difficult to make an upward correction in spite of the historically negative figures for the American economic releases.

The EUR/USD bullish correction attempts did not exceed the 1.0885 resistance before returning to stability around the 1.0847 level in the beginning of trading today, Wednesday.

The British pound has shown itself to be rather weak during the trading session on Tuesday, as we had initially rally but then gave back a large amount of the gains

The Euro rallied significantly during the trading session on Tuesday but continues to fail near the 1.09 level and starting at the 1.0850 level.

The US dollar has pulled back against the Japanese yen as the 50 day EMA has offered enough technical resistance to turn the market around.

The Australian dollar has gone back and forth during the trading session on Tuesday as we continue to look at the 0.65 level as an area that is going to offer significant resistance.

The S&P 500 initially tried to break above the 200 day EMA but could not succeed for the breakout.