Market Commentary: Wednesday 22nd May
![](https://blog.isam-securities.com/hubfs/22nd%20May@2x.png)
The big news this morning is UK CPI print - survey 2.1% YoY headline and 3.6% YoY core - actual numbers came in at the time of writing and have been top side misses, not good news for those betting on rate cuts sooner rather than later. Actual headline came in at 2.3% and core YoY at 3.6%. Off the back of this, we have seen cable rally to ~1.2750 as an immediate resistance.
The kiwi dollar jumped (USDNZD at 1.63 currently) and bond yield rose after the RBNZ signalled that cuts may start later in 2025 and kept the rate unchanged for 7th meeting in a row.
NVIDIA also announce earnings after the bell today and stock investors are preparing for a spike in volatility. NVIDIA are expected to have a strong earnings report as AI demand continues to show strength. The S&P500 has crept to another record (currently 5321) - its 24th record this year - which has been strongly driven by anticipation of NVIDIA's numbers.
Later on today we also have US existing home sales data and Fed minutes.
**For professional investors only** Any opinions, news, research, analyses, prices, or other information contained in this blog is provided as general market commentary and does not constitute (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Some of this information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is made or given by or on behalf of iSAM Securities or its directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this blog, and no responsibility or liability is accepted for any such information. As a result, any person acting on any information does so entirely at their own risk. iSAM Securities will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.