Newsletter – May 22, 2026
Market Overview
The session has a distinctly bifurcated feel. U.S. equities are leaning higher — futures were bid early on easing geopolitical tension as US-Iran peace talks progressed
[1][2] — but the macro backdrop is not exactly clean. The eurozone composite PMI for May came in at 47.5, well below the 49.5 forecast and the prior 48.8, with services dropping to 46.4 [calendar: EUR S&P Global Composite PMI Flash MAY]. That is a meaningful contraction signal from the bloc's largest economic engine, and it reinforces why EURUSD is struggling near $1.16. Germany's IFO readings offered a marginal improvement
[3][4], but not enough to change…
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Key Levels & Market Scenarios
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