Insights 
VT 
The United States’ crude oil stocks increased by 3.454 million barrels as of 9 May, exceeding expectations of a 1 million barrel decline. This contrasts with the anticipated downturn, showing a larger inventory accumulation.
Currency Movements
In currency dynamics, the AUD/USD faced resistance above 0.6500 and retreated amid a US dollar rebound. The EUR/USD saw a drop towards 1.1060, due to a firm US Dollar and upcoming retail sales data.
Gold prices consolidated below $3,200 per ounce after hitting five-week lows. The decline was influenced by trade optimism, prompting a shift away from gold as a safe asset.
Solana’s price achieved a 25% increase in May, surpassing $184 following a $100 million investment boost from DeFi Development. This rise reflects confidence in Solana amidst positive macroeconomic signals.
The US-China trade pause sparked renewed market activity, with both nations focusing on mutual respect. The resulting optimism saw a resurgence in risk asset trading.
Various broker options for trading EUR/USD and other financial instruments in 2025 are highlighted. Brokers are evaluated on competitive spreads, execution speed, and software platforms, catering to diverse trading needs.
Derivative Desks Outlook
We’re seeing a fairly comprehensive mix of signals that, once filtered, offer precise cues across asset classes. Oil inventories in the US unexpectedly rose by over 3 million barrels—well beyond the estimated drawdown. Typically, an increase this large might indicate weaker-than-forecast demand or excess supply flowing into storage. From our angle, the implications are clear: there may be further repricing in energy futures, particularly if refiners pull back on spot purchases. If this trend extends into the next couple of reporting periods, the risk becomes reflexive—lower prices reinforcing excess, and shaping volatility skews in the options market around WTI contracts.
Turning to currencies, we noticed the Australian dollar reversed above 0.6500 and gave back gains. That pullback coincided with renewed USD strength, reinforced by solid demand for safer holdings ahead of US macro data. It wasn’t isolated either—the euro followed suit and softened towards 1.1060 ahead of retail sales releases. We interpret this retracement in euro-dollar from a positioning perspective; short-term longs may be trimming in anticipation of key spending figures. For futures traders, implied vols are mildly bid across G5 pairs, suggesting short-dated calls and puts are recalibrating on directional uncertainty. On our desks, traders are not chasing spot ranges but watching front-end gamma exposures tighten.
Gold stayed tethered below the $3,200 mark, consolidating after falling to levels unseen in more than a month. What’s notable is the timing—it slid even as geopolitical risks faded and trade signals steadied. That’s no coincidence. With equity indices ticking higher and risk-sensitive assets finding favour again, protective bids on metals are fading. Volumes in COMEX gold options were lighter than average, and skew leans neutral. We wouldn’t anticipate aggressive hedging activity in gold unless volatility picks up sharply.
In crypto markets, Solana gained over a quarter of its value in just a few weeks, soaring past $184. The fuel behind that move was a capital injection—$100 million earmarked for protocol development within DeFi pipes. From what we’ve observed, open interest in Solana-linked derivatives followed suit, especially on decentralised venues. The bump in funding rates aligns with a well-supported rally rather than overextended leverage. However, traders should be wary of mean reversion, especially with macro tailwinds already priced in. Setting tighter stops on directional bets may limit downside as shorter-term enthusiasm fades into profit-taking.
Meanwhile, policy calm between the United States and China gave traders reason to rotate back into equities and risk-linked assets. The removal of tariff surprises acted not only as a direct market driver but also helped reset correlations. Risk-on flows returned in FX forwards and equity index futures alike. That environment tends not to last long without fresh news, so short gamma plays in equities or event-driven trades feel more appropriate if positioning tactically.
There has also been more attention on broker infrastructure ahead of upcoming regulatory shifts. Some platforms are showing a clear edge in execution times and narrowing spreads, especially in euro-dollar pairs. For us, that’s not background noise—those variables can dramatically impact slippage rates on large notional trades. The trading environment of 2025 is shaping up towards precision and access, with newer entrants trying to gain share through tech-first approaches.
