Market Overview - Page 81

The dollar index lost about 0.7% on Thursday, briefly bouncing back under 103.3. The dollar’s rise against a basket of major currencies stalled late last month and has been trending lower since early June. A situation has developed in which.

The US indices had a strong but sharp divergence on Wednesday, a rare event to see. The Nasdaq100 index lost 1.75% on Wednesday, pulling back close to 14300 and almost wiping out the gains made since the beginning of the.

The precious metals market has slowed markedly after a tumultuous February-March and the second half of May. However, Silver continues to show signs of medium-term upside readiness. The May sell-off in Silver, which brought the price down over 13% from.

Further signs of a slowdown in China came from the trade balance. The foreign trade data published in the morning was noticeably weaker than expected. Dollar-denominated exports fell by 7.5% YoY despite a more than 4.5% weakening of the Chinese.

Oil started the week with a 2.5% jump, picking up on news of Saudi Arabia’s surprise decision to voluntarily cut production by 1M BPD. In addition, OPEC+ agreed to Russia’s production cut from next year. These measures look like an.

The US will release its official labour market report tomorrow, and traders are busy analysing data from related indicators, which consistently point to a market improvement rather than a looming recession. The fast-growing indicator for new vacancies rose again in.

The euro is hovering around the $1.07 level, barely recovering above that mark on Thursday morning despite a sharper-than-expected drop in inflation. Eurostat’s preliminary estimate showed a decline in annual inflation in May to 6.1% from 7.0% in April. Economists.

Consumer prices in Germany fell by 0.1% in May, compared with a rise of 0.2% forecasted by analysts, according to a preliminary estimate by Destatis. Year-over-year inflation in Europe’s largest economy slowed to 6.1% from 7.2%, the lowest rate since.

Weak Chinese manufacturing data put pressure on the single currency as Europe, particularly Germany, is highly correlated with China. However, the Eurozone’s data is not so bad today. The number of unemployed in Germany rose by 9K, down from 23K.

The official services and manufacturing PMIs were much weaker than expected, adding to the move into defensive assets on concerns over China’s economy. The Manufacturing PMI fell from 49.2 to 48.8 instead of the expected 49.5. Readings below 50 indicate.

Recent eurozone data showed a stronger economic response to the monetary tightening that has already taken place. Spain reported that consumer inflation slowed from 4.1% to 3.2% y/y in May, against expectations of 3.6% y/y. This is a new low.

The dollar continues to rally, having gained around 3.4% from its early May lows, and has hovered around 104.2 for the past four trading sessions. The dollar is in locally overbought territory against a basket of major currencies, the euro.