Top daily news
Equity markets are in red currently with US data expected to yet again show over million more Americans sought unemployment benefits last week while the declining trend for new applications persisted. Stock markets traded mixed yesterday in light of rising new coronavirus cases globally.
The Dollar strengthening is intact today ahead of US Labor Department report expected to show 1.3 million Americans likely sought unemployment benefits over the last weeks. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.5% Wednesday despite a Federal Housing Finance Agency report housing prices in US rose slower than expected in April. Both GBP/USD and EUR/USD reversed their climbing yesterday despite an Ifo institute report German business sentiment recorded its strongest recovery in June since the start of the statistics in 1990. Both pairs are down currently ahead of the release of European Central Bank monetary policy meeting minutes today. USD/JPY reversed its sliding yesterday while AUD/USD resumed its sliding with both yen and Australian dollar lower against the greenback currently.
Stock Market news
|Dow Jones Index||-0.32%|
|Australian Stock Index||-0.62%|
Futures on three main US stock indexes are down today after a selloff on Wednesday. Stock indexes in US ended sharply lower on Wednesday as Chicago Fed President Charles Evans said the US economy may require more monetary stimulus. The three main US stock indexes recorded losses ranging from 2.2% to 2.7%. European stock indexes are extending losses currently after a pullback Wednesday following reports that US is considering imposing tariffs on some $3.1 billion worth of goods from France, Germany, Spain and the UK including beer, gin, olives and trucks. Asian indexes are mostly lower today led by Australia’s All Ordinaries ASX 200 with markets in Hong Kong and mainland China closed for holidays.
Commodity Market news
|Brent Crude Oil||-0.83%|
Brent is edging lower today. Prices pulled back Wednesday after the US Energy Information Administration report that US crude oil inventories rose 1.4 million barrels last week for third week in a row. The US oil benchmark West Texas Intermediate (WTI) futures fell: July WTI lost 5.9% and is down currently. August Brent crude closed 5.4% lower at $40.31 a barrel on Wednesday.
Gold Market News
Gold prices are extending losses today. August gold slipped 0.4% to $1775.10 an ounce on Wednesday.