Todays’ Market Summary
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The Dollar weakening has resumed
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Futures on US equity benchmarks are up
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Brent is edging down today while Saudi Arabia, the world’s top oil exporter, raised July crude oil prices for Asian buyers to higher than expected levels.
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Gold prices are edging up today
Top daily news
Equity indexes are pointing up currently after Wall Street ended lower second week in a row on Friday. Microsoft shares lost 1.66% underperforming market amid company warning strong US dollar weighs on software profits as the world’s largest software maker cut its profit forecast for the current quarter, Tesla shares sank 9.22% on Friday while Elon Musk emailed he has a “super bad feeling” about the economy and needs to cut about 10% of staff.
Forex news
| Currency Pair | Change |
|---|---|
| EUR USD | -0.07% |
| GBP USD | -0.22% |
| USD JPY | -0.12% |
| AUD USD | -0.04% |
The Dollar weakening has resumed currently. 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, added 0.3% on Friday as the Bureau of Labor Statistics reported US non-farm payrolls rose 390 thousand in May versus the 325 thousand consensus forecast.
Both EUR/USD and GBP/USD reversed their advancing Friday. Both Pound and euro are higher against the Dollar currently. AUD/USD reversed its climbing while USD/JPY reversed its advancing Friday with yen higher against the Greenback currently and the Australian dollar lower.
Stock Market news
| Indices | Change |
|---|---|
| Dow Jones Index | +0.55% |
| Nikkei Index | +1.44% |
| Hang Seng Index | +0.6% |
| Australian Stock Index | +0.02% |
Futures on US equity benchmarks are up currently after US stocks ended solidly lower on Friday despite stronger than expected nonfarm payrolls report for May. The three main US stock benchmarks recorded daily losses ranging from 1.1% to 2.5% while unemployment remained at 3.6%, wage gains slowed, and services sector growth slowed.
European stock indexes are up currently after ending lower on Friday. Asian indexes are rising today led by Japan’s Nikkei index amid reports China’s service sector activity contracted in May.
Commodity Market news
| Commodities | Change |
|---|---|
| Brent Crude Oil | -1% |
| WTI Crude | -1.01% |
Brent is edging down today while Saudi Arabia, the world’s top oil exporter, raised July crude oil prices for Asian buyers to higher than expected levels. Oil prices ended higher on Friday while the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, on Thursday agreed to boost output by 648,000 barrels per day (bpd) a month in July and August rather than 432,000 bpd as previously agreed. West Texas Intermediate (WTI) futures rose 1.7% but is lower currently. Brent crude gained 1.8% to $119.72 a barrel on Friday.
Gold Market News
| Metals | Change |
|---|---|
| Gold | +0.15% |
Gold prices are edging up today. Prices ended lower on Friday: spot gold lost 0.93% to $1851.04 an ounce.