Treasury yields closed sharply higher on inflation data and a pick up in Fed fears, a hefty corporate calendar, and upward revisions to Q2 borrowing estimates. US manufacturing sector enters longest contractionary streak since 2009. Stock markets remain choppy in search of direction.
- FX – USDIndex kicked 102.03 in the morning but currently turned lower. USDJPY keep extending gains for the 4th day to 137.70, amid market uncertainty.
- Stocks – The US30 lost -0.14%, while the US500 and US100 were -0.04% and -0.11% lower, respectively. The Nikkei and Hang Seng managed slight gains. #Amazon -3.22%, #Tesla -1.35%, #JPM +2.14%, #Meta +1.19%.
- Commodities – USOil fell to $74.35 as weak economic data from China and expectations of a US interest rate increase weigh on the market.
- Gold – at $1983 after tumbling to $1979 from $2007 yesterday.
- Cryptocurrencies – BTC down to $2774.
Biggest FX Mover @ (06:30 GMT) AUDUSD (+1.09%) spiked by more than 85 pips the past 2 hours. MAs keep rising, MACD histogram & signal line rising, Stochastics at 95 and points higher, all indicating further nearterm positive bias.
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Andria Pichidi
Market Analyst
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