Markets track Wall Street advance - 3.7.2024

The Dollar weakening is intact 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, ended 0.1% lower on Tuesday.

EUR/USD slowed its advancing while GBP/USD accelerated its climbing yesterday as Eurostat data showed euro zone inflation eased last month. Both euro and Pound are higher against the dollar currently. USD/JPY ended flat on Tuesday while AUD/USD reversed its sliding with the yen lower against the Greenback currently and Australian dollar higher still after data showed Australia’s retail sales grew more than expected in May.

Futures on three main US stock indexes are up currently with the yield on benchmark 10-year US notes up at 4.439%. Stock indexes ended higher on Tuesday as SP 500, Nasdaq closed at fresh records with three main stock benchmarks recording daily gains in a range from 0.4% to 0.8% following comments from Federal Reserve chairman Powell that boosted the odds for interest rate cuts.

European stock indexes are rising currently after closing lower on Tuesday with insurance stocks leading losses. Asian indexes futures are mostly rising today with Hong Kong’s Hang Seng index leading gains despite Caixin services PMI indicating that China’s services sector grew less than expected in June.

Brent is retracing higher currently. Prices ended lower yesterday as fears subsided that Hurricane Beryl would disrupt supplies as the storm will avoid most oil fields as it heads toward Jamaica. The American Petroleum Institute reported in late afternoon US crude stocks fell while gasoline inventories rose last week. The Energy Information Administration (EIA) will release its US inventory data at 18:30 CET today. The US oil benchmark West Texas Intermediate (WTI) fell 0.68% but is higher currently. Brent lost 0.42% to $86.24 a barrel on Tuesday.