Markets mixed ahead of US producer prices report - 11.4.2024

The Dollar is steady 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, rallied 1.25% on Wednesday.

GBP/USD joined EUR/USD’s accelerated retreating yesterday. Euro is lower against the dollar currently while Pound is higher. USD/JPY reversed its retreating while AUD/USD reversed its advancing on Wednesday with the yen lower against the Greenback currently and the Australian dollar higher.

The US stock index futures are mixed currently ahead of US wholesale prices report due at 14:30 CET today. The three main US stock indexes ended lower on Wednesday in a narrow range from -1.1% to -0.8% as data showed higher than expected March inflation which lowered the likelihood of earlier rate cut by the Federal Reserve.

European stock indexes futures are mixed currently after indexes closed lower yesterday with utility shares leading losses. Asian stock indexes futures are mixed today with Hong Kong’s Hang Seng Index leading gains while mainland Chinese shares slid as data showed Chinese consumer inflation slowed more than expected in March.

Brent is extending gains presently. Prices ended higher yesterday despite the US Energy Information Administration (EIA) report US crude stockpiles rose by above expectedly 5.8 million barrels last week while the oil product supplied, a proxy for fuel demand, fell by roughly 2.1 million barrel per day. The US oil benchmark West Texas Intermediate (WTI) futures added 1.2% and is higher currently. Brent crude rose 1.2% to $90.48 a barrel on Wednesday.