This is what you need to know to trade today Thursday, October 7:
The Republican leader of the US Senate, Mitch McConnell, offered a temporary solution to the debt limit crisis to avoid a default and provided a boost to risk appetite late Wednesday. Reflecting the improving mood, the major stock indices in Asia closed in positive territory and the US dollar appears to be struggling to find demand in the early trading hours of the European session.
US data: Monthly data released by the Automatic Data Processing Research Institute (ADP) revealed on Wednesday that private sector employment in the United States increased by 568,000 people in September, beating the market expectation of 428,000. On Thursday, the U.S. Department of Labor will release weekly data for initial jobless claims, which will likely be ignored by market participants ahead of Friday’s critical September NFP jobs report.
Energy crisis: Reuters reported that Russian President Vladimir Putin announced that they will increase gas production to ease pressure on energy prices. The barrel of West Texas Intermediate WTI it lost 2.7% on Wednesday and continues to push down on Thursday.
Wall Street: After starting the day on the defensive, the S&P 500 Index managed to gain 0.4% at the close, the Dow Jones Industrial Average rose 0.3% and the Nasdaq Composite added 68 points, or 0.47%. Currently, US stock index futures are up between 0.4% and 0.8%.
The EUR/USD It posted its lowest daily close since July 2020 at 1.1556, but began to rise amid renewed dollar weakness on Thursday. At the time of writing, the US dollar DXY index, which measures the dollar’s performance against a basket of the six major currencies, is down 0.1% to 94.15.
The GBP/USD broke a four-day winning streak on Wednesday and appears to have entered a consolidation phase around 1.3600.
The fall of oro it remained capped with benchmark 10-year US Treasury yields falling modestly on Wednesday. The precious metal continues to fluctuate in a relatively narrow range above $ 1,760.
Cryptocurrencies: Bitcoin advanced to its highest level since May 12 at $ 55,757 on Wednesday and is up more than 15% since the start of the week. Ethereum also closed in the positive territory, but appears to be having a difficult time breaking above the static resistance located around $ 3,600.
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