- Markets rise ahead of US data
- The dollar pulls back and erases much of Wednesday’s gains.
- Oil prices continue to decline.
- Metals pick up pace and rise strongly.
In Europe and on Wall Street, stock prices are rising on Thursday, with volatility on the downside. This comes on the heels of US data. The dollar loses ground on cautious optimism.
Green light
S&P 500 futures are up 0.51%, Nasdaq futures are up 0.64% and Dow Jones futures are up 0.42%. In Europe, the average rise of the main indices is 0.65%. London does not operate, and tomorrow it will not do so for holidays (banking and for the Queen’s platinum jubilee).
Hewlett-Packard Enterprise it falls more than 6% in the previous one, after lowering its profit projections. GameStop presented higher sales, without much impact for now on the price and rises 0.65% in the pre market. Among the companies that present results this day are Hormel Foods, LululemonY okta.
The market’s focus at the moment is on the upcoming US economic data, with an emphasis on the labor market. Thursday will be published ADP private employment report and the unemployment benefit applications. On Friday it will be the turn of non-farm payrolls and the unemployment rate.
The prices of Petroleum they continue with the decline that began in American hours on Wednesday. A meeting of the Organization of Petroleum Exporting Countries and allies is taking place. The news on Wednesday that Saudi Arabia is ready and could increase production to cover Russia’s quota in case Russian production continues to decline had a negative impact on prices.
Added to the above is the fact that it was known that the president of the United States, Joe Biden would visit Saudi Arabia in weeks. The drop in the price of crude oil is welcomed by most market operators and central bank officials. The barrel of WTI operates at $112.20, down 2.50%.
The dollar is retreating on Thursday on almost all fronts before data. DXY falls 0.35% as EUR/USD approaches 1.0700 and USD/JPY moves away from 130.00. Treasury bond yields show no major movements. The 10-year tranche is at 2.90% and the 30-year tranche at 3.05%.
The metals they are rising for the second day in a row, leaving behind the lows in weeks. Gold is approaching $1860 and silver is comfortable above $22.00 and could have the highest daily close in four weeks. Optimism and relative stability in Treasuries help gold.
The cryptocurrencies rise and recover from lows in days. Bitcoin recovered $30,000, although without much strength at the moment, possibly favored by the better mood in global markets, but it is still in the danger zone.
Technical levels
Source: Fx Street
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