Markets rebound ahead of Michigan consumer sentiment report - 10.5.2024

The Dollar weakening has reversed today. 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 0.2% lower on Thursday.

Both EUR/USD and GBP/USD reversed their retreating on Thursday. Both euro and Pound are little changed against the dollar currently. USD/JPY ended flat yesterday while AUD/USD reversed its retreating with both the yen and the Australian dollar lower against the Greenback currently.

US stock index futures are higher currently with the yield on benchmark 10-year Treasury notes up at 4.463%. The three main stock benchmarks ended up on Thursday with daily gains in the range of 0.3% to 0.85% led by large technology shares after unemployment claims report showed initial jobless claims rose to the highest level since last August, to 231,000 for the week ending May 4.

European indexes futures are up today after stock indexes closed higher on Thursday with oil and gas shares leading gains while Bank of England held interest rates steady but also signaled that a rate cut is coming as two out of nine Monetary Policy Committee members voted to cut rates compared to one at the previous meeting. Asian stock indexes futures are mostly rising today with Hong Kong’s Hang Seng leading gains despite losses in heavyweight mainland and EV stocks after reports the Biden administration was set to announce new trade tariffs on China.

Brent is edging lower currently. Prices ended higher on Thursday as Chinese data showed crude oil imports rose on the previous year in the second biggest crude oil consuming nation in April. West Texas Intermediate (WTI) futures ended 0.3% higher but are lower currently. Brent futures added 0.4% to $83.88 a barrel on Thursday.