Markets down after mixed US jobs report - 10.7.2023

The Dollar strengthening has resumed 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, fell 0.8% Friday as the Bureau of Labor Statistics reported the number of new jobs in the United States excluding farm workers was lower in June than the forecast while their number declined.

Both EUR/USD and GBP/USD accelerated their climbing on Friday despite Destatis data showing German industrial production declined in May when no change was forecast. Both Euro and Pound are lower against the Dollar currently. USD/JPY accelerated its sliding on Friday while AUD/USD reversed its retreating with both the yen and the Australian dollar lower against the Greenback currently.

US stocks indexes futures are down currently after closing lower third session in a row on Friday while Bureau of Labor Statistics data showed slower hiring in the United States but the unemployment rate edged down to 3.6 per cent, remaining close to historic lows. The three main US stock benchmarks recorded daily losses in the range from -0.55% to -0.13% on Friday.

European stock indexes futures are mixed currently after closing marginally higher on Friday with chemicals stocks posting gains of 1.5%. Asian stock indexes futures are retreating today with Hong Kong’s Hang Seng index leading losses as data showed Chinese consumer prices were unchanged from a year before, while producer prices slid further.

Brent is down currently on economic slowdown concerns. Oil prices ended sharply higher on Friday while energy services firm Baker Hughes reported US energy firms added oil and natural gas rigs for the first time in 10 weeks. The US oil benchmark West Texas Intermediate (WTI) rose 2.9% but is lower currently. Brent gained 2.6% to $78.47 a barrel on Friday. Both benchmarks recorded gains of about 5% for the week.