Stocks down ahead of Fed chair Powel testimony - 11.1.2022

The Dollar strengthening has halted 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, gained 0.2% on Monday despite Census Bureau’s upward revision of wholesale inventories of US businesses for November.

Both EUR/USD and GBP/USD reversed their climbing Monday despite Eurostat report euro zone unemployment fell to 7.2% in November from 7.3% in October. Both Pound and euro are higher against the Dollar currently. AUD/USD joined USD/JPY’s accelerated sliding yesterday with both yen and the Australian dollar higher against the Greenback currently.

Futures on three main US stock indexes are mixed while US 10-year Treasury yields inched down to 1.766% currently. Wall Street stocks closed lower on Monday in a choppy session: the three main stock index benchmarks booked daily returns in the range of -0.46% to +0.05%.

European stock indexes are mixed currently after ending lower Monday led by tech shares. Asian indexes are in negative territory today with Nikkei leading losses.

Brent is edging higher currently ahead of data from the American Petroleum Institute later today. Prices fell yesterday on rising Libyan output as Libya said production was increasing. US West Texas Intermediate WTI lost 0.9% but is higher currently. Brent fell 1.1% to $80.87 a barrel on Monday.