Markets bounce after Wall Street dip - 24.10.2024

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, rose 0.3% on Wednesday.

GBP/USD accelerated its sliding yesterday while EUR/USD continued retreating. Both Pound and euro are higher against the dollar currently. USD/JPY accelerated its advancing while AUD/USD reversed its climbing on Wednesday with both the yen and the Australian dollar higher against the Greenback currently.

The US stock index futures are up currently ahead of unemployment claims data and Purchasing Managers' Indexes reports due at 16:30 CET and 17:45 CET respectively today. US stocks closed lower on Wednesday with the three main US stock benchmarks recording daily losses in a range from -1.6% to -0.92% led by tech shares as benchmark 10-year US Treasury yields reached a three-month high with investors reassessing the Fed rate-cut outlook over the next few months against the backdrop of strong economic data.

European stock indexes futures are rising currently after closing mixed on Wednesday as policymakers at the European Central Bank appear divided on the need for a 50 basis point interest rate cut in December. Asian stock indexes futures are mostly higher today with Japan’s Nikkei leading gains as yen weakened after Bank of Japan Governor Kazuo Ueda said it was still taking time to achieve the central bank's inflation goal.

Brent is retracing up presently. Prices ended lower yesterday after the US Energy Information Administration (EIA) report US crude oil stocks rose by above-expected 5.5 million barrels last week and gasoline inventories rose with the ramp up of refinery runs as facilities exited from seasonal fall maintenance. The US oil benchmark West Texas Intermediate (WTI) futures slid 1.35% but is higher currently. Brent crude slid 1.42% to $74.96 a barrel on Wednesday.