The markets reacted unexpectedly strongly to the weekly labor market indicators in the United States. - 9.6.2023

On Thursday, the US dollar index noticeably declined to 103.3 points amid risks of further unemployment growth. Currency market investors reacted negatively to the increase in US jobless claims for the week, which reached 261,000. It's worth noting that the unemployment rate in May rose to 3.7% from 3.4% in April. The rate was only higher than this level in February 2022. This morning, inflation data for May was released in China, which remained at a low level of 0.2% year-on-year. This increases the likelihood of rate cuts in China and caused a slight weakening of the yuan. Today, important labor market data for May will be released in Canada.

Bitcoin prices are demonstrating increased volatility. Currently, they are around $26,500. Players are trying to forecast the further development of the situation following the U.S. Securities Exchange Commission's claims against the cryptocurrency exchanges Binance and Coinbase. Some optimists claim that this will contribute to the consolidation of the cryptocurrency markets and crypto businesses. However, the rating agency Moody's has lowered its outlook forecast for Coinbase Global.

Yesterday, the US stock indexes rose. Stock market investors perceived the increase in the number of jobless claims for the week as a stabilization of the labor market. In theory, problems in the economy can arise when unemployment consistently exceeds 5%, but in May, in the US, it was only 3.7%. On Thursday, Adobe Systems' quotes rose by 5% thanks to the presentation of their new tool, Firefly, designed for image manipulation using artificial intelligence. Apple (+1.6%) also announced plans for utilizing artificial intelligence. Tesla shares increased by 4.6% and reached a new yearly high following the announcement of the construction of a new gigafactory in Spain worth $4.8 billion. Today, there are no significant economic indicators expected to be published in the US.

On Thursday, oil experienced a downward correction in response to the increase in the number of jobless claims in the US for the week, as it may reduce demand. Overall, it can be noted that Brent has been trading within a wide range of $71.5-$78.5 per barrel since the beginning of May. Another negative factor for oil was the rumors that the US and Iran are making progress in the negotiations regarding the nuclear deal. If an agreement is reached, Iran will be able to significantly increase its oil exports.

Yesterday, coffee emerged as the leader in growth among commodity futures. Investors are concerned about the potential reduction in global coffee production due to adverse weather conditions in Latin America and Asia. Copper is increasing for the second consecutive day due to plans for expanding electric vehicle production by Tesla.

Natural gas in Europe on the ICE Dutch TTF is trading around $310 per 1000 cubic meters. American gas prices at Henry Hub have also remained nearly unchanged at $2.32 per mmBtu.