Investors await May nonfarm payrolls data - 7.6.2024

The Dollar weakening is intact 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.

EUR/USD joined GBP/USD’s slowed advancing on Thursday while European Central Bank lowered the key rate to 3.75%, down from a record 4% where it had been since September 2023. Both euro and Pound are flat against the dollar currently. USD/JPY reversed its climbing while AUD/USD resumed its climbing yesterday with both the yen and the Australian dollar higher against the Greenback currently.

US stock index futures are up currently with the yield on benchmark 10-year Treasury notes up at 4.299%. The three main stock benchmarks ended mixed on Thursday with daily losses in the range of -0.1% to 0.2% while Department of Labor data showed 229 thousand Americans sought unemployment benefits over the last week, up from 221 thousand the previous week.

European indexes futures are down today after stock indexes closed at record highs on Thursday with tech shares leading gains. Asian stock indexes futures are mostly lower today with Hong Kong’s Hang Seng leading losses while the Chinese data showed exports rose much more than expected in May on improving overseas demand.

Brent is edging down currently. Prices extended gains on Thursday as Saudi Energy Minister Prince Abdulaziz bin Salman said that OPEC+ can pause or reverse production increases if it decides the market is not strong enough. West Texas Intermediate (WTI) futures ended 1.48% higher but are lower currently. Brent futures rose 1.86% to $79.87 a barrel on Thursday.