Market mood downbeat ahead of raft of data - 21.4.2023

The Dollar weakening 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, slipped 0.1% Thursday as the Department of Labor data showed the number of Americans who sought unemployment benefits over the last week was higher than the forecast while their number rose.

EUR/USD reversed its sliding and GBP/USD slowed its climbing Thursday while Destatis reported German producer prices inflation cooled from 15.8% to 7.5% in March. Both euro and Pound are lower against the Dollar currently. USD/JPY reversed its advancing while AUD/USD reversed its sliding yesterday with the yen higher against the Greenback currently and the Australian dollar lower as Japan's consumer inflation held steady in March.

US stock indexes futures are down currently ahead of the April Manufacturing and Service PMI reports today at 15:45 CET as the yield on benchmark 10-year Treasury notes ticked down to 3.528%. The three main stock benchmarks recorded losses Thursday in the range of 0.33% to 0.8% led by tech stocks as shares of regional banks slumped after earnings reports reflecting the impact of an industry panic after the collapse of Silicon Valley Bank.

European stock indexes are down currently after closing lower on Thursday led by auto shares. Asian stock indexes futures are in red today with Hong Kong’s Hang Seng leading losses while Purchasing Managers’ Index data showed activity in Australia’s service sector resumed expansion while manufacturers recorded a sustained drop in production.

Brent is edging lower today. Prices fell yesterday after US Energy Information Administration report on Wednesday showed gasoline inventories jumped unexpectedly last week by 1.3 million barrels to 223.5 million barrels. The US oil benchmark West Texas Intermediate (WTI) fell 2.4% and is lower currently. Brent crude lost 2.02% to $81.10 a barrel on Thursday.