Stocks venture up ahead of US inflation data - 26.7.2024

The Dollar strengthening has halted 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 0.05% higher on Thursday.

EUR/USD reversed its sliding yesterday whereas GBP/USD resumed its retreating while Ifo reported German business sentiment unexpectedly fell in July. Both euro and Pound are higher against the dollar currently. USD/JPY reversed its retreating while AUD/USD accelerated its sliding on Thursday with the yen lower still against the Greenback currently and the Australian dollar higher.

US stock index futures are higher currently ahead of US personal consumption expenditures index report due at 16:30 CET with the yield on benchmark 10-year Treasury notes down at 4.245%. The three main stock benchmarks closed mixed on Thursday recording daily returns in a range from -0.9% to 0.2% while the Bureau of Economic Analysis reported stronger than expected second quarter US GDP data.

European indexes futures are up today after stock indexes closed lower on Thursday led by tech shares. Asian stock indexes futures are mostly rising today with Australia’s All Ordinaries index leading gains while data from Japan indicated inflation in Tokyo accelerated for a third month in July.

Brent is edging lower currently. Prices ended higher on Thursday while in Canada hundreds of wildfires are burning in the western provinces of British Columbia and Alberta where 3.3 million barrels per day of crude is being produced. West Texas Intermediate (WTI) futures rose 0.9% but are lower curently. Brent futures added 0.81% to $82.37 a barrel on Thursday.