Markets mixed after US stocks rally - 6.6.2024

The Dollar strengthening has stalled 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, added 0.2% on Wednesday.

EUR/USD slowed its sliding yesterday while GBP/USD reversed its retreating while Eurostat report indicated euro zone business activity expanded at fastest rate in a year in May. Both euro and Pound are higher against the dollar currently. USD/JPY reversed its retreating while AUD/USD ended little changed on Wednesday with the yen lower against the Greenback currently and the Australian dollar higher.

The US stock index futures are mixed currently ahead of US Unemployment Claims report due at 14:30 CET today. The three main US stock indexes ended solidly higher on Wednesday in a range from 0.25% to 1.95% as payroll firm ADP data showed that private sector hiring cooled more than expected in May.

European stock indexes futures are mixed currently after closing higher on Wednesday led by technology stocks. European Central Bank is meeting today and is expected to lower borrowing costs by 25 basis points from the present record level of 4% at 14:15 CET today. Asian stock indexes futures are mixed today with Japan’s Nikkei leading losses .

Brent is extending gains presently despite the first cut in five months by Saudi Arabia of its official selling price for its flagship Arab Light crude oil to Asia. Prices ended higher yesterday after the US Energy Information Administration (EIA) report US crude oil stocks rose by below expected 1.2 million barrels in the week to May 31. Gasoline inventories rose by 2.1 million barrels versus expectations for an increase of 2 million barrels. The US oil benchmark West Texas Intermediate (WTI) futures rose 1.1% and is higher currently. Brent crude added 1.2% to $78.41 a barrel on Wednesday.