Markets rally as Trump leads in early voting - 6.11.2024

The Dollar strengthening has resumed 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, ended 0.4% lower on Tuesday.

Both EUR/USD and GBP/USD accelerated their climbing yesterday while S&P Global final report indicated UK service sector output continued to expand in October. USD/JPY sliding accelerted while AUD/USD climbing acclerated on Tuesday with both the yen and Australian dollar lower against the Greenback currently.

Futures on three main US stock indexes are higher currently with the yield on benchmark 10-year US notes up at 4.388%. Stock indexes ended higher on Tuesday as three main stock benchmarks recorded daily gains in a range from 1% to 1.4% while the Institute for Supply Management survey showed economic activity in the US services sector expanded for the fourth consecutive month in October.

European stock indexes are up currently after closing marginally higher on Tuesday with industrial shares leading gains. Asian indexes futures are mixed today with Hong Kong’s Hang Seng index leading losses in light of expectations of more economic pressure on China as Trump has vowed to impose steep trade tariffs on China while the country is already struggling with persistent deflation and an extended real estate market slump.

Brent is retracing lower currently. Prices extended gains yesterday with a storm expected to negatively impact US crude oil production in the Gulf of Mexico. The Energy Information Administration (EIA) will release its US inventory data at 19:30 CET today. The US oil benchmark West Texas Intermediate (WTI) rose 0.7% but is lower currently. Brent gained 0.6% to $75.53 a barrel on Tuesday.