Markets mixed after Wall Street rally continued - 7.5.2024

The Dollar strengthening is intact 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 0.1% higher on Monday.

Both EUR/USD and GBP/USD continued their advancing on Monday while S&P Global’s composite purchasing managers’ index’s final reading showed the business activity in the euro area expanded at its fastest pace in almost a year in April. Both Pound and euro are lower against the dollar currently. USD/JPY reversed its retreating yesterday while AUD/USD slowed its climbing with both the yen and Australian dollar lower against the Greenback currently while the Reserve Bank of Australia struck a less hawkish tone than markets were expecting as it stood pat on interest rates.

Futures on three main US stock indexes are mixed currently with the yield on benchmark 10-year Treasury down at 4.483%. US markets closed up again on Monday with the three main stock benchmarks recording daily gains in a range from 0.46% to 1.19%.

European stock indexes futures are up currently after indexes closed higher on Monday as purchasing managers’ index data showed private business activity in the euro zone expanded at its fastest pace in almost a year in April. Asian indexes futures are mixed today with Australia’s All Ordinaries ASX 200 Index leading gains after the Reserve Bank of Australia kept interest rates steady as expected while weak quarterly retail sales data did little to support a hawkish central bank stance.

Brent is edging lower currently. Oil prices ended higher yesterday as Saudi Arabia raised the official selling prices for its crude sold to Asia, Northwest Europe and the Mediterranean in June. Raising of product price by major global crude oil exporter signals expectations of strong crude oil demand this summer. US West Texas Intermediate WTI ended 0.5% higher but is lower currently. Brent added 0.5% to $83.33 a barrel on Monday.