Markets pause ahead of University of Michigan consumer sentiment report - 14.7.2023

The Dollar weakening has reversed 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, lost 0.9% Thursday while the Department of Labor data showed the number of Americans who sought unemployment benefits over the last week was lower than the forecast while their number declined.

Both GBP/USD and EUR/USD continued their advancing on Thursday while Office for National Statistics report showed UK economy contracted by below expected 0.1% in May. USD/JPY slowed its retreating while AUD/USD continued its climbing yesterday with both the yen and the Australian dollar lower against the Greenback currently.

US stock indexes futures are down currently as the yield on benchmark 10-year Treasury notes ticked down to 3.855%. The three main stock benchmarks ended higher fourth session in a row on Thursday in the range of 0.14% to 1.58% after producer price index data showed wholesale prices rose by below expected 0.1% in June.

European stock indexes are mixed currently after closing higher on Thursday with tech shares leading gains. Asian stock indexes futures are mixed today with Japan’s Nikkei leading losses amid rising speculation that the Bank of Japan could widen its 10-year yield band this month since a labor report a week ago showed solid growth in wages.

Brent is edging lower currently. Prices ended higher yesterday following an International Energy Agency (IEA) report predicting oil demand would hit a record high this year. The US oil benchmark West Texas Intermediate (WTI) added 1.5% but is lower currently. Brent crude rose 1.6% to $81.36 a barrel on Thursday.