Equities rise despite Fed chair Powell’s hawkish comments - 17.4.2024

The Dollar strengthening has halted 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 Tuesday.

GBP/USD joined EUR/USD’s continued retreating yesterday while federal statistics office Destatis reported German wholesale prices continued falling at 3% annual rate in March. Both euro and Pound are higher against the dollar currently. USD/JPY slowed its advancing on Tuesday while AUD/USD accelerated its sliding with both the yen and Australian dollar higher against the Greenback currently.

Futures on three main US stock indexes are up currently with the yield on benchmark 10-year US notes up at 4.661%. Stock indexes ended mixed on Tuesday with three main stock benchmarks recording daily returns in a range from -0.2 to 0.2% while data showed US industrial production increased in March as expected whereas building permits and housing starts lagged behind estimates.

European stock indexes are higher currently after closing lower on Tuesday with mining stocks leading losses. Asian indexes futures are mixed today with Japan’s Nikkei leading losses despite data showing Japan’s exports grew for a fourth consecutive month on weak yen.

Brent is edging lower currently. Prices slid yesterday before the American Petroleum Institute (API) report showing US crude stockpiles rose by above expected 4.1 million barrels last week. The Energy Information Administration (EIA) will release its US inventory data at 16:30 CET today. The US oil benchmark West Texas Intermediate (WTI) slipped 0.1% and is lower today. Brent lost 0.1% to $90.02 a barrel on Tuesday.