Stocks mixed ahead of Fed rate hike - 26.7.2023

The Dollar weakening 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, slipped 0.2% on Tuesday.

EUR/USD slowed its retreating yesterday while GBP/USD reversed its sliding as survey results showed German business sentiment deteriorated further in July while UK consumer confidence hit 18-month high. Both euro and Pound are higher against the dollar currently. USD/JPY accelerated its retreating Tuesday while AUD/USD accelerated its climbing with both the yen higher still against the Greenback currently and Australian dollar lower.

Futures on three main US stock indexes are mixed currently ahead of Fed interest rate decision at 20:00 CET today. The yield on benchmark 10-year US notes has edged up to 3.895% currently. Stock indexes extended gains on Monday as the Conference Board report showed US consumer confidence jumped to the highest level in two years. The three main stock benchmarks recorded daily gains in the range from 0.08% to 0.6%.

European stock indexes are down currently after a mixed session on Tuesday with mining shares leading gains. Asian indexes are mixed today with Australia’s All Ordinaries ASX 200 Index leading gains.

Brent is extending gains today. Brent rose yesterday before American Petroleum Institute estimates US crude oil and distillate inventories gained last week, while gasoline stockpiles fell. The Energy Information Administration will release its US inventory data at 16:30 CET today. The US oil benchmark West Texas Intermediate (WTI) rose 1.13% and is higher today. Brent gained 1.1% to $83.64 a barrel.