Markets undecided after Wall Street edged up - 4.7.2023

The Dollar strengthening has stalled 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 0.1% on Monday.

Both EUR/USD and GBP/USDreversed their advancing on Monday while S&P Global’s final manufacturing Purchasing Managers' Index (PMI) report showed euro zone manufacturing sector downturn worsened in June. Both euro and Pound are higher against the dollar currently. USD/JPY joined AUD/USD’s slowed climbing with both the yen and the Australian dollar higher against the Greenback currently while the Reserve Bank of Australia held the rates unchanged at 4.1%.

Futures on three main US stock indexes are down currently with the yield on benchmark 10-year Treasury notes flat at 3.858%. US markets will be closed today for public holiday. US stocks edged up on Monday, with three main stock benchmarks recording daily gains in the narrow range from 0.03% to 0.21% while the Institute for Supply Management reported US manufacturing slumped further in June.

European stock indexes futures are mixed currently after closing marginally lower on Monday with health care shares leading losses. Asian indexes futures are mostly higher today with Japan’s Nikkei index defying regional trends as it slid from 33-year high.

Brent is advancing currently. Prices ended lower on Monday while Saudi Arabia said it would extend its voluntary cut of one million barrels per day for another month to include August. US West Texas Intermediate WTI lost 1.2% but is higher currently. Brent slid 1% to $74.65 a barrel on Monday.