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On June 10th, Futures News reported that Trump stated a peace agreement with Iran was expected to be signed within two or three days, and US Energy Secretary Wright indicated a "significant increase" in ship traffic through the Strait of Hormuz. During Asian trading hours, oil prices continued their decline from Monday, with WTI falling below the $90 mark, briefly approaching $85, a drop of over 10% from its high in two trading days. In the early morning, oil prices rebounded sharply after Trump declared a response to the downing of a US military aircraft by Iran, narrowing the losses by the close. Crude oil prices have seen significantly increased volatility this week, and many uncertainties remain. Foreign media statistics show that US President Trump has declared an agreement "imminent" 37 times, but no agreement has been reached to date. Besides geopolitical factors, supply and demand are also negatively impacting the market. Oil prices have already fallen back to around $90, and the potential for further significant declines in the short term is relatively limited. If US-Iran negotiations do not proceed smoothly, oil prices still have a high probability of rebounding.1. U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.17% to 50,872.11 points, the S&P 500 fell 0.26% to 7,386.65 points, and the Nasdaq Composite fell 0.97% to 25,678.82 points. Home Depot and Sherwin-Williams rose more than 3%, leading the Dow Jones gains. The Wind U.S. Tech Big Seven Index fell 1.24%, with Apple falling more than 3% and Tesla falling 3%. The Nasdaq China Golden Dragon Index fell 0.39%, with Daqo New Energy falling more than 7% and Jinko Solar falling nearly 7%. 2. European stock indexes closed mixed. The German DAX fell 0.74% to 24,433.06 points, the French CAC40 rose 0.05% to 8,203.43 points, and the UK FTSE 100 fell 1.41% to 10,227.33 points. 3. The WTI crude oil futures contract closed down 2.85% at $88.7 per barrel; the Brent crude oil futures contract fell 2.57% to $91.83 per barrel. 4. International precious metals futures generally closed lower, with COMEX gold futures down 1.80% to $4284.80 per ounce and COMEX silver futures down 4.56% to $65.46 per ounce.Sources say SpaceX has informed investors that it aims to begin testing orbital AI computing in 2027.According to Iranian state media, the situation has now calmed down following the US attack on southern Iran.According to the Wall Street Journal, the Trump administration has asked AI testing organizations to stop publishing public reports, reflecting the White Houses increased control over AI models.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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