headlines:
Markets:
- The Swiss Franc is advancing, the Australian dollar is lagging today
- European stocks changed little; S&P 500 futures fell 0.1%
- US 10-year yields fell 2.9 basis points to 3.479%
- Gold fell 0.7% to $2,005.98
- West Texas Intermediate crude fell 0.3% to $70.92
- Bitcoin is down 1.0%, at $27,088
It was a sideways trading session as the markets seem somewhat tentative after the slightly optimistic start to the new week yesterday.
There wasn’t a lot of meaningful headlines, but we did get a bit of a red flag from the UK jobs data, where payrolls fell for the first time since February 2021 as jobless claims rose too. This may be a sign that economic fatigue is starting to take its toll on labor market conditions.
Sterling initially fell on that with GBP/USD dropping from 1.2510 to 1.2465 as the dollar also gained some ground amid a more dovish risk case. But the pair bounced back as the greenback gave up its gains, rising back to 1.2530 currently – and not much changed today.
The US dollar saw gains fade as stocks pared early losses also during the session. But the overall mood remains more contemplative with US futures marginally lower at the moment.
EUR/USD spiked slightly higher from 1.0870 to 1.0900 for a while before settling just below there. Meanwhile, AUD/USD remained under pressure and fell 0.4% to 0.6670 after a brief rebound to 0.6690 earlier in the session.
Movements in the markets were somewhat mixed with most commodities lower, with oil falling after a positive start to the day and precious metals lagging. WTI fell to $70.55 before trimming some losses to $70.90 levels now while Gold is retreating by 0.7% to approach $2.006 and Silver is also down by 1.4% to currently $23.77.
Now it’s up to US retail sales and Fedspeak to see if mood music changes in North American trading.