Daily summary: Weak macro data pressured US Dollar and attracted Wall Street

• The ADP report fared poorly, showing private sector employment growth of just 177,000, against expectations of 195,000 and the previous reading of 312,000. This is the first time in four months that ADP has failed to beat consensus. The data points to a further cooling of the labor market, just as the JOLTS data showed yesterday. 
• This is not the end of bad data from the US. A revision of Q2 GDP showed a drop to 2.1% at the annualized rate, compared to 2.4% from the first reading. In the first quarter, growth was 2.0%. The GDPNOw model, however, still indicates growth of 5.9% in Q3
• After the US data, we also saw a further rebound on US indices. However, the increases were not very large and settled around 0.5% on index contracts. On the other hand, we observed declines in Europe. The DE30 lost 0.4%. The W20 gained 0.2% today
• Despite gains in the US, the technology company HP lost heavily today, reporting that it expected a big slowdown in demand for personal computers. The company's shares lost nearly 8%. On the other hand, AMC, known as a "meme-stock" company in recent years, gained strongly. The movie theater operator, however, has lost about 75% in the past month. Today, the increases settled above 20%. Nvidia gains 2,3% and share price is nearly $500 today;
• The Fed ramps up demands for corrective actions by regional banks as part of a stepped-up attempt to tighten oversight following bank collapses in Spring 2023. US authorities are requesting that regional lenders strengthen their liquidity models.
• According to Bloomberg sources Federal Reserve has warned a number of lenders with assets between $100 billion and $250 billion. The anonymous sources said that the wide-ranging letters covered everything from lenders' capital and liquidity to their technology and compliance. US regional banks shares are 'muted' during today session with no volatility spike
• On the back of a further decline in yields, gold today tested the level of $1950 per ounce, testing of 61.8 Fibonacci retracement of the last downward impulse
• Tomorrow we'll hear a lot of important data, including ECB minutes, and finally U.S. jobless claims. On the other hand the key reading of the week are Friday NFP report
• German inflation came in at 6.1% y/y for August, slightly higher than expectations. Nevertheless, this may not be enough to cement the ECB's need for another hike, given the very weak economic outlook. However, the market is pricing in a more than 50% probability for a hike
• EURUSD scores a rally above 1.0900 in response to data from the US and Europe. Yields in the U.S. are clearly falling, and are near 3.85% for 10-year bonds
• Oil inventories fell by a gigantic 10.5 million brk per day, continuing the strong decline in US inventories. Additionally, there are concerns about near-term production due to hurricane season. WTI crude oil tested $82 per barrel, but then oil began to retreat by almost $1. 
• Cryptocurrencies are in mixed moods again despite Grayscale 'win' over SEC. Bitcoin loses -1,6% and hold 27,200 USD but altcoins sentiments is much worse

US500 index on D1 interval. Futures contracts on S&P500 has another, strong trading session today. Source: xStation5