- Majority of indices from the Old Continent extended losses for a fifth consecutive session, with DAX closing down around the flatline, while CAC40 and FTSEE 100 fell 0.20% and 0.23% respectively dragged mostly by utility stocks.
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Wall Street indices are attempting to snap a recent losing streak, with Dow Jones trading 0.50% higher, while S&P500 and Nasdaq rose 0.65% and 1.05 respectively as fresh data pointed to weakening of the labour market.
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US jobless claims rose again last week to 230k, suggesting that demand for work could be cooling amid tighter financial conditions and some investors hope that this may soft the Fed's hawkish stance. Claims figures came in line with recent ADP and household surveys, and in contrast with NFP data.
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Oil continues to move south towards levels not seen since December 2021 as investors balanced signs of weak global demand against optimism about China's reopening and supply disruptions. News that a crucial Keystone pipeline capable of transporting more than 600k barrels of crude per day from Canada into the US was halted only brought on brief respite for the bulls.
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NATGAS price rose more than 5.0% as colder than previously expected weather forecasts overshadowed a smaller-than-expected US storage decline.
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The dollar index again fell below 105 on Thursday, erasing early gains despite relatively sour moods on global markets. Traders now look ahead to tomorrow’s US PPI and UoM Consumer Sentiment data which should provide more hints regarding the condition of the US economy.
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BOC's Kozicki said that policymakers are moving from how much to raise rates to whether to raise rates, however these comments made little impact on Loonie. Currently AUD and CAD are the best performing currencies while USD and JPY lag the most.
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Weaker dollar provided some fuel for bullion bulls. Gold continues to hover near the major resistance zone around $1790, while silver jumped above the 23.00 level.
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Cryptocurrencies moved slightly higher in the evening, which may be related to improved sentiment on the US stock market. Bitcoin is trading above the $17,000 level, while Ethereum oscillates around the $1,270 mark.
US100 is approaching the local resistance zone around 11725 - 11745 pts. This area is marked with the upper limit of the 1:1 structure and previous price reactions. A potential pullback or break higher, could set the direction of the next short term trend. Source: xStation5
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