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Daily summary: NFP data revision and dovish FOMC minutes pressure USD

7:12 PM 21 August 2024
  • Wall Street indices trade higher today - S&P 500 gains 0.4%, Nasdaq trades 0.5% higher and small-cap Russell 2000 rallies 1%. Dow Jones is a laggard and trades flat
  • Target trades over 11% higher today after reporting better-than-expected fiscal-Q2 earnings
  • Macy's drops 12% after reporting disappointing fiscal-Q2 earnings and cutting forecasts
  • FOMC minutes from July meeting showed that vast majority of FOMC members said it would be appropriate to cut rates in September. FOMC members also noted increased risks to employment-side of Fed's mandate
  • US Bureau of Labor Statistics revised non-farm payrolls data for April 2023 - March 2024 period lower by 818k, more or less in the middle of market expectations (600-1000k)
  • USD waekened following BLS jobs data revision and dovish minutes, with EURUSD climbing to a 1-year highs above 1.1160 mark
  • European stock market indices traded higher today - German DAX and Dutch AEX gained 0.51%, UK FTSE 100 moved 0.12% higher, while French CAC40 added 0.52%
  • ECB Panetta said that he hopes European Central Bank cuts rates in September
  • US Department of Energy announced a 4.65 million barrel decline in oil inventories (exp. -2.9 mb), a 1.61 million barrel drop in gasoline inventories (exp. -0.4 mb) and a 3.31 million draw in distillate inventories (exp. +0.2 mb)
  • Polish employment declined 0.4% YoY in July (exp. -0.4% YoY), while wage growth slowed to 10.6% YoY (exp. 10.8% YoY)
  • Japanese exports increased 10.3% YoY in July (exp. 11.4% YoY), while imports were 16.6% YoY higher (exp. 14.9% YoY)
  • Cryptocurrencies trade higher today - Bitcoin gains 1.2%, while Ethereum and Dogecoin jump 1.7% each
  • Energy commodities drop - oil is down around 2%, while US natural gas prices drop 1.8%
  • Precious metals gain on USD weakening - silver adds 0.5%, while platinum and palladium jump 1.7%. Gold trades flat
  • GBP and CHF are the best performing major currencies while USD and AUD lag the most
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