Daily summary: Wall Street erases initial declines 📈

Indices on Wall Street erased losses from the first part of the session. The indices opened today with over a 0.60% loss. However, at the time of publication, the declines on both the US500 and US100 were erased, and the indices are now gaining around 0.45-0.50%. The small-cap index is performing the worst, down 0.20%.

The dollar is slightly down at the end of the day. The USDIDX dollar index is down 0.05%. One of the stronger G10 currencies today is the Japanese yen (JPY), with the USDJPY pair down 0.35% to 146.6000. Nevertheless, movements in the currency market are limited today.

EURUSD remains stable at a level slightly above 1.0900. There are no significant changes in expectations regarding Fed rates today.

Yields on U.S. Treasuries are slightly rebounding. The 2-year bond yields have returned above 4.00%, and the 10-year bond yields are rising to 3.95%.

Inflation in Germany remains at 2.3% year-on-year, in line with expectations and the previous reading.

Employment in Canada is declining for the second consecutive month. However, it’s important to note that full-time employment increased significantly, while part-time employment saw a sharper decline. The unemployment rate remained at 6.4%.

Crude oil is rising for the third consecutive session, with WTI approaching the $77 per barrel level. Positive sentiment on the stock market, which indicates that a recession is not the baseline scenario, is helping. WTI is up nearly 1%.

Gold is clearly rebounding, marking another consecutive day of gains, and will likely end the week above $2,400 per ounce.

Cocoa is rebounding by over 5% at the end of the week, and is up over 20% for the entire week. The strong increases are related to weather conditions in West Africa and rolling trades that have increased demand among previous sellers.

Bitcoin is reducing earlier gains and is approaching the $60,000 level again, despite the recent resurgence in Bitcoin purchases through ETFs.