US equity futures set for a modest bounce after yesterday's rout
Yesterday the S&P 500 tumbled 89 points to 4063 in the worst day since February. Futures had been flirting with further losses but have improved.
The USDJPY stuck in a 30 pip range above support swing area
The USDJPY is stuck in a 30 pip trading range today after jobless claims and PPI failed to break the pair higher or lower.
EURUSD trades up and down above and below technical levels
After falling sharply yesterday (eventually) after the stronger than expected CPI, the EURUSD is trading up and down with support ahead of its key 100 day moving average and resistance near the broken 38.2% retracement and the 1.2100 level. In between sets the 50% midpoint of the range from May at 1.20832
US Initial jobless claims 473K versus 490K estimate
- initially reported at 498K revised to 507K
- Initial jobless claims 473K. The lowest reading since the start of the pandemic
US April PPI final demand +6.2% vs +5.9% expected
That's another upside miss on inflation. PPI is certainly second-fiddle to CPI but those cost pressures move down the chain.
The CHF is the strongest and the AUD is the weakest as NA traders enter for the day
The CHF is the strongest and the AUD is the weakest as NA traders enter for the day. The USD is mixed ahead of the US PPI data and the weekly initial and continuing claims. Fed's Barkin is on the schedule to be speaking
PPI and initial jobless claims are coming up next
PPI isn't normally a market mover but given the market reaction to the surprise jump in CPI, it will make some waves. Moreover, when one of them miss the consensus, the other tends to miss in the same direction so we could see higher reading than the +5.8% headline and +3.8%
ForexLive European FX news wrap: Dollar mixed, Bitcoin stays pressured
- CHF leads, AUD lags on the day
- European equities lower; S&P 500 futures up 0.1%
Equities recover slightly ahead of North American trading
European indices have halved losses from earlier in the day but are still keeping roughly 1% lower across the board. This comes as US futures start to turn things around, with Nasdaq futures leading the bounce while S&P 500 futures inch a tad higher.
A case of the déjà vu?
Yesterday, we got one of the hottest CPI reports in years and the inflation debate will continue on today with the release of US PPI data for April.