Markets subdued after Wall Street retreat continued - 16.4.2024

The Dollar strengthening is intact currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.18% higher on Monday.

EUR/USD slowed its retreating while GBP/USD ended flat on Monday while Eurostat reported industrial production resumed expanding in euro area in February. Both Pound and euro are lower against the dollar currently. USD/JPY accelerated its climbing yesterday while AUD/USD slowed its retreating with the yen lower against the Greenback currently and Australian dollar lower still.

Futures on three main US stock indexes are lower currently with the yield on benchmark 10-year Treasury down at 4.61% ahead of Fed chair Powell’s speech at 19:15 CET today. US markets closed down on Monday again with the three main stock benchmarks recording daily losses in a range from -1.8% to -0.65% as the strong report from Census Bureau showed US retail sales continued rising in March which spurred concerns Federal Reserve will hold US interest rates higher for longer.

European stock indexes futures are down currently after indexes closed mixed on Monday with oil and gas stocks leading losses. Asian indexes futures are falling today with Australia’s All Ordinaries ASX 200 Index leading losses while Chinese equity losses were limited as China’s gross domestic product data showed the country’s economy grew more than expected in the first quarter.

Brent is edging lower currently. Oil prices ended lower yesterday on easing geopolitical tension after Iran said it considered its retaliation to be over following weekend attack on Israel. US West Texas Intermediate WTI slipped 0.3% and is lower currently. Brent slid 0.4% to $90.10 a barrel on Monday.