All eyes are on US jobs data – Crude Oil had a rough session after OPEC decision [Video]

Ipek Ozkardeskaya Swissquote Bank Ltd

GameStop rallied nearly 90% after Keith Gill, aka Roaring Kitty on Twitter, posted a screenshot on Reddit showing a big stake in option. Other meme stocks saw positive vibes as well. Elsewhere,

US yields fell after the latest ISM manufacturing data showed an unexpected acceleration in contraction in May as prices eased. The US dollar index sank below its 100 and 200-DMA. The softer dollar sent the EURUSD above the 1.09 resistance, Cable rallied past the 1.28 as the USDJPY eased.

All eyes are on US jobs data this week. Soft data should further fuel the dovish Fed expectations.

Lower yields didn’t necessarily translate into gains for the major US indices. The S&P500 remained under pressure before paring gains into the close and eked out a small 0.11% gain only. The tech-heavy Nasdaq gained 0.35%. Nvidia led gains.

Crude oil had a rough session after OPEC decision. The barrel of crude went on a free fall, cleared the a critical support at $75pb level and is trading near the $73.50pb this morning.

Author

Ipek Ozkardeskaya

Swissquote Bank Ltd

Ipek Ozkardeskaya began her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked in HSBC Private Bank in Geneva in relation to high and ultra-high-net-worth clients.

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