Todays’ market summary
The Dollar strengthening has resumed currently.
Futures on three main US stock indexes are down.
Brent is falling today with President Biden expected to call for a temporary suspension of the 18.4 cents a gallon federal tax on gasoline.
Gold prices are extending losses.
Top daily news
Stock markets are lower today after US stocks finished solidly higher on Tuesday. Alphabet shares rallied 4.11% outperforming market amid news Google resolved French copyright dispute over online content and has dropped its appeal against a 500 million euro ($528 million) fine, Microsoft stock rose 2.46% as the IT giant said it would stop selling technology that guesses someone's emotion based on a facial image and would no longer provide access to facial recognition technology.
The Dollar strengthening has resumed 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, added 0.1% Tuesday despite National Association of Realtors report existing-home sales retreated for the fourth consecutive month in May - falling 8.6% over year.
Both EUR/USD and GBP/USD continued advancing yesterday despite European Central Bank report euro zone’s current account deficit increased to €6 billion in April, up from €2 billion in previous month. USD/JPY accelerated its climbing Tuesday while AUD/USD continued its advancing with yen higher against the Greenback currently and Australian dollar lower.
Stock market news
|Dow Jones Index||-0.46%|
|Hang Seng Index||-2.27%|
|Australian Stock Index||-0.23%|
Futures on three main US stock indexes are down currently ahead of Federal Reserve chair Powell’s testimony to Congress at 15:30 CET today. The yield on benchmark 10-year US notes edged down to 3.262% currently. Stock indexes in US ended higher on Tuesday: the three main US stock indexes posted daily gains ranging from 2.2% to 2.5%.
European stock indexes are down currently after a bullish session on Tuesday with auto shares leading gains. Asian indexes are mostly lower today with Hong Kong’s Hang Seng index leading losses.
Commodity market news
|Brent Crude Oil||-4.63%|
Brent is falling today with President Biden expected to call for a temporary suspension of the 18.4 cents a gallon federal tax on gasoline. Oil prices ended higher on Tuesday. The US oil benchmark West Texas Intermediate (WTI) added 1 % but is lower currently. Brent rose 0.5% to $114.65 a barrel.
Gold market news
Gold prices are extending losses today. Spot gold lost 0.32% to $1,832.44 an ounce on Tuesday.
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EUR/USD closes in on 1.0700 amid broad USD strength
EUR/USD came under renewed bearish pressure in the American session and dropped to its lowest level since late March near 1.0700. Stronger-than-forecast PCE inflation data and hawkish comments from Fed's Mester provide a boost to the US Dollar and weigh on the pair.
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