USD/CAD gets a boost as oil falls 3%. Watch out for Macklem comments
Session low for oil
WTI crude has come under fresh selling pressure, dropping $2.12 to $39.96, which is a two-day low. Oil has been stuck in a a $63.68 to $66.76 range since May 3 and those are the key parameters to watch.
EURUSD trades up and down above and below technical levels
Market is unsure but tilting a little more to the upside
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
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 PPI and Initial claims data
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
What's on the economic calendar
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%
Equities recover slightly ahead of North American trading
S&P 500 futures up 0.1%
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.
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