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.

US equity futures set for a modest bounce after yesterday's rout

S&P 500 futures moderately higher Futures: 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

Buyers have more control but buyers and sellers are battling it out 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

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

US Initial jobless claims 473K versus 490K estimate

Weekly US initial jobless claims and continuing claims -  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

April 2021 US producer price index data: 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 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

PPI and initial jobless claims are coming up next

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%

ForexLive European FX news wrap: Dollar mixed, Bitcoin stays pressured

Forex news from the European trading session - 13 May 2021 Headlines: Markets: - 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

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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