Spreadex Market Update
Further US Data Weakness Casts Uncertainty Ahead of US Jobs Data Tomorrow
Equities Weaker Following Poor US Data
Equities prices were weaker across the board yesterday as traders reacted to fresh US data weakness. Concerns over the potential for a broader crisis on the back of the SVB fallout have become a central theme. Recent comments by JPMorgan CEO Jamie Dimon regarding the likelihood for banking sector issues to worsen this year has prompted fresh concerns over the situation. A quiet data sheet today means that the current pullback is likely to continue ahead of tomorrow’s US jobs data with thinned markets ahead of the Easter Holiday.
GBP Rallying, NZD Weakening
GBP has emerged as the strongest performer over the European open on Thursday. The UK currency is seeing fresh gains ahead of the long Easter weekend driven by a pickup in house prices today which came in above expectations. NZD, on the other hand, is seeing the weakest performance today, weighed on the drop in risk appetite we’re seeing. CAD will be in focus later today with the latest set of Canadian employment data due and the market looking for a small uptick in the unemployment rate to 5.1% from 5% prior.
Metals & Oil Softer on Thursday
In the metals and commodities space, gold and silver have both softened today following a breakout earlier in the week to fresh highs for the year. Tomorrow’s US jobs data will be key for determining price direction into next week. Crude prices are trading with a softer tone on Thursday also. Following a rally earlier in the week, prices have softened a little on the back of further US data weakness as economic concerns return.
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