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