Ipek Ozkardeskaya
Swissquote Bank Ltd
GameStop rallied nearly 90% after Keith Gill, aka Roaring Kitty on Twitter, posted a screenshot on Reddit showing a big stake in option. Other meme stocks saw positive vibes as well. Elsewhere,
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.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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