Markets mixed ahead of US nonfarm payrolls report - 2.2.2024

The Dollar weakening is intact today. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.4% lower on Thursday as Department of Labor data showed the number of Americans filing new claims for unemployment benefits rose last week when a decline was expected.

Both GBP/USD and EUR/USD reversed their sliding on Thursday as Eurostat reported headline inflation eased slightly in January in euro area while the Bank of England held interest rates steady but revealed division among its Monetary Policy Committee. Both euro and Pound are higher against the dollar currently. USD/JPY slowed its retreating while AUD/USD reversed its sliding yesterday with the yen lower against the Greenback currently and the Australian dollar higher still.

US stock indexes futures are up currently as the yield on benchmark 10-year Treasury notes edged up to 3.897%. The three main stock benchmarks ended higher on Thursday in a range of 1.0% to 1.3% buoyed by technology shares rebound led by Meta and Amazon quarterly surprises.

European stock indexes are higher currently after closing down on Thursday led by mining shares. Asian stock indexes futures are mixed today with Australia’s All Ordinaries index leading gains.

Brent is retracing up currently. Prices fell yesterday after a Qatari official repeated that Hamas had received positively a ceasefire proposal made earlier this week. West Texas Intermediate (WTI) dropped 2.7% but is higher currently. Brent futures lost 2.5% to $78.70 a barrel on Thursday.