News & Analysis

The S&P 500 is lingering at 4-month lows and is the most oversold it has been in over a year. We look at some of the most oversold stocks to watch.

US stocks point to a stronger start after steep losses yesterday. Weaker than expected US ADP payrolls suggests that some weakness is seeping into the labour market ahead of Friday's NFP. Yields has eased lower from the 16 year high reached on bets that the Fed will keep rates higher for longer. US ISM services data is due shortly and could provide further clues over the resilience of the US economy.

What stocks are being discussed and traded today, and which ones are experiencing the sharpest moves before the bell?

The euro rose across the board this morning after the services PMI for several countries in the Eurozone were surprisingly revised higher. But a sharp drop in Eurozone retail sales reminded investors the troubles facing the Eurozone economy, and that the single currency is not out of the woods yet. The EUR/USD had climbed above the 1.05 handle where it was testing a key resistance area ahead of the release of key US data.

GBP/USD falls to a fresh 6-month low with PMI data due. Oil resumes its decline of OPEC+ meeting.

EUR/USD and DAX edged their way to new lows during trade, although the lack of market volatility leaves it up in the air as to whether prices may try to bounce today, or simple extend their losses. Key levels await for both markets, regardless.

This is not the type of environment where dip-buying is likely to be a winning strategy on any timeframe other than the ultra-short-term.

NZD/USD's break above 60c ahead of the RBNZ's announced that they held rates at 5.5% again was shortly lived, and momentum has turned decisively lower. Ans there could be further downside to come.