News & Analysis

EUR/USD put in its first daily close below 1.0500 in 2023 earlier this week. And the bearish move has started to show symptoms of stalling, raising the question as to whether this is an oversold bounce or a legitimate bottoming scenario.

Oil prices saw a significant sell-off, down 4.6% to $85.3 on fears of slower economic growth and signs that supply will soon pick up. Nasdaq took its cue from a modest bond rally, with 10-year yields back at 4.74%. The dollar weakened. But for how long? Higher bond yields are becoming widely anticipated. Bottom line: risk-on.

US Dollar has rallied nearly 7.8% off the yearly low with a twelve-week rally now testing technical uptrend resistance. The levels that matter on the DXY weekly chart.

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.