Market Drivers, US Session

Wednesday’s Recap and Thursday’s Outlook

The US Dollar weakened on Wednesday as Treasury yields declined and Federal Reserve Chair Powell’s comments at the New York Times event did so little to provide significant market impact.

Key Economic Events To Watch:

• US: Balance of Trade, Initial Jobless Claims, Challenger Job Cuts, Fed’s Barkin speech
• Eurozone: HCOB Construction PMI (Germany and Eurozone), Factory Orders (Germany), Retail Sales (Eurozone), ECB’s Montagner speech

• UK: S&P Global Construction PMI, New Car Sales, BoE’s Decision Maker Panel, BoE’s Greene speech
• Japan: Weekly Foreign Bond Investment, BoJ’s Nakamura speech
• Australia: Balance of Trade

Price Movements:

• USD: Weakened against major currencies
• EUR/USD: Broke above 1.0500
• GBP/USD: Surpassed 1.2700
• USD/JPY: Rebounded towards 151.00
• AUD/USD: Fell below 0.6400
• Oil: WTI declined below $69/barrel
• Gold: Rose towards $2,660/oz
• Silver: Gained, nearing four-week highs near $31.50/oz

Overall, the market sentiment remains cautious, with investors closely monitoring geopolitical tensions, economic data, and central bank policies.