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The U.S Dollar is in action later today, with the weekly jobless claims and durable goods orders in focus. There’s also Trump and Beijing to consider.
Stock futures were little changed at the start of overnight trading Wednesday evening, holding gains after the S&P 500 pushed to an 11-week high.
A bad report will sent prices lower. The upside momentum seems to be slowing so we could see a substantial near-term correction.
The direction of the June E-mini NASDAQ-100 Index into the close on Wednesday is likely to be determined by trader reaction to 9225.50.
The crude oil markets were relatively quiet during the trading session on Wednesday as we await economic figures as to inventories.
Buying sentiment towards the Euro jumped on Wednesday after the European Commission unveiled a coronavirus recovery package worth a whooping 750 billion euros.
The direction of the July WTI crude oil market the rest of the session on Wednesday is likely to be determined by trader reaction to $32.77.
Stock markets are making strong gains once again on Wednesday as investors turn a blind eye to increasing friction between the US and China and focus on the exciting prospect of economies reopening after months of lockdown.
Hedge funds and other money managers continued to accumulate bullish positions in crude oil and its products last week.
Oil futures tumbled on Wednesday after U.S. President Donald Trump said he was working on a strong response to China's proposed security law in Hong Kong and as some traders doubted Russia's commitment to deep production cuts. Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman agreed during a telephone call on further "close coordination" on oil output restrictions, the Kremlin said.
The direction of the July WTI crude oil market the rest of the session on Tuesday is likely to be determined by Friday’s close at $33.25.
The direction of the June U.S. Dollar Index the rest of the session on Tuesday is likely to be determined by trader reaction to 99.245.
Solid Permian presence, rising capital efficiency and a strong balance sheet are likely to boost Pioneer Natural Resources' (PXD) growth.
Natural gas markets have gone back and forth during the trading session on Tuesday, showing signs of hugging the 50 day EMA yet again.