S&P500 (SPX) +0.20%
NASDAQ100 (NDAQ) +0.24%
DOW JONES (DOW) +0.18%
CRUDE OIL (CL1!) +1.95%
It was a fairly ‘slow’ day in the markets today as US equities managed to recover some ground on the back of the first piece of negative US economic data in a while.
Prelim GDP increased at an annual rate of 2.7% in the fourth quarter of 2022, coming out lower than the forecast of 2.9%. Despite the ironic ‘good-bad’ news, the US economy still released positive data via a reductions of 8k in unemployment claims, coming out at 192k as opposed to the forecast of 200k.
We will be watching the US Core PCE Price Index tomorrow, it has a previous release of 0.3% and a forecast of 0.4%, hence the sentiment is bullish.
With the Nasdaq still having some room to go before it gets to the lows of three weeks ago, we still expect some downside on equities for the rest of the week. The S&P500 (SPX) and EURUSD swept their weekly lows already so the risk OFF narrative may continue into the end of the week
Spread opportunity of the day
With the US dollar index closing +0.1% higher on the day despite pretty strong pullbacks in the later sessions of the day, the USDCAD currency pair managed to close -0.03% lower. It would be a worthwhile spread to watch for possible short term buy opportunities if the volume and the demand come into the market.
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