April 7, 2023
World Equity Indices Cash and US Index Futures (9:15 ET Close)
Korea’s Kospi (+1.27%) led Asia, recouping all of Thursday’s losses to finish at the session’s best levels. China’s Shanghai Comp (0.45%) closed again at session highs and appears poised for a challenge from its early March high, where the break could continue its uptrend from the lows ahead of the November 2022 reopening. Quietly, the Hang Seng (+0.28%) impressively shrugged off weakness early in the session, while the Nikkei (+0.17%) enjoyed a quiet session. European stock exchanges are closed for the holidays.
CME June 2023 Mini Russell Future
Markets had an impressive session from steady to higher on Thursday, holding Wednesday’s lows. The pre-payroll net change overnight saw the majors slip slightly, perhaps suggesting some tension heading into the number. Following the release, prices rebounded and closed just above their highs for the shortened holiday session. The badly battered Mini Russel outperformed the session as the clear leader with 1.03% (1.20% on the week). The majors retreated, closing roughly in the middle of their one-week range overall.
Fixed Income Futures (11:15 ET Close)
CBOT June 2023 5 year future
In Thursday’s session, prices closed their best prints of the session but also their two-week highs, dampening price sentiment ahead of Friday’s report. Added soft trading overnight in payslips and post-release to losses. Today’s action hasn’t brought the price quite into the middle of its weekly range, yet uncertainty lingers with a lack of economic outlook and future growth path. There has been some slowdown in monitoring momentum, but that has to be ruled out.
Spot Currencies (CME Futures 11:15 ET Close)
USDCAD cash
The complex was roughly flat overnight but posted USD gains following the payroll report. Subsequent moves were not events and did not break new ground, hence the USD ends the week with minor losses versus Europe and Japan and mixed versus commodity currencies.
metals, energy, Farming is closed over the holiday.
Crypto Futures (11:15 ET Close)
CME June 2023 Micro-Ether Future
Both BTC ($28,000) and ETH ($1859) remain stable, just a touch off their best levels of the last few weeks.
Good luck and have a great weekend!
John
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