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Daily Market Snapshot: Markets React to PCE Data, French Elections, Central Bankers Gather in Sintra – 1 July 2024

US markets finished the week in a subdued manner on Friday after the much-anticipated PCE Price Index data release came out on expectations. Stock indices drifted lower as did the dollar, albeit marginally, and yields edged higher.

There has been some gapping on the open this morning in Asia as the Euro opened higher than Friday’s close on the back of a strong showing for the far-right party in France’s elections. This is only round 1 this week, but these results are seen as a good indication of where the government could be heading. The single currency peaked just under 1.0750 this morning, having closed at 1.0711.

Traders are expecting a busy few sessions ahead as markets adjust to the US data result on Friday and look ahead to more updates this week alongside some key insights from Sintra, where major central bankers are gathered for the next few days.

MarketChangeClose
Dow-0.11%39,122
S&P-0.41%5,460
Nasdaq-0.71%17,732
USD-0.08%105.79
US Treasury – 2 Year+0.4 bps4.720%
US Treasury – 10 Year+5 bps4.340%
Oil – Brent+0.02%$86.41
Oil – WTI-0.24%$81.54
Gold+0.19%$2,326

Today’s Events:

European Session

  • EU – All Session – German Prelim CPI Data

US Session

  • 12.00 am – US ISM Manufacturing PMI Data
  • 5.00 am EU – ECB President Christine Lagarde Speaks

This market commentary and analysis has been prepared for ATFX by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.

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