EURUSD pop and drop on the ISM… 1.0288 break confirms the top,… see if 1.0279 can hold… if not then 1.0264-68-73… looks like a case where algos ran stops above 1.0303 and then took the elevator down
Reuters – A look at the day ahead in U.S. and global markets by Samuel Indyk
2025 has kicked off how 2024 ended: stocks are having a wobble and the dollar remains in charge as investors bet that Fed rate cuts will be few and far between this year.
Data on Thursday supported that view, with the number of Americans filing new applications for unemployment benefits dropping to an eight-month low last week.
A robust labor market should stamp out any near term expectations for rate cuts from the Fed, with lower borrowing costs now conditional on a worsening employment picture and softer inflation.
Morning Bid: Wall St on five-day falling streak, dollar reigns
“The global gas balance remains tight with little flexibility to absorb any significant market tightening effects so it is possible to see prices rise substantially in the coming weeks,” said James Waddell, head of European gas and global LNG at Energy Aspects.
Dutch front-month futures, Europe’s gas benchmark, was little changed at €50.20 a megawatt-hour at 8:41 a.m. in Amsterdam.
European Gas Set for Weekly Gain as Supply Risks Rattle Market
Using my platform as a HEATMAP shows the dollar trading softer as it consolidates after Thursday’s fireworks,
Be aware that the start of a new year often sees false starts and choppy trading as markets slowly return to full liquidity, I am not saying USD strength is a false start but just pointing out the sharp moves yesterday came in thin liquidity so some backing and filling should not be a surprise.
Always … some losers and some winners
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What Next for US LNG After Ukraine Gas Transit Halts?
By Alex Kimani – Jan 02, 2025, 3:00 PM CST
Exports of Russian gas via pipelines running through Ukraine finally came to an end on New Year’s Day.
Ukraine will lose up to $1 billion a year in transit fees from Russia – Gazprom will lose close to $5 billion in gas sales.
The United States is likely to emerge as the biggest winner of the unfolding situation in Europe.