Market Watch: Markets Are Little Changed

Financial and commodity markets analytics

Today, markets are displaying little change, with investors holding their breath for forthcoming US economic indicators. The US Dollar index remains within a corrective phase, while both gold and oil prices have seen a slight uptick of approximately 0.15%.

Asia Pacific markets
The yen has decisively surpassed the critical threshold of 155 per dollar. Although speculation persists regarding potential intervention from Tokyo, the absence of significant communication from the Ministry of Finance may embolden those betting against the yen. All eyes are now on the Bank of Japan's upcoming policy meeting, with particular interest in Governor Kazuo Ueda's remarks and overall sentiment.
Meanwhile, the Australian dollar maintains its position within a local range, fluctuating between $0.6480 and $0.6630 levels.

European markets
The Bank of England executed a record infusion of one-week funds through a short-term repo operation on Thursday. This move aims to counteract the impact of reducing its portfolio of government bonds on market interest rates. The Bank employs the weekly repo to stabilize money market rates in line with its official Bank Rate, while simultaneously withdrawing reserves from the financial system through its quantitative tightening program.
Both the Euro and Sterling experienced modest gains, rising approximately 0.2% and 0.4%, respectively.

American markets
US stock index futures experienced a slight decline today. This was largely attributed to a downturn in shares of major growth stocks following disappointing quarterly results from Meta Platforms. Investors are closely monitoring additional economic data releases throughout the week, which could sway the Federal Reserve's monetary policy decisions.
Notable events for today include the release of preliminary GDP data and initial jobless claims in the United States.
The USDCAD currency pair continues its downward trend, with potential support expected around the $1.36 level and below.