At-a-Glance
Today’s Top Highlights
Equity markets are seeing broad strength today led by the Russell trading higher by nearly 1.8% while the S&P, Nasdaq and Dow also had positive trading days. There was economic data released today looking at ADP Nonfarm Employment Change which was the lowest recorded print since June of 2021, and the markets were able to climb higher into the close. The precious metals also traded higher today with Silver reaching a new all time high price and Copper trading up over 2% on the day.
The Japanese Yen futures contracts experienced notable volatility and upward pressure over the last week, reversing a prior period of weakness. This rally was largely driven by a combination of a cooling US Dollar and growing speculation that the Bank of Japan may finally be nearing a policy shift. Specifically, JPY futures saw a strong surge as market participants priced in the possibility of the BOJ exiting its negative interest rate policy sooner than previously anticipated, following comments from BOJ officials signaling confidence in the domestic economy and carefully considering the pros and cons of an interest rate hike. After hitting a near two-week high, the Yen saw a slight retracement or pullback as traders took profits, but the overall technical and fundamental momentum for a potential correction within the broader multi-month downtrend remains strong.
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