Morning Digest: Mixed Signals with Commodities Shining

London: 2 April 2024 (TraderMade): Global markets showed a mixed picture this morning. Let’s dive into the details of various sectors:

Key Takeaways

• NOK (up 0.04%) and USD gained, while CHF (down 0.23%) and NZD (down 0.11%) are top losers in G10 forex today.
• Asian and US indices are weaker, while European indices are flat and awaiting direction.
• In the energy space, Brent and WTI crude oil soared around 0.2%, and natural gas gained around 0.4%.
• Among precious metals, Gold slightly surged 0.12% while Silver gained 1.06%.

Forex

NOK and USD are top gainers in G10 Forex Today

Norwegian Krone (NOK) gained 0.04% (USDNOK is currently trading at 10.95852), and the US Dollar gained significantly against the other major currencies. The US Dollar Index (USDX) gained 0.13% to 104.819.

CHF and NZD are top laggers

Swiss Franc (CHF) lost 0.23% (USDCHF is currently trading at 0.90642), and New Zealand Dollar (NZD) declined 0.11% against the dollar (NZDUSD is currently trading at 0.59461).

Forex Daily Pivot Points

Global Indices

Asian Markets Down

In Asian equities, markets were trading weaker today. The Nikkei (JPN225) was trading at 39803.5, down 0.32%. The Hang Seng (HKG33) was trading flat at 16904.25.

European Indices Flat

• The UK’s FTSE 100 (UK100) trades at 7986.25.
• France’s CAC 40 (FRA40) trades at 8223.55.
• Germany’s DAX 30 (GER30) trades at 18570.5.

US Equities Futures Down

Looking at Equity Futures so far, The SP500 Futures was trading at 5237.9502, down 0.06%.

Popular US Indices Dip

• Standard & Poor’s 500 (SPX500) declined 0.1% to 5239.2.
• Nasdaq (NAS100) dipped 0.14% to 18280.25.
• Dow Jones Industrial Average (USA30) slightly dropped by 0.04% to 39459.

Energy Markets Shine

Crude Oil Futures

In the energy space, the oil futures trade is stronger today. The WTI Crude Futures were trading at 83.622, up 0.29%, and the Brent Crude Futures were trading at 87.575, up 0.07%.

Spot Prices

• Brent Crude (UKOIL) surged 0.22% to $87.71 a barrel.
• WTI Crude (OIL) soared 0.26% to $83.739 a barrel.
• Natural Gas (NATGAS) also increased by 0.39% to $1.9285/MMBtu.

Precious Metals

• Gold (XAUUSD) surged 0.12% to 2254.745.
• Silver (XAGUSD) soared 1.06% to 25.3585.

To Summarize

The day started with mixed signals as the Norwegian Krone and US Dollar strengthened in forex trading while most global indices dipped slightly. The exception lies in the energy and precious metals sectors, where crude oil, natural gas, gold, and Silver all experienced gains.

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