Thu. Jul 7th, 2022

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Good and firmer start of European equities

1 min read
US futures are also seen up by 0.5% as we get things going on the session, as stocks are continuing to keep in a better mood following Fed chair Powell’s speech yesterday.
In the major currencies space, the dollar is down near session lows currently as the market is carrying on with the bigger picture narrative of the Fed keeping rates lower for longer. That said, the move in Treasuries is something to be mindful about.
But for now, the dollar is pretty much reacting to the risk mood as the party continues.
Fed chairman Jerome Powell”s speech is part of the US central bank”s annual Jackson Hole symposium. Officials in the past have used the meeting, being held online this year, to make market-moving announcements.

This year, forecasters expect Powell to talk about inflation and the importance of Congress delivering more economic aid after its last round of stimulus expired. Partisan disagreements have prevented an agreement.

On Wall Street, the futures for the benchmark S&P 500 index and Dow Jones Industrial Average were off 0.2%.

On Wednesday, the S&P 500 index hit another high, closing up 1% on strong gains for tech stocks. Most other companies in the index declined.

The Dow rose 0.3% and the Nasdaq composite climbed 1.7%.

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