S&P500 Futures and Nasdaq futures flat this morning ahead of the release of the unemployment claims at 8:30 am, US. EU markets and most Asian markets trade near the flat line as investors digest the rebound in OIL prices and the way the coronavirus will affect global economies near term. FX markets are trading a mixed session after weak EU manufacturing data that sent the Euro sharply lower versus majors this morning in the EU session. The dollar index is at 100.6 this morning, up 0.2%. Gold and Silver are trading higher as well as most commodities despite the stronger dollar, Gold is at $1,753 and Silver at $15.6. Oil turned sharply higher over the past 24 hours and is up 19% this morning, trading at $16.27 for the July contract. The markets are still very edgy and are likely to follow demand closely, hopping that the once in a lifetime event of negative Oil won’t return to the markets by the end of this June contract – in 30 days.
US Unemployment Claims at 1:30 pm and Flash Manufacturing PMI at 2:45 pm are the important news on the agenda Thursday, (all times GMT).
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OIL is up 20% this morning as investors look ahead past the coronavirus lockdowns and expect some pickup in near term demand levels.
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