Nicoletti’s Notes
“Bringing only the facts you need to know to make your trading simple and easy.”
Nicoletti’s Notes
Week of Monday, September 15, 2023
“Bringing only the facts you need to know to make your trading simple and easy”
| Indices: Dow -0.83% | Russell 2000 -1.05% | S&P 500 -1.22% | Nasdaq 100 -1.75% Sectors: All 11 sectors closed lower. Real Estate led, but still fell -0.38%. Tech lagged, dropping -1.92%. Commodities: Crude Oil futures continued higher by +0.68% to a 10-month high of $90.77 per barrel. Gold futures rose +0.69% to $1,946 per oz. Currencies: The US Dollar Index was unchanged at $105.33 but closed higher for the ninth straight week. Crypto: Bitcoin inched higher by +0.29% to $26,607. Ethereum gained +0.89% to $1,642. Interest Rates: The US 10-year Treasury yield rose to 4.334%. |
Forex Markets
| The U.S. dollar was lower on Friday, after data showing a dip in consumer sentiment, but the greenback was still poised for a ninth straight week of gains, while the yen weakened to a 10-month low. The greenback continued to strengthen against the yen, after the Japanese currency had a sharp move higher versus the dollar earlier in the week. The dollar was last up 0.25% at 147.84 yen after hitting a 10-month high of 147.96. The euro was up 0.2% at $1.0666, having recovered slightly from Thursday’s six-month low of $1.0629 following the European Central Bank’s (ECB) policy announcement, in which the central bank raised rates to a record-high 4% but signaled it was likely done with hikes. |
Summary
| The U.S. dollar was lower on Friday, after data showing a dip in consumer sentiment, but the greenback was still poised for a ninth straight week of gains, while the yen weakened to a 10-month low. The greenback continued to strengthen against the yen, after the Japanese currency had a sharp move higher versus the dollar earlier in the week. The dollar was last up 0.25% at 147.84 yen after hitting a 10-month high of 147.96. The euro was up 0.2% at $1.0666, having recovered slightly from Thursday’s six-month low of $1.0629 following the European Central Bank’s (ECB) policy announcement, in which the central bank raised rates to a record-high 4% but signaled it was likely done with hikes. |
Important Events
The University of Michigan’s preliminary reading of its Consumer Sentiment Index dropped to 67.7 this month from a final reading of 69.5 in August and below the forecast of 69.1 among economists polled by Reuters. However, consumers saw inflation lower on both a one-year and five-year basis.
Earlier data from the Labor Department showed import prices increased 0.5% last month as fuel prices jumped, but underlying price pressures stayed subdued while a separate report from the New York Fed showed factory activity picked up in the state in September.
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