The Morning Jumpstart


  • SPI200 (Mar) overnight futures up 9 pts to 6330
  • SP500 down 6.21 pts to 2914.52
  • NASDAQ down 12.87 pts to 8036.77
  • Dow Jones down 122.35 pts to 26,307.79
  • FTSE100 down 33.95 pts to 7351.31
  • DAX30 up 1.34 pts to 12,345.42
  • GOLD futures US Session (June) down $7.50 to $1271.70 an ounce
  • COPPER futures US Session (Comex July) down $0.0180 to $2.7840 a pound
  • OIL futures US Session (Nymex June) down $2.06 to $61.54 a barrel
  • CRB Index down 1.76 points to 181.90
  • AUDUSD trading at 0.7000
  • EURUSD trading at 1.1173
  • GBPUSD trading at 1.3034
  • USDJPY trading at 111.5000

The US saw caution remain in the market as Indexes closed in the red. Markets opened and headed lower in early trade to continue on with the previous sessions move as weakness in oil dragged the market down. Traders have been trained to associate weakness in Oil with weakness in economic activity giving them good reason to pause at all time highs. The DOW closed down 0.46% while the broader SP500 was down 0.21% and the Nasdaq closed down 0.16%. In Europe, major indexes came back from May Day holiday to see sellers pressure prices lower. Markets have recently factored in a potential rate cut from the Fed and with Powell brushing aside weaker inflation, found themselves reversing recent long positions.

Traders will now be focused on the US employment data out prior to the US open. With Powells recent comments on interest rates and inflation, traders will be eyeing any major movement on job numbers with caution. If the number comes out better than expected, we may see some further selling pressure into Indexes on the back of fear for a potential increase in inflation and therefore hike in rates. Of course, fewer jobs than expected may see some bargain hunters step into the market to provide support.

The USD edged higher to gain against major crosses as traders settle ahead of employment data in the US. Traders are trying to assess a clear direction for the dollar and are not being helped by comments from the Fed. Economic data will be the key as they look to bolster the argument either way for a cut or increase in rates. The EUR drifted lower on dollar strength while the GBP came under pressure after the BOE voted unanimously to keep interest rates unchanged at 0.75%. The AUD continues to come under fire from weakness into commodities and the USD as sellers push price below the 0.7000 mark. The USDJPY continues to see some choppy action as USD strength is being countered by relative strength in the YEN.

Gold again moved lower on USD strength to test lows from 23/04/19 as traders position themselves ahead of the data release. Oil was hit hard to end down over 3% as traders grapple with oversupply after US inventories surprised to the upside. Copper continued to edge lower as potential buyers need more news on either US/China trade or Chinas economy to jump back into the action.

Cryptocurrencies had a good night seeing some more action from the buyers with Bitcoin pushing higher to currently trade at $5505.9 up 5.00%. Ethereum is trading at $162.30 up 3.03% while Ripple is at $0.30369 up 0.03%.

The ASX200 had a rough session yesterday to give up most of the gains from Wednesdays rally. The index closed down 37.5 points to 6338.4 with the Financial sector taking the brunt of the selling pressure with Metals and Mining and the Gold sectors running a close second. Declining stocks outnumbered rising ones by 668 to 490 and 371 ended unchanged.

The ASX200 is expected to open up 5/10 points as the SPI200 pushed up into the close. The action is still heavy in the Index and we may see a contained session as traders will be focused on US employment data tonight.


JPY Bank Holiday All Day

AUD Building Approvals 11:30am

GBP Services PMI 6:30pm

EUR CPI and PPI Data 7pm

USD Non-Farm Employment Change and Unemployment Rate 10:30pm

USD ISM Non-Manufacturing PMI 12am

USD FOMC Member Evans Speaks 12:15am

USD FOMC Member Clarida Speaks 1:30am

USD FOMC Member Williams Speaks 3:45am

USD FOMC Member Bowman Speaks 5am