US equity indices were modestly higher overnight, fading from early session gains as traders awaited fresh catalysts in economic data.
As the battle between economic optimism and worries of inflation continued to play out, the markets have been in a holding pattern this week awaiting key employment figures to be released tonight and Friday.
Economic Announcements – FX
A trickle of Federal reserve updates and the central bank’s beige book report showing the U.S. economy expanded at a moderate pace in April and May saw treasury yields drop overnight, this saw the US dollar erase earlier gains.
Australia – After yesterday’s beat in Aussie GDP, traders will be watching today’s Trade Balance and retail sales figures for April. With high iron ore prices contributing April’s trade balance is expected to improve to 8.35B, improving from the last reading of 5.57B.
Retail sales are forecast to show a rise of 1.1%, in line with last month’s increase.
In the US overnight, we will see the weekly unemployment claims and the ADP version of non-farm employment change where 645k new jobs are expected to have been created. While this figure will be closely watched Friday’s official non-farm figure will be the one most likely to move markets.
Friday, 4 June 2021 – Indicative Index Dividends
Dividends are in Points
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