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GBP/USD Falls to 1.2750; WTI at $73 with Rising Oil Stocks; Wall Street Up on Rate Cut Hopes Despite Weak Jobs Data.

By Research Team Wednesday, Jun 5, 2024
GBP/USD

    • 11.30amD1
    • High1.2818
    • Low1.2742
    • Close1.2769

GBP/USD is trading at 1.2767, 0.30% down since previous day close. GBP/USD is paring back gains toward 1.2750 in European trading on Wednesday. Resurgent demand for the US Dollar drags the pair lower, despite a better market mood. The focus turns toward the US ADP data and the ISM Services PMI for fresh trading incentives. he US Dollar (USD) came under heavy selling pressure in the American session on Monday after the data.

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Daily Outlook

GBP/USD

Intra Day
Near Day

Technical Levels

R3 1.2952
R2 1.2852
R1 1.2800
Turnaround 1.2750
S1 1.2741
S2 1.2690
S3 1.2664
By Research Team Wednesday, Jun 5, 2024
US30

    • 11.35amD1
    • High38789.00
    • Low38336.00
    • Close38717.00

US30 is trading at 38825. 0.40% up since previous day close. The Dow Jones Industrial Average rose 0.4% to 38,711.3, while the S&P 500 and the Nasdaq Composite advanced by 0.2% each to 5,291.3 and 16,857.1, respectively. Real estate and consumer staples led sector gainers, while materials posted the steepest decline. vacancies in the US came in at about 8.06 million as of the last day of April, down from the previous month’s downwardly revised 8.36 million print, according to the Bureau of Labor Statistics’ Job Openings and Labor Turnover survey.

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Daily Outlook

US30

Intra Day
Near Day

Technical Levels

R3 39200.00
R2 39000
R1 38800.00
Turnaround 38900.00
S1 38350.00
S2 38000.00
S3 37850.00
By Research Team Wednesday, Jun 5, 2024
WTI

    • 11.40amD1
    • High74.31
    • Low72.67
    • Close73.83

WTI is trading at 73.26, 1.56% down since previous day close. West Texas Intermediate (WTI) Oil price has dropped to four-month lows, trading around $73.10 per barrel during the Asian session on Wednesday. The American Petroleum Institute’s (API) Weekly Statistical Bulletin (WSB) reported that crude Oil stocks surged by 4.052 million barrels for the week ending May 31, reversing a prior week’s decline of 6.490 million barrels and defying market expectations of a 1.900 million-barrel draw.

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Daily Outlook

WTI

Intra Day
Near Day

Technical Levels

R3 77.50
R2 76.09
R1 74.16
Turnaround 73.50
S1 72.57
S2 71.21
S3 69.12
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