Market Snapshot – Futures Looking Buoyant, API and Tomorrow’s CPI in Focus

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Updated: May 9, 2018, 13:22 UTC

The stock futures are looking buoyant as the oil prices soar higher

US Futures Strong

US futures have been pretty buoyant today, points to a decent opening to the market in the coming hours. As the US pulls out of the Iran deal yesterday, markets remain calm and cautious ahead of tomorrow’s CPI figures from the US.

We have also seen the PPI data from the US come in in a weak manner and that has seemed to have given a respite for the dollar bears who had been pounded into submission over the last few days. The euro has got some relief in the process and has been able to rise higher but this can only be viewed as a correction of the move lower rather than any change in the trend at this point of time. We are likely to see some more action as this continues to build over the next few hours. It is unlikely to lead to a reversal though.

Oil Prices Higher

The other instrument witnessing a lot of action over this period has been the oil prices which has soared through the $70 region. It is not that the oil market needed any pushing to move higher as it has been on an uptrend over the last 6 months in a slow and steady manner but the pulling out of the US from the Iran deal has helped the prices to push through the $70 region in due course of time and the bulls seem good for more in the coming days.

Anything news out of the Middle East is likely to affect the oil prices and that is what we have been seeing over the last 24 hours as the oil prices have soared by over $2 in this period. The bulls would hope to build on this momentum and push the prices towards the $75 region in due course of time.

About the Author

Colin Firstauthor

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.