A Reinvigorated U.S. Dollar I Morning Express | 3/3/2023
Posted: March 3, 2023, 9:43 a.m.
- U.S. Services data is front and center this morning, with the final February read of SPGI Services PMI at 8:45 am CT, followed by the more closely watched ISM Non-Manufacturing report at 9:00 am CT.
- In January ISM Non-Manufacturing rebounded sharply from a contraction in December, beating expectations at 55.4 versus 50.2, and Prices remained elevated, expanding above 60.0 since November 2020.
- January’s ISM Non-Manufacturing report followed Nonfarm Payrolls on February 3rd, and as a pair, the reports reinvigorated the U.S. Dollar and extrapolated tighter Fed policy.
- According to the CME FedWatch Tool, the odds of a 50bps hike by the
- E-mini S&P (March) / E-mini NQ (March)
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S&P, yesterday’s close: Settled at 3984.75, up 28.25
NQ, yesterday’s close: Settled at 12,062.00, up 100.25
- We are taking a more Bullish view, but it hinges on a close above 4003-4007 at minimum and would increase to outright Bullish on a close above 4033-4034.25
- Remember, ISM Services due at 9:00 am CT and will play a big role in confirming or denying this strength.
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NQ (March)
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Crude Oil (April)
Yesterday’s close: Settled at 78.16, up 0.47
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Gold, yesterday’s close: Settled at 1840.4, down 4.9
Silver, yesterday’s close: Settled at 20.901, down 0.194
- Similar to the S&P/NQ section, we are taking a more Bullish view but this hinges on a close above major three-star resistance at 1852.5-1856.
- Also, ISM Services data will confirm or deny this strength, stay nimble.
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Silver (May)
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