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PreMarket Trading: US Dollar Driving Markets

Pre-market trading activity and scheduled economic data that may have an impact on the global financial markets. ​

WORLD HEADLINES – U.S. Treasuries are set for their biggest monthly loss since June 2015 after a slew of hawkish rhetoric from Federal Reserve officials that’s revived the US dollar and weighed on metals prices.

STOCKS – Futures on the S&P 500 traded sideways after a drop in Apple Inc. helped drag the U.S. gauge down 0.2 percent in the last session.

BONDS – Two-year Treasury yields climbed this month by the most since November as the probability of a September rate hike by the Fed almost doubled to 34 percent in the futures market.

COMMODITIES – Gold was headed for a monthly loss of almost 3 percent as the prospect of a Fed rate hike dulls the allure of assets that don’t bear interest. Corn was headed for a third monthly drop, to the lowest level since 2009.

CURRENCIES – The Japanese yen weakened 1.2 percent this month while New Zealand’s dollar strengthened 0.3 percent on Wednesday, extending this month’s gain, as a report showed business confidence in the nation was at a 20-month high.

ECONOMIC DATA – US ADP Non-Farm Employment Change due at 8:30, Pending Home Sales m/m at 9:45, Pending Home Sales m/m at 10:00, Crude oil Inventories at 10:30, CNY Manufacturing PMI at 21:00, AUD Retail Sales m/m at 21:30, CNY Caixin Manufacturing PMI 21:45 ET.

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