Written Commentary
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June 1, 2023
STOCK INDEX FUTURES
Stock index futures are lower.
The 9:00 central time February wholesale inventories report is expected to show a 0.2% increase.
This is a big week for inflation reports. The March consumer price index will be released on Wednesday and is anticipated to show a 0.3% increase. Thursday’s March producer price index is predicted to be unchanged.
Stock index futures have performed very well considering recent strains in the international financial system and recent hawkish comments from Federal Reserve officials.
CURRENCY FUTURES
The U.S. dollar is higher due to recent hawkish comments from Federal Reserve officials.
The euro currency is lower but underlying support for the currency remains due to expectations the European Central Bank will keep raising interest rates in the coming months to combat inflation.
The British pound is lower today despite traders expecting the Bank of England will raise interest rates further to fight inflation.
INTEREST RATE MARKET FUTURES
Futures are mixed.
Underlying support for futures remains due to the belief that central banks will not be able to keep raising interest rates much longer.
The technicals and fundamentals for futures turned supportive in early March.
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