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Dollar Jumped On Haven Flows

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STATE OF THE MARKETS

Dollar jumped on haven flows. US stocks closed mixed on Wednesday as investors continue to weigh inflation and recession impact on the global economy when US GDP showed contraction in the first quarter. Dow (+0.27%) managed to eke minor gains while Russell (-1.12%) fell the most, followed by S&P (-0.07%) and Nasdaq (-0.03%).

Dollar jumped past the 105.10 mark as demands for US treasuries flooded in, sending yields lower across the board. Yield inversions, however, remain with the 10Y (3.10%) lower than the 3Y (3.13%), 5Y (3.15%) and 7Y (3.17%) as the 30Y stood at 3.22% at writing.

In the commodities market, crude fell lower to $108.25/bl after news of increasing inventories from EIA while Dollar strength continued to weigh on gold. The precious metal settled around $1,817.40/oz as New York closed. Elsewhere, iron ore suffered a similar fate as the commodity traded lower around $130.50/tn.

In the FX space, sentiments flipped to bearish as Swiss seized the helm of demand in the short and medium term accounts alongside Dollar and Loonie. Dollar strength continued to weigh on Euro, Sterling and Aussie while long term sentiments were little changed.

On Thursday, markets expect another volatile and choppy session while waiting for earnings report from Micron Tech (MU), Constellation Brands (STZ), Walgreens (WBA), Acuity Brands (AYI), and Simply Good Foods (SMPL) as well as the latest figures in US jobless claims, personal consumption expenditures and composite PMIs.


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G8 CURRENCIES SENTIMENTS

ST CHF USD JPY CAD NZD GBP EUR AUD ST
MT CHF CAD USD AUD JPY NZD EUR GBP MT
LT CHF USD CAD EUR AUD NZD GBP JPY LT
** ST refers to Short-Term daily turnover, MT is Medium Term weekly 
and LT refers to Long-Term monthly turnover.


WALL ST MOST ACTIVE

TICKER LAST PRICE

% CHANGE

VOLUME 90 DAYS AVG
TQQQ 24.88 + 0.20 189,735.4K 147,954.8K
SQQQ 56.65 – 0.21 111,684.6K 112,214.7K
CCL 8.87 – 14.13 109,640.1K 41,261.3K
AMD 77.99 – 3.45 104,005.7K 108,548.6K
ABEV 2.58 + 2.79 95,790.4K 28,415.0K
NIO 21.86 – 2.24 71,492.8K 74,487.0K
AMZN 108.92 + 1.42 66,292.8K 82,611.1K
SWN 6.71 – 8.96 66,223.5K 37,928.4K
AAPL 139.23 + 1.30 66,176.9K 94,617.8K
SPY 380.34 – 0.08 65,607.8K 104,556.4K
** % Change here refer to price


WALL ST TOP FLOWS

TICKER LAST PRICE

VOLUME

% CHANGE FUNDS FLOW $
TSLA 685.47 27,577.5K – 13.72 18,903.5M
AAPL 139.23 66,176.9K – 19.80 9,213.8M
AMD 77.99 104,005.7K + 8.02 8,111.4M
NVDA 155.42 48,155.0K – 2.42 7,484.2M
AMZN 108.92 66,292.8K – 20.62 7,220.6M
MSFT 260.26 20,042.2K – 32.03 5,216.2M
META 163.94 28,551.7K – 12.29 4,680.8M
GOOGL 2,234.03 1,232.0K – 32.27 2,752.3M
XOM 88.12 25,351.1K – 18.26 2,233.9M
GOOG 2,245.13 927.4K – 37.02 2,082.1M
** % change here refers to volume


TOP 5 BLOCK ORDERS

SYMBOL PRICE TYPE R/VOL FUNDS FLOW $
CHPT 13.86 equities/options 100.35 102.5M
SABR 6.12 equities/options 94.81 34.2M
RCL 36.02 equities/options 90.02 424.9M
ZS 1,478.20 soybean futures 68,107 100.7M
ZC 1,571.40 corn futures 40,735 64.0M


OUR PICK – No New Pick

We stay on the sideline. With month end Dollar buying already in play and VIX on the rise, currently at 29.70 mark, we decided to stay on the sideline for now.

For more high probability picks, please use our Trading Central services. 

HORIZON STRATEGY SL TP1 TP2
Short-Term Flat
Medium-Term Flat
Long-Term Flat

 

Risk Disclaimer:

This article is for general information purpose only. It is not an investment advice or a solicitation to buy or sell any securities/oz. Opinions expressed are of the authors and not necessarily of MFM Securities Limited or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.