Markets continue to show a risk-on mode in stocks, while US yields are moving lower as US Treasuries recover, according to an article published on Jun. 2. The June Treasury futures contract appears to have recovered in five waves, suggesting that yields may see at least a three-wave pullback on the 10-year futures. This could provide near-term support for the dollar, particularly as the Dollar Index approaches an important support zone.
The article notes that a rebound in the dollar would not be surprising due to what may be forming as a flat correction nearing the 38.2 percent retracement around the 98.50 area. It advises readers to be aware of a potential rise back toward the upper side of this range during the week.
Key market drivers highlighted include any progress on a potential deal between the United States and Iran and new comments from Nvidia’s CEO that could influence stock markets. However, it identifies Friday’s Nonfarm Payroll report from the United States as “the most important event later this week.” The content was originally presented in a webinar referenced within the article.
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