Tomorrow’s Futures Market Outlook: Oats and Grains, Manufacturing Data and Fed Speakers Take Center Stage
Traders head into Thursday’s session with several key economic reports and central bank speakers on the calendar, while many commodity markets continue to trade near important technical levels.
ISM Manufacturing PMI 10:00 AM ET
The primary focus for U.S. traders will be the ISM Manufacturing PMI at 10:00 AM ET, along with Weekly Unemployment Claims at 8:30 AM ET. Markets will also hear from multiple Federal Reserve officials throughout the day, including Barkin, Waller, Jefferson, Bowman, Cook, and Logan. Any comments regarding inflation, economic growth, or future rate policy could create volatility across equities, bonds, currencies, and commodities.
Crude Oil/Grains
On the technical front, Crude Oil remains one of the stronger commodity markets, closing at 90.42 and maintaining both short and long-term uptrends. Natural Gas continues to show signs of recovery, while Copper remains in a longer-term uptrend despite recent weakness. In the grain markets, Corn and Soybeans remain above their 30-day lows and continue to hold longer-term bullish trends.
Precious Metals
Precious metals were under pressure today, with Gold falling 0.64% and Silver declining 1.90%, as traders weighed economic expectations and interest rate outlooks. Treasury futures also weakened, suggesting continued uncertainty surrounding future Fed policy.
Plan your trade and trade your plan!
With manufacturing data, labor market numbers, and a full slate of Fed speakers all scheduled for tomorrow, traders should be prepared for potentially sharp intraday moves and heightened volatility across multiple asset classes. |
