Stocks Mixed Ahead of an Expected +25 bp Fed Rate Hike

What you need to know…

The S&P 500 Index EURUSD today is up by +0.46%. Dollar weakness today is boosting the euro. Also, signs of economic strength are bullish for the euro after today’s economic news showed the Eurozone Mar unemployment rate unexpectedly fell to a record low.

The Eurozone Mar unemployment rate unexpectedly fell -0.1 to a record low of 6.5%, showing a stronger labor market than expectations of no change at 6.6%.

USD/JPY USDJPY today is down by -1.01%. The yen today is moving higher on a slump in T-note yields. Also, the ongoing banking turmoil in the U.S. is fueling safe-haven demand for the yen. In addition, the sell-off in crude prices today to a 5-week low is supportive of Japan’s energy-dependent economy.

June gold (GCM3) this morning is up +4.1 (+0.20%), and July silver SI is up +0.086 (+0.34%). Precious metals prices this morning are moderately higher, with gold climbing to a 2-1/2 week high. A weaker dollar today is supportive of metals prices. Also, today’s decline in global bond yields today is bullish for metals. In addition, precious metals have safe-haven support on concerns about the health of the U.S. banking system and as the U.S. government gets nearer to default without an extension of the debt ceiling

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