From Marc Chandler at Bannockburn Global Forex:
The US dollar’s rally is extending today, but the market remains cautious about intervention by Japanese officials. The Dollar Index has not fallen since last Tuesday. It has risen by a little more than 2% since the Fed delivered its hawkish hold last week. Yet, for the second consecutive session, the dollar is rising without it being backed by higher two-year rates. The greenback is at new highs for the year against many G10 currencies today, including the euro, sterling, Swedish krona, and the New Zealand and Canadian dollars.
More ships are transiting the Strait of Hormuz and reports indicate ships are keeping their satellite signals switched on, reflecting growing confidence by ship owners. August WTI fell to about $71.55 today, its lowest level since March 10. Equities have mostly stabilized after yesterday’s tech-led decline. The focus shifts to Micron Technology earnings later today....
....MUCH MORE
MU reports after the bell. After getting slammed on June 23, down $159.61 (-13.18%) to close at $1,051.77 following Korea's "Black Tuesday," the stock is up a bit, +$31.01 (+2.95%) in pre-market trade.
As Investor's Business Daily reported, expectations are high:
Memory: "Micron Earnings Seen Rising 987% Amid AI Megatrend" (MU)
