Busy and interesting, that was the overall history of yesterday´s session at Wall Street, with several important topic's converging into an uncertain closing bell scenario, but where the energy Bears dominated on the S&P500 and the Dow Jones, while the tech heavy Nasdaq managed to escape the red ink by a meager 0.06% gain. Energy was the big downward pusher, along with the 5.4% drop in the WTI Oil to $50.28 a barrel, after the U.S inventories data showed the OPEC production curb effect on the offer side is being annulled by the increase in U.S shale oil production.
On the economic side, the ADP job data blasted the projections, with the U.S. private sector creating 298.000 new jobs in February versus the 190.000 expected by the market, the strong number calmed fears of a possible weak non-farm payrolls data on Friday, so investors are now strongly into a FED rate hike this month. As a result the U.S dollar continued to strengthened and rose 0.3% against a basket of other major currencies, settling at $1.054 versus the Euro and $1.2166 against the British Pound, the last one is quite far from the Morgan Stanley projection of $1.45 at the end of 2018, for the Pound-Dollar currency pair.
On the economic side, the ADP job data blasted the projections, with the U.S. private sector creating 298.000 new jobs in February versus the 190.000 expected by the market, the strong number calmed fears of a possible weak non-farm payrolls data on Friday, so investors are now strongly into a FED rate hike this month. As a result the U.S dollar continued to strengthened and rose 0.3% against a basket of other major currencies, settling at $1.054 versus the Euro and $1.2166 against the British Pound, the last one is quite far from the Morgan Stanley projection of $1.45 at the end of 2018, for the Pound-Dollar currency pair.
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