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The US dollar is little changed versus the major currency pairs. In the video above I talk about the technicals given the recent price action, but there isn’t a lot of net movement versus yesterday’s close despite modest up and down.
The ECB rate decision to raise rates by 25 basis points as expected has done little to tilt the needle one way or the other.
Markets are still looking for the catalyst to give traders a more clear direction.
Middle East Overnight Summary
- The U.S. carried out another round of strikes overnight, targeting Iranian military infrastructure, including air-defense and surveillance sites.
- Iran responded with missile and drone attacks aimed at U.S.-aligned facilities in the region. Most were reportedly intercepted, limiting damage.
- Iranian officials said recent U.S. actions have undermined the ceasefire and warned of further retaliation if strikes continue.
- The Strait of Hormuz remains a key focus, with concerns about potential disruptions to global energy shipments, although commercial traffic continues to move through the region.
- Diplomatic efforts remain underway behind the scenes, with regional and international mediators continuing to push for de-escalation.
Crude oil is now lower
Oil prices after moving higher earlier in the session have reversed and are trading near the lows for the day down about -$1.17 at $88.86. The high price today reached $93.64. The low is at $88.63 so far.
Investors continue to monitor whether the conflict remains contained or broadens into a wider regional confrontation.
Markets are balancing the risks of further military escalation against hopes that diplomatic channels can prevent a larger conflict.
US stocks are high after yesterday’s meltdown
The US stocks are higher after yesterday’s sharp declines which saw the Dow fall -953 points or -1.87%, the S&P fall -119 points or -1.62% and the Nasdaq tumble -509.32 points or -1.98%. This morning the markets have recouped some of those declines with the futures implying:
- Dow industrial average of 385 points points
- S&P index up 54 points
- NASDAQ index up 340 points
Tomorrow, SpaceX is coming public at a $1.75 trillion valuation, raising $75 billion at $135 per share. Investors are not buying today’s earnings; they are buying the vision of a company that could dominate space launches, satellite communications, AI infrastructure, and potentially off-world commerce over the next decade. Whether that vision justifies the valuation remains the central debate surrounding the IPO
Key details:
- Pricing Date: June 11, 2026
- First Trading Day: June 12, 2026
- Ticker: SPCX
- Exchange: Nasdaq
- IPO Price: $135 per share
- Capital Raise: Approximately $75 billion
- Valuation: Roughly $1.75 trillion
In other markets:
- Bitcoin is trading up $1300 or 2.10% and 63,120
- Gold is up modestly my $15.70 or 0.38% at $4085.90. Yesterday the prices tumbled by -4.46%
- Silver is trading up $0.40 or 0.67% at $63.79 after yesterday’s nearly 3% decline
Today’s calendar is focused on PPI and jobless claims, coming one day after the as expected and somewhat CPI data ex energy.
For PPI, expectations are still elevated:
- Headline PPI YoY: expected 6.4% vs 6.0% prior
- Headline PPI MoM: expected 0.7% vs 1.4% prior
- Core PPI YoY: expected 5.4% vs 5.2% prior
- Core PPI MoM: expected 0.5% vs 1.0% prior
So while the monthly gains are expected to slow from April, the year-over-year readings are still alarmingly high. That makes today’s PPI important because it will show whether pipeline inflation pressures are easing, or whether price pressures remain sticky at the producer level.
On the labor side:
- Initial jobless claims: expected 219K vs 225K prior
- Continuing claims: expected 1.780M vs 1.777M prior
- 4-week average: prior 214.75K
Claims remain low by historical standards, suggesting the labor market is still holding up. A lower claims number would reinforce the view that employment remains resilient, while a jump in claims would point to some softening.
Canada will also release building permits, expected at -3.5% after a 10.3% gain previously.
Overall, after yesterday’s softer CPI, markets will be watching whether PPI confirms the inflation moderation story. A softer PPI would likely support the bond and equity market relief trade, while a hotter reading could quickly bring inflation worries back, especially with energy prices and Middle East tensions still in focus.
Editorial note: This recovered market brief has been cleaned and reclassified by Next Move Markets for educational market intelligence. It is not investment advice.
Next Move Markets desk view
For active traders, this brief should be read through the lens of global markets rather than as a standalone headline. The key question is whether the theme behind The USD is little changed as the market awaits the next shove can influence positioning beyond the first reaction. That means watching liquidity, macro data, sentiment, positioning and cross-asset confirmation together, not in isolation.
A richer trading read comes from separating the catalyst from confirmation. The catalyst explains why markets are paying attention; confirmation comes from price action, liquidity and cross-asset behavior after the headline is digested. If those signals do not align, traders should treat the move as fragile and keep risk tighter.
What traders should watch next
- Whether price action confirms the headline after the first reaction has passed.
- How related markets respond, because isolated moves are easier to reverse.
- Any follow-up data or official comment that changes the original market assumption.
- Volatility and liquidity conditions, which should guide risk size before direction.
Risk context
This article is a market-intelligence brief, not a trade recommendation. Before acting on the theme, traders should define invalidation, position size and the time horizon of the setup. The same headline can support a short-term reaction and still fail as a multi-session trend if liquidity, policy expectations or broader sentiment move the other way.
Scenario map
The base case is that traders keep this theme on the radar while waiting for confirmation from liquidity, macro data, sentiment, positioning and cross-asset confirmation. A stronger continuation scenario requires follow-through after the first reaction, preferably with related assets moving in the same direction. A failure scenario develops if the headline is quickly absorbed, volatility fades and price returns inside the previous range.
For global markets, the most useful approach is to compare the article theme with live market behavior. If the market confirms the narrative, pullbacks can become more constructive. If the market rejects it, the headline becomes background noise rather than a trading driver.
Execution discipline
- Define the level first: traders should know where the idea is invalidated before thinking about upside or downside.
- Separate news from setup: The USD is little changed as the market awaits the next shove may explain attention, but entry quality still depends on timing, liquidity and risk/reward.
- Watch confirmation: a clean move usually appears across related markets, not only in one isolated instrument.
- Control exposure: if volatility expands, smaller position sizing can be more professional than chasing the headline.
Next Move Markets treats this kind of brief as a starting point for preparation: identify the driver, map the scenarios, then wait for the market to prove which path is actually being priced.
Next Move Markets desk view
For active traders, this brief should be read through the lens of global markets rather than as a standalone headline. The key question is whether the theme behind The USD is little changed as the market awaits the next shove can influence positioning beyond the first reaction. That means watching liquidity, macro data, sentiment, positioning and cross-asset confirmation together, not in isolation.
A richer trading read comes from separating the catalyst from confirmation. The catalyst explains why markets are paying attention; confirmation comes from price action, liquidity and cross-asset behavior after the headline is digested. If those signals do not align, traders should treat the move as fragile and keep risk tighter.
What traders should watch next
- Whether price action confirms the headline after the first reaction has passed.
- How related markets respond, because isolated moves are easier to reverse.
- Any follow-up data or official comment that changes the original market assumption.
- Volatility and liquidity conditions, which should guide risk size before direction.
Risk context
This article is a market-intelligence brief, not a trade recommendation. Before acting on the theme, traders should define invalidation, position size and the time horizon of the setup. The same headline can support a short-term reaction and still fail as a multi-session trend if liquidity, policy expectations or broader sentiment move the other way.
Scenario map
The base case is that traders keep this theme on the radar while waiting for confirmation from liquidity, macro data, sentiment, positioning and cross-asset confirmation. A stronger continuation scenario requires follow-through after the first reaction, preferably with related assets moving in the same direction. A failure scenario develops if the headline is quickly absorbed, volatility fades and price returns inside the previous range.
For global markets, the most useful approach is to compare the article theme with live market behavior. If the market confirms the narrative, pullbacks can become more constructive. If the market rejects it, the headline becomes background noise rather than a trading driver.
Execution discipline
- Define the level first: traders should know where the idea is invalidated before thinking about upside or downside.
- Separate news from setup: The USD is little changed as the market awaits the next shove may explain attention, but entry quality still depends on timing, liquidity and risk/reward.
- Watch confirmation: a clean move usually appears across related markets, not only in one isolated instrument.
- Control exposure: if volatility expands, smaller position sizing can be more professional than chasing the headline.
Next Move Markets treats this kind of brief as a starting point for preparation: identify the driver, map the scenarios, then wait for the market to prove which path is actually being priced.
Next Move Markets desk view
For active traders, this brief should be read through the lens of global markets rather than as a standalone headline. The key question is whether the theme behind The USD is little changed as the market awaits the next shove can influence positioning beyond the first reaction. That means watching liquidity, macro data, sentiment, positioning and cross-asset confirmation together, not in isolation.
A richer trading read comes from separating the catalyst from confirmation. The catalyst explains why markets are paying attention; confirmation comes from price action, liquidity and cross-asset behavior after the headline is digested. If those signals do not align, traders should treat the move as fragile and keep risk tighter.
What traders should watch next
- Whether price action confirms the headline after the first reaction has passed.
- How related markets respond, because isolated moves are easier to reverse.
- Any follow-up data or official comment that changes the original market assumption.
- Volatility and liquidity conditions, which should guide risk size before direction.
Risk context
This article is a market-intelligence brief, not a trade recommendation. Before acting on the theme, traders should define invalidation, position size and the time horizon of the setup. The same headline can support a short-term reaction and still fail as a multi-session trend if liquidity, policy expectations or broader sentiment move the other way.
Scenario map
The base case is that traders keep this theme on the radar while waiting for confirmation from liquidity, macro data, sentiment, positioning and cross-asset confirmation. A stronger continuation scenario requires follow-through after the first reaction, preferably with related assets moving in the same direction. A failure scenario develops if the headline is quickly absorbed, volatility fades and price returns inside the previous range.
For global markets, the most useful approach is to compare the article theme with live market behavior. If the market confirms the narrative, pullbacks can become more constructive. If the market rejects it, the headline becomes background noise rather than a trading driver.
Execution discipline
- Define the level first: traders should know where the idea is invalidated before thinking about upside or downside.
- Separate news from setup: The USD is little changed as the market awaits the next shove may explain attention, but entry quality still depends on timing, liquidity and risk/reward.
- Watch confirmation: a clean move usually appears across related markets, not only in one isolated instrument.
- Control exposure: if volatility expands, smaller position sizing can be more professional than chasing the headline.
Next Move Markets treats this kind of brief as a starting point for preparation: identify the driver, map the scenarios, then wait for the market to prove which path is actually being priced.
