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April 13, 2023
IShares iBoxx $ Investment Grade Corporate Bond ETF trades at $109.89 after gaining 33 cents (0.3%).
IShares iBoxx $ Investment Grade Corporate Bond ETF upside coincides with further encouraging market factors as United States Crude Oil Inventories came out at 597,000, better than analyst estimates of -583,000 and improving upon the previous reading of -3.74 million.
On the flip side, following a previous reading of 0%, Producer Price Index in United States released today at 12:30 UTC fell short of the 0.1% figure expected by analysts with an actual reading of -0.5%. United States Initial Jobless Claims published today at 12:30 UTC came out at 239,000, falling short of the 232,000 projections and continuing its decline from the previous 228,000 figure.
IShares iBoxx $ Investment Grade Corporate Bond ETF made an initial breakout above its 5 day Simple Moving Average at $110, a potential indicator of a newly emerging bullish phase. On the other hand, note that although iShares iBoxx $ Investment Grade Corporate Bond ETF is appreciating today after rising as high as $110.04, price action is now slowing and consolidating around 23 cents below the $110.12 resistance level.
Overall, looking at the technical analysis landscape, it seems iShares iBoxx $ Investment Grade Corporate Bond ETF might continue pointing upwards in the short term.
IShares iBoxx $ Investment Grade Corporate Bond ETF shows positive signs, other assets are also on par: Amazon gained 2.96% and is now trading at $100.73. Having closed the previous session at $105.22, Alphabet is up 2.31% today to currently trade at around $107.66. Having closed the previous session at $214, Meta Platforms is up 2.55% today to currently trade at around $219.46.
Also worthy of note, tomorrow at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%.
Furthermore, the market is looking at United States Retail Sales figure is projected at -0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.
IShares iBoxx $ Investment Grade Corporate Bond ETF hit a significant low of $99.2 around 5 months ago, but has since recovered 10.44%.
