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May 04, 2023
During a 3 day uptrend, iShares iBoxx $ Investment Grade Corporate Bond ETF gained a total of $1.48, or 1.19%. Bucking the trend and turning lower, iShares iBoxx $ Investment Grade Corporate Bond ETF weakened earlier in the day, before moving away from its $108.56 low and recovering back to $109.07.
Highly important Initial Jobless Claims data from United States beat analyst expectations of 240,000 with a reading of 242,000. United States Crude Oil Inventories released earlier showed a marked improvement to -1.28 million from the preceding data of -5 million, but fell short of the -1.1 million figure forecast by a consensus of market analysts.
Meanwhile, United States Interest Rate released yesterday at 18:00 UTC with a figure of 5.25, while the previous figure was five.
Despite being in the red so far in the current trading session, iShares iBoxx $ Investment Grade Corporate Bond ETF peaked above its 5 day Simple Moving Average around $109.03 — typically an early indicator of a new bullish trend beginning to emerge. IShares iBoxx $ Investment Grade Corporate Bond ETF could begin to recover as it approaches significant support, now 56 cents away from $108.51. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems iShares iBoxx $ Investment Grade Corporate Bond ETF might start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Novo Nordisk is down to $160.55, losing $7.22, after closing at $167.77 in the preceding trading session. Walt Disney falls 3.42% to trade around $97.42.
Looking ahead, ongoing depreciation may be prolonged as United States Non Farm Payrolls expected to decline to 180,000 while its preceding data was 236,000, data will be available tomorrow at 12:30 UTC. As things stand, upcoming United States Unemployment Rate data is projected to fall short of market expectations with newly published data of 3.6, following on from the preceding figure of 3.5. New data is set to be published tomorrow at 12:30 UTC.
IShares iBoxx $ Investment Grade Corporate Bond ETF hit a significant low of $99.2 around 6 months ago, but has since recovered 10.15%.
