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June 22, 2023
IShares iBoxx $ Investment Grade Corporate Bond ETF is down to $107.69, after ending yesterday at $107.96. Overall, a 0.25% loss or 27 cents today.
United States Fed Chair Powell testimony is next today at 14:00 UTC.
New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
Amid the market gloom, United States Current Account (Q1) came out at -219.3 billion, while a consensus of analysts was expecting -216.9 billion. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -1.25 million, while the previous figure was 1 million.
IShares iBoxx $ Investment Grade Corporate Bond ETF's upper Bollinger Band® is at $108.31 which indicates a further downward move may follow.
Overall, looking at the technical analysis landscape, it seems iShares iBoxx $ Investment Grade Corporate Bond ETF is likely to start pointing downward in the short term.
In the meantime, negative performances are also seen in other markets, IBM is down to $132.48, losing $1.21, after closing at $133.69 in the preceding trading session. Tesla is down to $254.72, losing $4.74, after closing at $259.46 in the preceding trading session. United Parcel Service closed at $172.52 (down 0.64%).
Looking ahead, ongoing depreciation may be prolonged as today at 15:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.87 million from the preceding figure of 7.92 million.
Furthermore, United States Services PMI is expected tomorrow at 13:45 UTC. United States Existing Home Sales (May) is expected today at 14:00 UTC.
After hitting an important low of $99.2 approximately 8 months ago, iShares iBoxx $ Investment Grade Corporate Bond ETF has bounced back 8.83% since.
