News

US Stock Futures Remain Strong, Dollar Holds Steady

Equities

Futures tied to major US stock indices inched higher during the Asian session as inflation figures eased investors' woes over inflation. The PCE index and other inflation expectations indicators came well in the anticipated range, signaling that inflation could be reaching a top, which won't force the Federal Reserve to unwind its asset purchases program at a sooner time. The S&P500 futures hit another all-time high of 4277, the tech-heavy Nasdaq advanced to 14384, and the Dow Jones Industrial Average futures rallied to 34400.

USD

The dollar index, which measures the greenback against a basket of major currencies, continued to trade in a tight range between 91.50 and 91.90 as investors await fresh fundamental drivers. The economic indicators are in line with the market expectations and lacking any surprises that could impact the current market balance. A series of economic figures will be published this week, among them the US jobs report, where a strong reading could raise the chances of early policy tightening. The EURUSD is steady near $1.1940, the GBPUSD rallied to $1.3925, and the USDJPY fluctuated near 110.70.

Metals

Precious metals prices recovered from late Friday's dip as the dollar eased to its bottom range. The price of a gold ounce is trading near $1783, the price of a silver ounce held steady above $26, and palladium is unchanged near $2640.

Oil

Oil prices raced higher to hits near a multi-year high as the markets resumed trading earlier today. The chatters on a lack of agreement between Iran and the World's superpowers supported prices. On the other hand, the economic recovery is boosting oil demand, and with the current producers' plan, the inventories are continuously shrinking. OPEC+ will meet later this week to decide on the coming output, where any surprises could impact the market. The West Texas Intermediate Crude August contract rose to $74.43, and the Brent blend August contract rallied to $76.56.

Major Economic Events

GMT Country Event Expectation Previous

12:00

EZ

German Buba President Weidmann Speaks 

-

-

13:00

US

 FOMC Member Williams Speaks 

-

-

 

CFDs and Spot FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.14% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs and Spot FX work, and whether you can afford to take the high risk of losing your money. Read More
Read More
Mail Call Chat