Markets will kick off the week in a positive mood after several major stock indices closed last week trading at, or close to, record highs, with the S&P notably finishing Friday’s session above the 40,000 mark. Fed Chair Jerome Powell didn’t rock the boat when speaking at his old University this morning and therefore markets were relatively well behaved, although precious metals traders will note that Gold took another step higher in thin markets this morning and now sits within striking distance of another record high.
It’s relatively quiet on the even calendar today and investors will be hoping that this opens the way for more risk positive moves across products. Traders will note that several major centres are enjoying a long weekend, and this will likely lead to reduced liquidity across the sessions, especially in Europe. There is a raft of Fed speakers due this week and they kick off in today’s US session and many are expecting volatility if we hear any change in rhetoric as the week progresses.
| Market | Daily Change | Close |
| Dow | +0.34% | 40,003 |
| S&P | +0.12% | 5,303 |
| Nasdaq | -0.07% | 16,685 |
| USD | -0.04% | 104.44 |
| US Treasury – 2 Year | +3bps | 4.825% |
| US Treasury – 10 Year | +4bps | 4.420% |
| Oil – Brent | +0.9% | $83.98 |
| Oil – WTI | +1.1% | $80.06 |
| Gold | +1.5% | $2,412 |
Today’s Events AEST:
Asian Session
- 11.15 am – China 1-year Loan Prime Rate
- 11.15 am – China 5 -year Loan Prime Rate
European Session
- Holidays – Switzerland, France, and Germany
US Session
- 11.00 pm – FOMC Members Waller and Barr Speaking
- 4.00 am – FOMC Member Mester Speaking
