US Stock markets surged higher again on the first trading day of the week as investors continued to price in a soft landing for the US economy and look ahead to Fed Chair Jerome Powell confirming pending rate cuts later in the week.
Treasury yields drifted lower, but the dollar took another substantial hit to drop to its lowest level in 7-months against a basket of currencies.
Oil prices fell again as demand concerns continued to weigh and Gold hit another all-time high before consolidating just above the $2,500 level.
It is a slightly busier day ahead in terms of scheduled risk events, China releases its latest Loan Prime Rates in the morning session and traders will be wary after last month’s surprise cut. Later in the day the focus will move to Canada for its key CPI data release.
| Market | Change | Close |
| Dow | +0.58% | 40,896 |
| S&P | +0.97% | 5,608 |
| Nasdaq | +1.39% | 17,876 |
| USD | -0.56% | 101.89 |
| US Treasury – 2 Year | -0.4 bps | 4.062% |
| US Treasury – 10 Year | -1.9 bps | 3.873% |
| Oil – Brent | -2.4% | $77.79 |
| Oil – WTI | -1.9% | $74.42 |
| Gold | -0.12% | $2,501 |
Today’s Events (AEST):
Asian Session
- 11.15 am – China – 1-year Loan Prime Rate
- 11.15 am – China – 5-year Loan Prime Rate
- 11.30 am – Australia – Monetary Policy Meeting Minutes
European Session
- 7.30 pm – Switzerland – Swiss National Bank Chairman Thoms Jordan Speaks
US Session
- 10.30 pm – Canada – CPI Data
