US equities closed the week on a higher note, a pattern that appears to be repeating its self on a daily basis. Actually last Thursday was the initial time since 1999 that all 3 major indices in the US closed at record highs. As for OIL, after a bad start, managed to complete the week along with 10% gains. Looking forward, this is an action packed week in terms of news data. Wednesday will feature the FED minutes while on Thursday we will have actually the US PPI report. It is a big day today for the UK as well, as CPI data will be released today. The following day the U.K. employment report is released, which will give an indication if firms began laying off employees following Brexit.
Currencies: USDJPY has actually sunk to 1 month lows overnight, breaking 101 support levels, and reaching as reduced as 100.15. EURUSD is surging higher at the moment to 1.1240, reaching levels not seen since 24th of June, Brexit day. along with GBP still under tension (1.2885) , EURGBP is at the highest level since august 2013.Overall, it is a weak USD day so far amid reduced volume trading.
Stocks: Shares in Asia were mixed on Tuesday, along with record gains in the U.S. market overnight offset by a dip in oil prices and a firmer JPY. On Monday, the S&P 500, Dow Jones Standard and the Nasdaq Composite all reached record highs — a feat they accomplished last Thursday for the initial time since 1999 — on the back of hopes for production cuts in the oversupplied oil market.
Oil and Gold: After a week of 10% gains, and a renewed rally overnight, Oil traders are cashing in their profits which resulted in prices dipping a little bit. Growing expectations that OPEC members would certainly agree to a production freeze have actually supported prices since last week. The bullish sentiment was further heightened after the two largest oil producers — Saudi Arabia and Russia — indicated their support for such a limit. GOLD rose overnight, backed by a drop in stock market sentiment in Asia. The yellow metal moves usually in the opposite direction than stocks. Despite the fact that rising, the price has actually been stuck in a range in the last two weeks, flip flopping between $1330 and $1370
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