Today's economic calendar is light, with only US building permits and housing starts scheduled for release.
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Today's economic calendar is light, with only US building permits and housing starts scheduled for release.
UK jobs data released today showed a surprise increase in wages, which boosted the odds of another 25 basis point rate hike by the Bank of England (BoE) to 90%.
This week is relatively quiet on news this week, with the major headline being the FOMC minutes being released on Wednesday.
The Dow Jones Industrial Average responded positively to the latest Producer Price Index (PPI) data, indicating easing inflation, with an impressive gain of over 150 points.
The stock market experienced a notable rally, with the S&P 500 logging its best day since April and the Dow Jones Industrial Average soaring nearly 500 points.
Gold is currently at a critical support level, with XAUDUSD attempting to break below the 1980 level. The recent decline in both gold and oil prices suggests a gradual unwinding of the risk premium associated with geopolitical tensions.
Crude oil prices have managed to sustain the gains observed last Friday, with market attention keenly focused on the unfolding events in the Middle East.
Markets are relatively quiet today as participants digest yesterday's risk off flows following the slightly better than expected US CPI and a weak 30-year treasury auction. WTI saw a big bounce trading to $85.37 as geopolitical issues remain in focus.
The recent escalation of tensions between Israel and Hamas has raised concerns about stability in the Middle East. This has put the focus on three key risks: oil, gas, and inflation.
WTI crude oil took a tumble and broke below support at $85, but fundamentals remain intact.
The Reserve Bank of Australia (RBA) kept rates on hold at 4.1% during today's Asia-Pacific session, as expected. The bank also left the door open to more hikes if necessary. However, the market reaction was a tad surprising, with the AUD seeing a chunky move lower despite no surprises from the bank.
The other asset to watch is gold as a big miss in the data could give gold a decent nudge higher if both the USD and yields pull back a bit. Just take note momentum on gold is firmly to the downside so adjusting risk accordingly is important.
Bid (buy) & ask (sell) prices are the prices that buyers & sellers are willing to accept for a tradable asset. The difference between them is called the spread.
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