Equity futures in Asia are set to open steady as the market is eyeing the Federal Reserve statement on the state of economic recovery. The US 10-year yields were higher by 1 point to 1.62%, near its highest level in one year.
The US equities were mixed on Tuesday. Both the S&P500 and the Dow Jones Industrial Average retrieved from their record highs and closed the session with a loss of 0.16% and 0.39% respectively. The Nasdaq Composite on the other hand was higher by 0.09%, support by shares of Alphabet (+1.4%), Apple (+1.3%), and Microsoft (+1.24%).
Global oil retrieved for the third day while the dollar held steady. Brent oil fell 0.55% to $68.5 per barrel. WTI crude fell 0.69% to $64.94 per barrel.
In the foreign exchange market, the US dollar strengthened slightly against major currencies on Friday. The Euro (EURUSD) fell from highs around $1.1952 to lows near $1.1882. The Australian dollar (AUDUSD) fell from high around $0.7757 to lows near $0.7711. But the Japanese yen (USDJPY) rose against the dollar from near 109.29 yen per dollar to near 108.78 yen per dollar.
Metal Prices were slightly higher on Tuesday. Spot gold rose 0.1% to near $1731 an ounce. Iron ore rose by 1.6% to $166.3 a tonne.
Cryptocurrency traders took a hit as Bitcoin pulled back to around $56,000 from a weekend peak of $61,000. However, the managing partner and co-founder of Nexo, believes that every correction in Bitcoin is a new opportunity to make fresh highs.
Key events this week:
– US Federal Funds Rate and FOMC Statement (Wednesday)
– UK Bank of England Official Bank Rate (Thursday)
– JPY Bank of Japan Monetary Policy Decision (Friday)
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