Futures in Hong Kong and Australia are pointing higher on the last trading day of the quarter as investors are eyeing for US infrastructure stimulus. Futures in Japan dipped as the largest Japanese bank, Nomura is taking a hit from the disposal of positions by Bill Hwang’s Archegos Capital Management .
US equities fell off on Tuesday upon the upward bond yields pressure. The Dow Jones Industrial Average fell 0.3% from the previous record-peak. The S&P 500 and Nasdaq Composite fell 0.03% and 0.1% respectively as utility and consumer staples lagged behind.
The US 10-year yields touched 1.77% on Tuesday before subsiding as banks reduced debt holdings ahead of the supplementary leverage ratio expiry on the 31st of March. US 2-year yields were steady again near 0.15%.
Global oil halted gains on Tuesday as commodities traders looked before tomorrow’s OPEC+ meeting. Brent crude fell 1.46% to $US64 per barrel. WTI crude fell 2.01% to $US60.32 per barrel.
The dollar strengthened for a second day against major currencies on Tuesday. EURUSD fell from highs around $1.1774 to lows near $1.1712. AUDUSD fell from highs around $0.7663 to lows near $07585. The Japanese yen (USDJPY) fell against the dollar from highs near 109.79 yen per dollar to lows near 110.43 yen per dollar.
Gold sunk below $1700 an ounce to a multi-month low, currently trading near $1684 per ounce. Iron ore fell by 0.7% or $1.15 to near $166.55 a tonne.
Key events this week:
- US Infrastructure Plan (Wednesday)
- EIA Crude Inventory Report (Wednesday)
- AU Retail Sales and Trade Balance (Thursday)
- OPEC Meeting (Thursday)
- US Employment Date (Friday)
Read more on forex trading for beginners.
The market is dynamic and presents opportunities to trade. ZERO Markets is a regulated broker globally that gives its traders the confidence to trade across a broad range of asset classes including CFDs on Forex, Shares, Indices, Commodities, and Cryptocurrencies. Start trading with ZERO on tight spreads from 0.0 pips today!
DISCLAIMER: The information contained in this material is intended for general advice only. It does not take into account your investment objectives, financial situation or particular needs. Zero Markets has made every effort to ensure the accuracy of the information as at the date of publication. Zero Markets does not give any warranty or representation as to the material. Examples included in this material are for illustrative purposes only. To the extent permitted by law, Zero Markets and its employees shall not be liable for any loss or damage arising in any way (including by way of negligence) from or in connection with any information provided in or omitted from this material. Features of the Zero Markets products including applicable fees and charges are outlined in the Product Disclosure Statements available from Zero Markets website,www.zeromarkets.com and should be considered before deciding to deal in those products. Derivatives can be risky; losses can exceed your initial payment. Zero Markets recommends that you seek independent advice. DISCLAIMER: ZERO Financial Pty Ltd (ZERO MARKETS, ABN 72 623 051 641) is an Authorised Representative (no: 001273819) of First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFSL 286354).
Leave a Reply