US equities had a mixed session overnight. The S&P climbed 0.36% while technology stocks outperformed, sent Nasdaq 1.54% higher. The Dow Jones Industrial Average fell 0.26%. Futures in Asia are set to open steady as traders assessed Joe Biden’s infrastructure plan.
According to Ania Aldrich, investment principal at Cambiar Investors LLC suggested that there is still some room for growth in stocks that will benefit in an economic recovery which hasn’t reflected in earnings yet.
The US 10-year yields continued their rise on Wednesday, rose by 1 point to near 1.74%. The US 2-year yields lifted by 1 point to near 0.15%.
Global oil eased off on Wednesday after no additional output plans were signalled in the lead-up to Thursday’s OPEC+ meeting. Brent crude fell 1.73% to $US63.03 per barrel. WTI crude fell 1.73% to $US59.5 per barrel.
The dollar weakened against major currencies on Wednesday. EURUSD rose from lows around $1.1704 to highs near $1.1760. AUDUSD was mostly flat and closed around $0.7593. The Japanese yen (USDJPY) rose against the dollar from lows near 110.93 yen per dollar to lows near 110.41 yen per dollar.
Gold futures lifted $30 to $1715.6 an ounce. Iron ore fell by $1.8 to near $164.75 a tonne after China announced potential tax charges on the steel industry.
Key events this week:
- 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).