Commodity traders were on the move overnight as OPEC+ agreed to increase oil production gradually each month upon a stronger economic outlook. WTI crude rose 3.62% to above $61.2 per barrel. According to Zero Markets’ Metatrader 4, WTI futures were trading on a tight spread around 5 pips in the early Friday Asia trading session.
Joe Biden’s $2.25 trillion stimulus package boosted investor confidence and sent US stocks to a record high. The S&P 500 rose 1.18% and closed above 4000 points for the first time. The Nasdaq and Dow Jones each rose 1.76% and 0.52% respectively. However, trading volume is likely to be thin over the Easter holidays.
According to forex broker, Zero Markets, the US dollar retreated against major forex pairs overnight. EUR/USD rose 0.42% to $1.1777 and AUD/USD rose 0.27% to $0.7617 as fx traders sold off the greenback upon the massive spending plan.
Upcoming on Friday, the latest US unemployment data should provide traders a view on the pace of economic recovery in America.
Key events this week:
- US Employment Date (Friday)
Weekly Trading Bonus:
Read more on daily news to keep up with the evolving market trend.
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