The Asia stock market is set to open steady on the back of higher US futures. The US stock market on Friday saw the Dow Jones index and S&P 500 made new record highs, both lifted 0.7% after weak jobs data that added the case for ongoing stimulus. The Nasdaq rose by 119 points or 0.9%.
US yields were mixed on Friday with long-term yields rising on the back of solid economic recovery. US 10-year yields rose by 2 points to near 1.58%. On the other hand, US 2-year yields fell by 1 point to near 0.15%.
On the FX trading side, the US dollar was weaker against major currencies on Friday according to ZERO Markets’ MetaTrader 4 platform. EUR/USD rose from lows near 1.2051 to highs around $1.2170. AUD/USD rose from lows near $0.776 to highs around $0.786.
Global oil rose on Friday as fuel sales in the UK rose to the highest level since the pandemic. Brent crude rose by 0.3% to $US 68.28 a barrel. The CPI report to be released this week is forecasted to see a continue increase in price pressure.
Precious metals trading on Friday saw gold rose by $15.6 or 0.9% to near $US1831 an ounce. Iron ore prices jumped by 5% or $10.1 to an all-time high of $212.75 a tonne.
Key events this week:
- OPEC Monthly Report (Tuesday)
- US CPI for April (Inflation)
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