Futures were little changed in Hong Kong, Japan, and Australia. The S&P 500 climbed 0.5% after Jerome Powell reiterated his views that inflation pressures will be transitory despite a notable increase in recent months. The Dow Jones index and Nasdaq each rose by 0.2% and 0.8% respectively.
Treasury yields fell on Tuesday. US 10-year yields fell by 2 points to 1.46% and short-term US 2-year yields rose by 2 points to near 0.23%.
Forex trading saw the greenback weakened against other major currencies. According to ZERO Markets’ Meta Trader 5 platform, the Euro rose from lows near $1.1880 to highs near $1.1940 against the dollar. The Aussie dollar rose from lows near $0.7494 to lows around $0.7555 against the dollar at US close.
Commodity trading saw crude oil prices fell on Tuesday as OPEC+ nations are considering increasing production at next week’s meeting as the oil market tightens. Brent crude fell by 0.1% to near $US74.8 a barrel. WIT lost 0.8% to near $US73.06 a barrel.
Iron ore prices jumped 3% to near $212.7 a tonne. Precious metals trading saw gold fell 0.3% to near US$1777.4 an ounce.
Key events this week (Economic Calendar):
- Bank of England rate decision (Thursday)
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