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US Stock Futures Scale-Up Gains on Upbeat Economic Activity

Equities

Futures tied to major US stock indices extended their upside rally supported by tremendous optimism over the US economic activity. The economic indicators continued to show a rapid and solid recovery during the past two months. The Retail sales jumped significantly by 9.8% on a month-on-month basis as direct payments from Biden's stimulus plan fueled consumer spending. Also, the Initial Jobless claims rose by only 576 thousand, the lowest reading since the beginning of the pandemic. Even more, the NY Empire State Manufacturing Index and Philadelphia Fed manufacturing index came well above expectations. The Dow Jones Industrial Average futures rallied to record 33960, the S&P500 futures rose to 4165, and Nasdaq futures recovered to 14031.

USD

The dollar index which measures the greenback against a basket of major currencies fell further to a one-month low of 91.50 as Treasury yields tumbled. The US 10-year yields declined to a five-week low of 1.529%. The last drive lower was driven by a noticeable demand to the US debt, where the US 30-year bond auction had a bid-to-cover ratio of 2.47 versus 2.28 previously. However, this could be temporary as a drop in yields will weigh again on the demand for bonds, while the economy is recovery sharply. The USDJPY dipped to 108.60, the EURUSD rose to $1.1985, and the AUDUSD inched higher to $0.7760.

Metals

Precious metals prices soared as the dollar slipped along with Treasury yields making the non-yielding bullions attractive again. The price of a gold ounce rallied to $1769, the highest since late February, the price of a silver ounce rose to a four-week high of $26.00, and palladium posted an all-time high of $2758.

Oil

Oil prices extended their upside rally as investors are further optimistic over the economic recovery around the world. The economic figures from the United States are outstanding, in Europe, there are hopes that this is the last hardship, and inventories continued to decline. The West Texas Intermediate crude May contract rose to $63.86, and the Brent blend June contract edged higher to 57.36, the highest in a month.

Major Economic Events

GMT Country Event Expectation Previous

9:00

EZ

 CPI (MoM) (Mar)

0.9%

0.2%

12:30

US

Building Permits (Mar)

1.750

1.720

12:30

US

 Housing Starts (Mar)

1.613

1.421

14:00

US

 Michigan Consumer Sentiment (Apr) 

89.6

84.9

14:00

US

 Michigan Inflation Expectations (Apr) 

-

3.1%

17:00

US

 U.S. Baker Hughes Oil Rig Count

-

337

 

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