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Dollar Eases ahead of Inflation Data

USD

The dollar index which measures the greenback against a basket of major currencies continued to trade in a tight range between 92.00 and 92.40 as investors await inflation data. Market participants were focusing on the US bond auction last night, where the US 10-year yield was the highest since January 2020. The spike in the producer price index in the United States and China sparked additional inflation woes to investors. Consumer price index figures today are crucial for market guidance. The EURUSD continued to hover near 1.19, and the USDJPY eased to 109.30.

Equities

Major US stock index futures traded near their all-time highs as the earnings season kicks off. Investors are looking forward to the performance of US companies during the first quarter. The fiscal and monetary stimulus supported a strong rebound in economic activity, leading investors' optimism higher, where stock market inflows soared significantly driving prices to record. The Dow Jones Industrial Average futures held near 33600, the S&P500 futures rallied to 4122, and Nasdaq futures hovered near a record close of 13820.

Metals

Precious metals prices eased as treasury yields raced higher erasing partial losses. Market participants are looking forward to further inflation data. The price of a gold ounce dipped to $1724, the price of a silver ounce dropped to $24.68, while palladium inched higher to $2697.

Oil

Oil prices continued to trade in a tight range as investors await further drivers. Market participants are assessing the impact of the third coronavirus wave on the oil-demand recovery. The numbers in Europe and India are rising significantly adding woes of weighing on supply. Meanwhile, the World superpowers are negotiating with Iran the nuclear deal, which could push additional supply to the markets in the future. The West Texas Intermediate crude May contract fluctuated near $60, and the Brent blend June contract held steady near $63.50.

Major Economic Events

GMT Country Event Expectation Previous

9:00

EZ

 German ZEW Economic Sentiment (Apr)

79.0

76.6

12:30

US

 CPI (MoM) (Mar)

0.5%

0.4%

20:30

US

 API Weekly Crude Oil Stock

-

-2.618

 

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