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Dollar Index Surges Ahead of Economic Data

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USD

The dollar index which measures the greenback against a basket of major currencies settled higher for the second consecutive day at 97.56. The strong status of the US economy supported the flow into dollar safety amid rising market risks and uncertainty. Market participants await the release of a series of economic indicators among them the Retail Sales figures, Industrial Production, and Business Inventories to grasp further clues about the performance of the US economy. The US 10-year yields surged slightly to 2.428% after testing a six-week low of 2.386% on Monday. The USDJPY rose to a high of 109.77, and the euro and pound extended losses against the dollar with the EURUSD tumbling to $1.1200, and the GBPUSD tripping to $1.2900.

Equities

Major US stock-index futures rose to cover partial losses incurred on Monday. The recent trade tensions between the United States and China weighed on investor's risk appetite and drove US equities lower. However, the growing hopes of reaching a trade deal especially after president Trump declared that the trade talks would be successful helped to ease investors' woes. The Dow Jones Industrial Average futures climbed to 25677, the S&P500 futures surged to 2852, and Nasdaq futures rallied to 7459. 

Metals

The yellow metal raced to a one-month high of $1303 on Monday supported by the growing trade and geopolitical tensions. However, the gold ounce surrendered partial gains and dropped to $1293 on enhanced risk sentiment following Trump's latest comments. On the other hand, the silver ounce hovered near $14.80, and palladium slipped to $1315.

Oil

Oil prices settled higher supported by the Middle East tensions, ignoring US inventory build-up. The Kingdom of Saudi Arabia declared that two of its oil pumping stations were attacked by drones, two days after the sabotage of oil tankers. The tension in the Middle East is escalating as the United States aimed to drop Iran's oil exports to zero by refusing the grant waivers to Iran's oil exports. The geopolitical tensions are key movers for oil prices. The West Texas Intermediate crude futures rose to a high of $62.09, and Brent futures climbed to a high of $71.61. On the other hand, the American Petroleum Institute reported that the US weekly crude oil stock rose by 8.6 million barrels last week. The official numbers will be released by the US Energy Information Administration later today.

Major Economic Events

GMT Country Event Expectation Previous

9:00

EU

GDP (QoQ) (Q1)

0.4%

0.4%

12:30

US

Core Retail Sales (MoM) (Apr)

0.7%

1.2%

12:30

CA

Core CPI (MoM) (Apr)

 

0.3%

12:30

CA

Core CPI (YoY) (Apr)

1.8%

1.6%

13:15

US

Industrial Production (MoM) (Apr)

0.0%

-0.1%

14:00

US

Business Inventories (MoM) (Mar)

0.0%

0.3%

14:30

US

Crude Oil Inventories

-0.800

-3.963

 

Disclaimer 

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