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S&P500 Hits Another Record; Dollar Eases Ahead of Data

USD

The dollar index, which measures the greenback against a basket of major currencies, drifted lower during the Asian session to 90.41 as investors await a series of economic data today, and the Federal Reserve monetary policy meeting outcome tomorrow. The Producer Price Index, Retail sales, along with industrial production and Business inventories would give investors a clearer view of the economic recovery. Meanwhile, the Federal Reserve is starting a two-day policy meeting today to discuss the future of the monetary policy, there are no expectations for any policy changes but investors are awaiting the Fed's comments on the recent spike in inflation, and whether they are ready to tackle it, or they will stick with the initial plan. The USDJPY hovered above 110, the EURUSD inched higher to $1.2136, and the GBPUSD traded near $1.4120.

Equities

Futures tied to major US stock indices continued to have mixed performance. The rotation back to growth stocks was clear amid a drop in US yields. The Tech-heavy Nasdaq futures rose to 14160, the S&P500 futures hit another all-time high of 4266, while the Dow Jones Industrial Average futures lagged and traded lower at 34343. Market participants are awaiting clues from the Federal Reserve on the asset purchases program and whether the rising inflation could force the Fed to start tapering.

Metals

Precious metals prices trimmed early week losses but remained in the red territory for the week ahead of US data and the Fed meeting. The US 10-year yields rebounded to 1.504%, inserting pressure on metals. The price of a gold ounce fell as low as $1844, but managed to recover and is now holding near $1865, the price of a silver ounce is steady near $27.70, while palladium dipped to $2745.

Oil

Oil prices eased a little after testing their highest levels in more than a year. The United Kingdom has delayed its full opening by one month amid fears from the Delta variant. The action triggered woes over the oil-demand recovery if several countries will take similar measures. On the other hand, the market is still waiting for updates regarding the nuclear deal negotiations. The West Texas Intermediate crude July contract traded near $71.10, and the Brent blend August delivery hovered fluctuated near $73.

Major Economic Events

GMT Country Event Expectation Previous

12:30

US

 PPI (MoM) (May)

0.6%

0.6%

12:30

US

 Retail Sales (MoM) (May)

-0.7%

0.0%

13:15

US

 Industrial Production (MoM) (May)

0.6%

0.5%

14:00

US

 Business Inventories (MoM) (Apr)

-0.1%

0.3%

20:30

US

 API Weekly Crude Oil Stock

-

-2.108

 

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