Major US stock-index futures logged another record high on fresh optimism over trade between China and the United States. President Donald Trump tweeted that he had very good talks with President Xi of China concerning their trade deal, where China has already started large scale purchases of agricultural products and more. His tweet enhanced investors' positive sentiment and pushed stocks to new highs. The Dow Jones Industrial Average futures rose to 28525, the S&P500 futures advanced to 3227, and Nasdaq futures rallied to 8724.
The dollar index, which measures the greenback against a basket of major currencies, climbed to a two-week high of 97.76 on solid US data. A series of economic indicators released on Friday indicated that the US economy is resilient, maintaining a moderate pace of growth. Market participants are looking forward to the last piece of important data to be released today to grasp further insight into the US economic outlook. On the other hand, the CME Fed Watch tool ruled out any interest rate cuts in 2020.
Gold prices edged higher during the Asian session, breaching the upside resistance near $1480. The price of a gold ounce rallied to a ten-day high of $1485 as US treasury yields dipped. Also, the price of a silver ounce raced higher to $17.38, the highest since early November, while palladium plunged to $1811.
Oil prices faltered from a three-month high as investors took profit despite trade optimism. The West Texas Intermediate crude futures dropped to $60.00, and Brent futures declined to $65.73.
Major Economic Events
|9:30||US||Core Durable Goods Orders (MoM) (Nov)||0.1%||0.5%|
|12:00||CA||GDP (MoM) (Oct)||0%||0%|
|12:00||US||New Home Sales (Nov)||735.0||733|
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