News

US Stock-Index Futures Rally to another Record, Dollar Surges

Equities

Major US stock-index futures extended rally to another record high on improved risk sentiment. The signed phase 1 trade deal and upbeat retail sales figures supported the positive bias. The Dow Jones Industrial Average futures soared to 29332, the S&P500 futures advanced to 3316, and Nasdaq rallied to 9158.

USD

The dollar index, which measures the greenback against a basket of major currencies, bounced off a one-week low to settle higher at 97.36 on positive economic data. The December Core Retail Sales rose by 0.7%, beating estimates of 0.5%, the weekly initial jobless claims dropped to 204 thousand, and Philadelphia Fed Manufacturing index surged to 17, the highest reading since July. The USDJPY rallied to an eight-month high of 110.29, and the EURUSD dipped to $1.1127. Investors are looking forward to a series of economic data to be published today, among them: housing starts and building permits, industrial production, consumer sentiment, and JOLTS.

Metals

Gold prices continued to trade in a tight range awaiting fresh fundamental drivers. The price of a gold ounce found upside resistance near $1557, and support at a low of $1547, the price of a silver ounce rose to $18.08, and palladium soared to a fresh record high of $2341.

Oil

Oil prices recovered slightly amid increased risk appetite. The US-Sino trade truce and upbeat economic data lifted investors' positive sentiment. The West Texas Intermediate crude futures edged higher to $58.86, and Brent futures rose to $64.94.

Major Economic Events

GMT Country Event Expectation Previous

9:30

UK

Retail Sales (MoM) (Dec)

0.5%

-0.6%

10:00

EU

CPI (YoY) (Dec)

1.3%

1.3%

13:30

US

Building Permits (Dec)

1.4680

1.4740

13:30

US

Housing Starts (Dec)

1.375

1.365

14:15

US

Industrial Production (MoM) (Dec)

-0.2%

1.1%

15:00

US

JOLTs Job Openings (Nov)

7.233

7.267


Disclaimer
 

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