Bullet Report : Top 5 things to know in the market Today, October 3rd
October 3, 2017 8:23 am
The dollar extended its gradual rebound yesterday even as the gains were not impressive. Still, the US currency is nearing recent highs against a series of currencies including the euro and the yen. The economic calendar is thin today; however, it will get busier along the week. NFP is the big news of the week on Friday.
US equities surged to new record highs overnight on solid manufacturing data and strong dollar followed by gaining broadly in Asian session today. DOW jumped 152.51 points or 0.68% to close at 22557.6. S&P 500 rose 9.76 pts or 0.39% to end at 25.29.12. NASDAQ also gained 20.76 pts or 0.32% to 6516.72. The dollar rallied last week, as chances on a December Fed rate hike have risen and as the US government stepped up its efforts to put the tax reform on the rails. Both factors helped the dollar, and in the case of the EURUSD, the political turmoil in Spain has also dragged the pair further down. Gold has slid lower the last three trading days amid USD renewed strength and the markets shrugging off the continuing war or words from the North Korean issue. The yellow metal fell to a 7-week low of $1268. Prices have fallen in 4 out of the last 5 sessions, and in 3 consecutive weeks after hitting their highest in more than a year. With concerns about interest rate increases and a stronger dollar hurting its appeal. Oil saw a big turnaround and profit taking, to slide back off last week’s highs overnight. How the Turkey situation plays out will be key in the short-term for Oil, but I still favor moves above $52 to form a base for a potential drive higher in prices. Now that we have seen a rest under the $51 price, Oil will look towards US Inventories data for sentiment & direction this week
The dollar extended its gradual rebound yesterday even as the gains were not impressive. Still, the US currency is nearing recent highs against a series of currencies including the euro and the yen. The economic calendar is thin today; however, it will get busier along the week. NFP is the big news of the week on Friday.
US equities surged to new record highs overnight on solid manufacturing data and strong dollar followed by gaining broadly in Asian session today. DOW jumped 152.51 points or 0.68% to close at 22557.6. S&P 500 rose 9.76 pts or 0.39% to end at 25.29.12. NASDAQ also gained 20.76 pts or 0.32% to 6516.72.
The dollar rallied last week, as chances on a December Fed rate hike have risen and as the US government stepped up its efforts to put the tax reform on the rails. Both factors helped the dollar, and in the case of the EURUSD, the political turmoil in Spain has also dragged the pair further down.
Gold has slid lower the last three trading days amid USD renewed strength and the markets shrugging off the continuing war or words from the North Korean issue. The yellow metal fell to a 7-week low of $1268. Prices have fallen in 4 out of the last 5 sessions, and in 3 consecutive weeks after hitting their highest in more than a year. With concerns about interest rate increases and a stronger dollar hurting its appeal.
Oil saw a big turnaround and profit taking, to slide back off last week’s highs overnight. How the Turkey situation plays out will be key in the short-term for Oil, but I still favor moves above $52 to form a base for a potential drive higher in prices. Now that we have seen a rest under the $51 price, Oil will look towards US Inventories data for sentiment & direction this week
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Source: Easy Forex Forex.Info
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