US stocks traded higher on Tuesday as gains in the Telecoms, Technology, and Energy sectors led shares higher. The Dow Jones rose by 0.23%, the S&P 500 by 0.32%, and the NASDAQ added 0.51% to its value. The US dollar reversed most of its early weakness on Monday before the Federal Reserve is expected to hike rates on Wednesday, though concerns about tepid inflation still weigh on the greenback. Today, the PPI is expected at 0.4% vs.. 0.4% prior. Gold prices fell, closing at $1,244 an ounce, as data showed money managers slashed their bullish bets to a 17-week low ahead of a widely expected Federal Reserve interest rate hike. Crude OIl traded higher, closing at $58.31 a barrel, amid supply disruptions after a major North Sea pipeline shut for repairs, while signs of rising US production capped gains in Crude Oil prices.
The euro traded lower against the US dollar. On the 1-hour chart, the EUR/USD pair is trading above the support level at 1.1730. Holding this condition should push the pair higher towards 1.20, while falling back below the support level could start a strong negative trend dropping towards 1.15. Today, the German ZEW Economic Sentiment is expected at 17.9 vs. 18.7 previously. The pound traded higher against the US dollar. On the 8-hour chart, the GBP/USD pair is trading above the support level at 1.3040. Holding this condition should push the cable higher towards 1.36, while falling back below the support line may start a strong negative trend dropping towards 1.28. Today, the CPI is expected at 3% vs. 3% previously.
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