Economic Indicators & Central Banks:
The USDIndex slumped to 103.95, the first time below the 104 level since April 9.
Yen benefitted significantly, with USDJPY currently at 154.35 as easing US inflation boosted bets on the Fed easing monetary policy this year, weakening USD, boosting the Yen.
Gold benefited from a weaker Dollar and a rally in bonds and the precious metal is trading at $2389 per ounce. At the same time, the precarious geopolitical situation in the Middle East is underpinning haven demand.
Oil prices rebounded slightly after the shinking of US stockpiles and the risk-on mood due to declined US Inflation. However USOil is still at the lowest level in 2 months, at 78.57.
Market Trends:
The NASDAQ popped 1.4% to 16,742. The S&P500 advanced 1.17% to 5308, marking a new handle. And the Dow rose 0.88% to 39,908.
Treasury yields tumbled sharply too on the increasingly dovish Fed outlook. Additionally, the break of key technical levels extended the gains to the lowest levels since early April before the shocking CPI data on April 10 boosted rates.
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Andria Pichidi
Market Analyst
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