Ipek Ozkardeskaya
Swissquote Bank Ltd
The reaction rally in oil is easing, with the barrel of crude settling around $86pb this morning. Brent crude remains offered near the 50-DMA, near $88pb level. Upside risks prevail.
Safe haven assets and oil companies amassed important capital inflows on Monday. Exxon Mobil jumped 3.5% and rally in oil stocks helped the British FTSE 100 limit gains in an otherwise depressive European trading session. Gold hit $1860 per ounce, as the US 10-year yield fell by a big chunk, around 18bp, on the back of increased inflows into the ten-year papers. The 2-year yield slipped below the 5% mark on dovish Federal Reserve (Fed) comments. The S&P500 – which opened the week on a bearish note, rapidly recovered losses and closed the session 0.63% higher. Nasdaq advanced above the 100-DMA, but the European Stoxx 600 started the week on a bearish note.
In currencies, the US dollar gave back early gains, the EURUSD stabilized between 1.0560 and 1.0580 while the USDJPY eased to 148. More Fed members will be speaking today, the IMF will soon release its latest growth forecasts and investors will remain cautious before the release of the latest PPI and CPI figures due Wednesday and Thursday respectively.
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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