Dollar weakening reverses
US stock market rebound continued on Monday led by technology stocks. The S&P 500 gained 0.5% to 2886.73. Dow Jones industrial added 0.3% to 26062.68. The Nasdaq composite rose 1.1% to 7823.17. The dollar turned higher yesterday: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.2% to 96.768 and is higher currently. Futures on US stock indices point to higher openings today.
FTSE 100 top performer among European indexes
European stocks extended gains on Monday. Both EUR/USD and GBP/USD turned lower with euro higher currently while Pound continues falling. The Stoxx Europe 600 index added 0.2% led by basic resources shares. The DAX 30was closed yesterday. France’s CAC 40 added 0.3%. UK’s FTSE 100 advanced 0.6% to 7375.54 despite data showing Britain’s economy sharply contracted in April due to the biggest fall in car production since records began.
Shanghai Composite leads Asian indexes rebound
Asian stock indices are rising today despite fresh threats from President Donald Trump to raise tariffs on imports from China. Nikkei closed 0.3% higher at 21204.28 with yen yen slide against the dollar accelerating. Markets in China are gaining: the Shanghai Composite Index is up 2.6% and Hong Kong’s Hang Seng Index is 0.8% higher. Australia’s All Ordinaries Index rallied 1.6% as Australian dollar continued sliding against the greenback.
Brent up
Brent futures prices are edging higher today bolstered by expectations that major crude oil producers and OPEC will keep withholding supply. Prices fell yesterday: August Brent crude lost 1.6% to $62.29 a barrel on Monday.
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EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
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Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
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