Market Recap - Commodities Breath A Sigh Of Relief As The USD Backs Off
What a way to start your week!
All three major US bourses traded in the green yesterday with the Nasdaq outperforming up 0.65%. In the Asia Pacific area, it was pretty much the same apart from the ASX which fell 0.30%. In China, the Shanghai Comp. rebounded to trade higher by 2.26% with earnings helping to prop up the index.
The Commodities market is also in the green this morning as the relentless USD rally takes a pause. Copper once again rejected the $2.70 area and has moved up around a per cent overnight. A key level for the industrial metal is the $2.85/lb area as it would confirm a lower high.
Gold once again is desperately trying to form a base, prices are currently around $1212/oz and in the last few days, we have failed to break the intraday resistance of $1218/oz.
Spot WTI has extended its gains following the war of words between the US and Iran. After Iran's president gave his press conference he said he would be speaking to Trump but we have not heard the outcome of that phone call as of yet. Today we get the release of the latest API figures at 9.30pm London time....