Market Recap - Trump once again puts pressure on Fed's Powell
US indices closed higher yesterday and the Nasdaq only just at 0.01%. In the Asia Pacific area, Japan's Nikkei 225 (1.11%) and China's Shanghai Comp. (1.05%) closed in the black, while, Australia's ASX closed just under flat as commodities struggled. Trump managed to make the headlines again by saying he not even a little bit happy with Fed chair Powell. This is not the first time the US president has criticised the FOMC chair.
In commodities markets, oil managed to rise despite a build in API inventories. API's recorded a build of 3.453mln vs a prev draw of 1.545mln. This morning spot WTI trades at $52.30, 0.42% higher.
Gold has still been struggling as the USD's relentless rally continues. Today we are set to hear from Jerome Powell the FOMC chair and also get the latest minutes from the Fed tomorrow, so we could be in for a volatile couple of days.
After breaking the $2.71/lb support level yesterday copper has recovered somewhat in the Asian session. Reports yesterday that the US were considering tariffs on EU auto names send base metals tumbling however the reports were not confirmed and the complex rebounded.
Today we have a busy session. We will be looking out for US GDP, US new home sales, DoE's, Japanese retail sales, lots of ECB speakers and the main event is Powell's speech.