Yesterday we had some record closes on the US market, with the 3 major US equity indices attaining record highs. The S&P, Dow and Nasdaq had not attained record levels on the same day since 1999. Helping lift sentiment were some good quaterly corporate results and a rebound in oil prices.
Oil reacted positively on comments that oil producers are expected to engage in discussions that could potentially stabilize oil market prices.
The US dollar continued to build on yesterday’s gains this morning with the US Dollar index (DXY) currently at 95.93. The USD enjoyed support as comments from a Fed Official circulated the markets. These comments suggested that a rate increase was possibly still in the cards for this year.
EURUSD was unable to re-attain 1.12 levels yesterday as the 1.1160 support we mentioned yesterday failed to hold. However the currency pair and most importantly the euro has held tight and despite the setback for the day manage to hold around 1.1140.
Today’s economic docket holds some major impact data. We have German and EZ GDP, industrial production from the EZ, US Advance Retail Sales and Michigan Consumer Sentiment.
