The dollar index which measures the greenback against a basket of major currencies retreated from a two-month high of 97.37 to trade at a low of 96.71. The optimism over trade talks between China and the United States led investors to shift away from the greenback safety into riskier assets. Moreover, the soft industrial and manufacturing data along with weak retail sales data continue to signal that the US economy grew at a much slower pace recently. Market participants will focus this week on the trade talks that will take place in Washington, and the FOMC meeting minutes. The USDJPY is trading near 110.55, and the EURUSD is hovering above $1.13.
Major US indices finished sharply higher on Friday on optimism over a trade deal between the world's largest economies. The Dow Jones Industrial Average futures gained for the eighth consecutive week closing at a ten-week high of 25901, the S&P500 futures rose to a high of 2777, and Nasdaq futures jumped to a high of 7095.
Metals prices soared as the dollar weakened along with US Treasury yields. The gold ounce climbed to $1325, the highest since January 31st. The silver ounce hovered near $15.80, and palladium spiked to a new high of $1454.
Oil prices finished higher for the fourth consecutive day to trade at the highest levels since November, supported by OPEC-led supply cuts and trade hopes. The West Texas Intermediate crude futures advanced to a high of $56.11, and Brent futures extended gains towards a high of $66.76.
Major Economic Events
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