Yesterday was a very positive day on the market as the stimulus bill was approved, with President Biden expected to sign off the bill on Friday. This stimulus package is the largest stimulus measure in American history.
News of the bill resulted in an influx of positivity as investors went risk on pushing US indices higher as the Dow made a new all time high. The Nasdaq and S&P both also saw upside momentum from the positivity of the stimulus bill.
The European market was mixed as the Dax pushed to make new all time highs, but the FTSE didn’t carry through the momentum closing the day on 6735.
Clear greenback weakness in the market saw the commodities rally throughout the day as Brent is currently trading in the $68 region, up from yesterday’s low of $66.56. Gold broke the crucial 1720 level yesterday, pushing up aggressively to its current price of 1734.
Keep an eye out for Monetary Policy Statements coming out of Europe at 2:45pm (SAST).
2:45pm - Monetary Policy Statement (EUR)
2:45pm - Main Refinancing Rate (EUR)
3:30pm - ECB Press Conference (EUR)
5:00pm - JOLTS Job Openings (USD)