The US indices edged higher as President Biden announced his plan for a $2 trillion infrastructure spending plan. However this does come at a cost as a proposed increase in corporate tax rates would be the source of the funds. Nasdaq and S&P both closed the day higher, however the Dow closed the day slightly lower.

The Dax continued its bull run as the index made another consecutive all time high.

Gold recovered after its strong decline pushing back up over the $1700 level to close out the day on $1707. Silver followed suit as it recovered to $24.40 from its daily low of $23.78. Brent tested the $62.50 prior to the OPEC meeting.

UK GDP data yesterday came out higher than forecasted resulting in a lot of GBP strength than came into the market as it strengthened against the Major and Commodity pairs. ADP data out of the US came out lower than the forecast without any significant change in Dollar strength, however it might be an indication to Friday’s NFP data.

There’s EURO and USD strength that came into the market in Asian session, JPY continues to weaken prior to the European open.

Thursday (SAST)
2:30am - Retail Sales m/m (AUD)
All day - OPEC-JMMC Meetings
4:00pm - ISM Manufacturing PMI (USD)