Positivity keeps on flowing through global equity markets as improving labour conditions tend to be the driving force behind more parts of global economies reopening. Vaccine rollouts globally are in full fight as countries implement, plan and distribute vaccines to bring global growth back to normality. In yesterday’s International Monetary Fund and World Banks meeting Powell stated that COVID-19 cases are on the rise, and urged people to get vaccinated as his major concern rather than the increasing inflation risk. The Fed is targeting a 2% inflation rate by the end of the year, currently inflation is 1.7%.
Yesterday was another positive day on the market as Nasdaq, S&P, and FTSE all pushed higher. Dow and Dax are both still stuck in daily ranges at all time highs.
Gold and Silver both recovered well yesterday as bond yields declined resulting in Gold closing out the day on $1755, similarly Silver held the $25 level to close out the day on $25.46. Brent is still ranging between $62.32 and $63.30.
Bitcoin followed Gold's lead as bond yields declined, recovering from its daily low of 55 667 to close out the day on 58 000.
Pre-European open USD and JPY strength came into the market as the strengthened against Major and Commodity currencies. Keep an eye out for CAD unemployment figures coming out this afternoon.
3:30am - RBA Financial Stability Review (AUD)
2:30pm - Employment Change (CAD)
2:30pm - Unemployment Rate (CAD)