Equities rally intact after Wall Street rebound - 25.5.2021

Senior Analyst

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Todays’ Market Summary

The Dollar weakening continues currently
Futures on three main US stock indexes are up currently
Gold prices are inching higher currently

Top daily news

Stocks are advancing currently after US stocks climbed on Monday as investors bought growth stocks following a retreat in US Treasury yields. Tesla shares jumped 4.4%, Facebook gained 2.66% on Monday while Bitcoin rebounded nearly back above $40,000 after tumbling as low as $31,179.69 Sunday.

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Forex news

The Dollar weakening continues currently . The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slid 0.2% Monday.

EUR/USD reversed its sliding Monday while GBP/USD ended little changed. Both pairs are higher currently. USD/JPY reversed its climbing while AUD/USD reversed its sliding Monday with both Australian dollar and yen higher against the greenback currently.

Stock Market news

Futures on three main US stock indexes are up currently while US 10-year Treasury yields hover around 1.593 ahead of Federal Open Market Committee voting member Randal Quarles testimony on the Federal Reserve’s supervision and regulation of the financial system before the Senate Banking Committee today at 16:00 CET. The three US main stock benchmarks rallied Monday led by tech stocks recording gains ranging from 0.5% to 1.4%.

European stock indexes are down currently after ending higher with markets closed in Germany, Switzerland, Denmark, Norway, Belgium and Austria for the Whit Monday public holiday Monday. Asian indexes are mostly up today with Shanghai Composite leading gains as it reached highest level since early March.

Commodity Market news

Brent is edging lower today ahead of data from the American Petroleum Institute later today. Prices closed higher Monday as fears of supply glut if Iran starts exporting oil eased. The US oil benchmark West Texas Intermediate (WTI) jumped 3.9% but is lower currently. Brent rose 3% to $68.46 a barrel on Monday.