On Wall Street, equity markets rallied hard following Friday’s exaggerated sell of. The Dow Jones Industrial Average gained 155 points to close at 11,163.62. The NASDAQ advanced 1.52% while the S&P 500 gained 1.27%. In Japan and the U.K it was a Holiday. However, in the Euro-zone trading was flat on lighter volumes as the Stoxx Europe 50 tacked on 1.44 points, closing at 2,542.66.
Commodities & Treasuries:
Oil continues to trade firm as it touched $87 a barrel during intraday trading before finishing modestly lower. Near Term Resistance now holds at 87.39. A close above that level would be very significant. Gold gained for a third consecutive session closing at 1,182.50. Yield on the 10yr Treasury gained for the first time in 3 days touching 3.69% as prices fell 11/32nds.
The DXY, the U.S Dollar Index, traded higher yesterday picking up .23 points to close at 82.38. As the price of Oil continues to rise and the U.S economy shows signs of recovery the CAD is starting to firm once again gaining 52 pips to close at 1.0104. It was the EUR that that came up short versus the Greenback, this time giving back .91% to close at 1.3194.
In the U.S yesterday, ISM Manufacturing saw a nice up-tick to 60.4. Earlier today in Australia, the RBA again raised the key Interest Rate by a quarter point to 4.50%, but in line with expectations. In the U.S, Pending Home Sales figures will print as will Factory Orders. Analysts are expecting a sharp fall off in month over month data as the Government Home-buyers Incentive program is set to expire.
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