Global stocks were higher on hopes that the United States and China would reach a trade deal. The talks have concluded, and the results will be published soon. Both parties are serious of reaching a deal especially after encountering the effect of their trade war on the global economy. The Dow Jones Industrial Average futures traded at a high of 23911, the S&P500 futures rose to 2586, and the Nasdaq futures climbed to 6609.
The dollar index which measures the greenback against a basket of major currencies tumbled to 95.74, erasing part of yesterday's gains. Investors were seen jumping into riskier currencies on higher hopes that the two biggest economies will strike a trade deal soon. On the other hand, the US Bureau of Labor Statistics reported that the US economy had 6.888 million job openings in November versus an expectation of 7.063 million. The EURUSD rose to a high of 1.1467, and the GBPUSD traded at 1.2742 despite Brexit woes. Moreover, commodity currencies advanced against the dollar were AUDUSD climbed to $0.7171, NZDUSD jumped to 0.6759, and the USDCAD dropped to 1.3225.
Gold prices drifted lower on enhanced risk sentiment. The gold ounce fell to $1279 after failing to break above $1295. The silver ounce steadied near $14.60, while palladium climbed to a fresh high of $1345.
Oil prices soared on OPEC+ supply cut and hopes of a trade deal. Moreover, the American Petroleum Institute reported that the US weekly crude oil stock fell by 6.270 million barrels. The West Texas Intermediate crude futures traded above $50 for the first time in three weeks, and Brent futures advanced to $59.36. Market participants await the official US crude oil inventories today by the Energy Information Administration.
Major Economic Events
|15:00||CA||BoC Interest Rate Decision||1.75%||1.75%|
|15:30||UK||BoE Gov Carney Speaks|
|15:30||US||Crude Oil Inventories||-2.800||0.007|
|16:00||CA||BOC Press Conference|
|19:00||US||FOMC Meeting Minutes|
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