Another day, another record-er highs

The new week is staring in a bullish mode (how unexpected), and equities across the globe are seen notably higher, with US futures up half a percent and EU exchanges opening circa one percent stronger. 

The US Food and Drugs Administrations (FDA) said on Sunday that it had issued ‘emergency use approval’ for the use of blood plasma from recovered patients as a treatment option for certain patients suffering from the effects of the Covid-19 virus.

Equities will most likely remain bid this week as investors turn their focus on the Jackson Hole Symposium. The regular yearly conference of central banks usually brings new insights into monetary policy, and it is normally dovish. 

Thus, the Fed should confirm the current ultra-loose monetary policy, with a possible hint at further easing or yield curve control, which might be bullish for equities again.

The greenback was trading flat today against other currencies, with the EURUSD pair seen at around 1.18, USDJPY at 105.80, and the cable near 1.31.

The macro calendar is empty today. Therefore investors will most likely remain in the current mood for the rest of the day – neutral on the USD, bullish on stocks, and metals.