Stock Markets Surge While USD Faces Continued Weakness

Hello traders, and welcome to Tuesday! Let’s start by reviewing what happened yesterday. We saw better-than-expected data from Germany, with the IFO Business Climate Index coming in at 86.6. Meanwhile, the U.S. surprised with much stronger-than-expected durable goods orders, which rose by 9.9%, far exceeding the 4% forecast. This positive data provided a strong start to the week.

Looking ahead to today’s calendar, we have one significant data release to watch: the CB Consumer Confidence Index from the U.S., which is expected to come in at 100.9. This figure could set the tone for market sentiment as we move through the day.

Futures are looking strong, with both American and European indices climbing higher. The positive sentiment in the stock market continues, suggesting that investors are feeling optimistic about the near-term outlook.

Turning to commodities, we observed a small correction in oil prices yesterday, but the overall sentiment remains positive. The precious metals market is also maintaining a positive tone, though we are seeing some early signs of potential bearish corrections in platinum and palladium. It will be interesting to see if these corrections materialize as the week progresses.

In the currency market, there’s positive momentum for the New Zealand Dollar, Australian Dollar, and British Pound. Meanwhile, the American Dollar and Japanese Yen are experiencing corrections. The U.S. Dollar, in particular, has been one of the weakest currencies in recent days, a trend that continues to dominate the forex market.

Source: https://www.axiory.com/analytics/market-news/stock-markets-surge-while-usd-faces-continued-weak