Strong Start to the Week: Oil Gaps Higher, Copper Surges, Eyes on Powell

Hello Traders, welcome to Monday.

Unlike typical Mondays that tend to start slow, today brings a surprisingly active calendar. The spotlight is on Switzerland’s GDP, expected at 0.4%, followed by the ISM Manufacturing PMI from the U.S., forecasted at 49.3. The session will wrap up with a speech from Federal Reserve Chair Jerome Powell, which has the potential to stir the markets, especially if any hints about policy shifts are dropped.

Market Open Snapshot:
Markets are trying to find their footing after Friday’s dramatic ride — a sharp drop followed by a solid rebound. Monday begins with a small dip, but that Friday recovery still has legs, and we may see its influence surface again once European traders fully engage in the session.

Currency Market Moves:

• Strength can be observed in the New Zealand Dollar, Australian Dollar, and Japanese Yen.

• On the weaker side, we’re seeing pressure on the U.S. Dollar and the Canadian Dollar.

Commodities:

• Oil kicked off the week with a bullish gap and is climbing steadily in early trading.

• The metals space is also on the rise:
  • Copper is leading the charge, up almost 4% at the open.

  • Gold, silver, and palladium are all gaining approximately 0.6%.

It’s a dynamic start to the week, and with key data and central bank commentary ahead, markets may be in for more volatility as the day unfolds.

Source: https://www.axiory.com/analytics/market-news/strong-start-to-the-week-oil-gaps-higher-copper-su