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  • Gold prices failed to retake the uptrend from the May 2019, March 2020, and March 2021 lows, and are nearing their monthly low. Get your $XAUUSD market update from @CVecchioFX here:
  • The US Dollar continues to push higher against ASEAN currencies after the FOMC rate decision. This leaves the USD/SGD, USD/THB, USD/PHP and USD/IDR outlook mostly tilted higher. Get your market update from @ddubrovskyFX here:
  • Latest update on #Evergrande focusing on the Australian Dollar "Australian Dollar Eyes Evergrande as USD Bondholders Still Await Interest Payments" #AUD $AUDUSD
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here:
  • 🇹🇭 Balance of Trade (AUG) Actual: $-1.22B Expected: $0.97B Previous: $0.18B
  • Heads Up:🇹🇭 Balance of Trade (AUG) due at 03:30 GMT (15min) Actual: $-1.22B Expected: $0.97B Previous: $0.18B
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here:
  • Evergrande USD bondholders say have yet to receive interest due Thursday -BBG
  • The US Dollar seems to be back on the offensive against its major counterparts, pressuring EUR/USD and NZD/USD lower as USD/JPY consolidates. USD/CHF surges past key resistance. Get your market update from @ddubrovskyFX here:
  • Gold prices gain as potential systemic risks out of China's Evergrande Group roil broader markets. Meanwhile, iron ore is ticking higher after a big drop on Monday as China steps up steelmaking curbs. Get your market update from @FxWestwater here:
Crude Oil Prices Soaring, S&P 500, Dow Jones Heading Higher - US Market Open

Crude Oil Prices Soaring, S&P 500, Dow Jones Heading Higher - US Market Open

Justin McQueen, Strategist

Crude Oil , GBP, S&P 500 Analysis & News

  • Crude Oil Extending Gains
  • Risk Sentiment Firmer
  • GBP Hitting Key Levels

QUICK TAKE: Crude Oil Prices Crack $60, S&P 500, Dow Jones Heading Higher

Equities: A strong lead from Asia and Europe sees US futures comfortably in the green. The US Senate voted (51 vs 50) to pass budget measures to adopt the fast-track Biden stimulus plan, starting the reconciliation process. US Treasury Secretary Yellen further stoked the reflationary theme by arguing that the benefits of Biden’s stimulus plan to the economy outweighed the inflation risks. Elsewhere, an area I don’t focus on a great deal, but is worth mentioning, is Tesla announcing that they invested $1.5bln in Bitcoin in January and may start to accept Bitcoin as a form of payment soon, which in turn saw Bitcoin hit a fresh record high at 44,600. (Full report).

Euro Stoxx 50 Sector Breakdown

Outperformers: Basic Material (1.7%), Industrials (1.2%), Energy (1.0%)

Laggards: Utilities (flat), Consumer Staples (0.3%), Consumer Discretionary (0.6%)

US Futures: S&P 500 (2.1%), DJIA (2%), Nasdaq 100 (1.7%)

Intra-day FX Performance

Crude Oil Prices Soaring, S&P 500, Dow Jones Heading Higher - US Market Open

FX: Little to say about FX markets, which have gotten off to a rather slow start. GBP is on the back burners slightly with GBP/USD pulling back from the 1.3740-60 resistance area, while GBP/JPY rejected the 2020 peak at 144.95 (GBP levels to watch). The USD has managed to hold onto the 91.00 handle as short-squeeze risks remain. Reminder, that this had been evident in the latest COT report.

Commodities: Oil prices haves remained on the front foot with Brent crude futures hitting $60/bbl. Of note, over the weekend, US President Biden stated that the US will not lift sanctions to bring Iran to talks.

Looking ahead: DailyFX Calendar

Crude Oil Prices Soaring, S&P 500, Dow Jones Heading Higher - US Market Open

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.