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US stocks continue to rise, the dollar is rising, and more

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US stocks continue to rise after the early signs of Powell's statement that the idea of ​​reducing interest rates is not far. On the trade front with Mexico, the authorities said they would do their best to avoid new tariffs from the Trump Administration.

At the end of the European session, the S&P500 is up 1%, recovering from the "hemorrhage" caused by technological actions after the rampant antitrust dispute. Manufacturers of cars and motherboards led the rally after Mexico said they believed there was an 80% chance of a deal with Trump. As a result, the Mexican peso also rose against the dollar.

Powell's comments only fueled speculation that the central bank will cut interest rates later this year to curb the decline in economic growth. Interest-sensitive and property-sensitive assets (shares of such companies) were the only two sectors of the 11 in the S&P500 that retreated. 10-year bond yields rose for the first time in a week, and the US dollar is shaking in both directions today.

Here are the more important events ahead:

  • Chinese President Xi Jinping kicks off his two-day visit to Russia on Wednesday
  • Theresa May on Friday will officially give up its position as the leader of the Conservative Party
  • The Friday report on payrolls is expected to show an increase of 1830,000 in May and unemployment to stay at 3.6%. Hourly wages are expected to remain at 3.2%

The main moves today in the market:

  • The S & P500 is up about 1% and traded at around 2773.03, the strongest rise in the index since two months
  • Stoxx Europe 600 reflected an increase of 0.4%
  • MSCI Asia Pacific fell by 0.1%
  • Bloomberg dollar index rose 0.1%
  • The euro after its initial growth has fallen by about 0.05%
  • The Japanese yen fell by about 0.2%
  • US 10-year bonds increased yields by 2.13%
  • German 10-year bonds remain below zero at -0.21%
  • British 10-year bonds rose to 0.902%
  • West Texas Intermediate fell by about 0.2%, then started a slight recovery
  • Gold now adjusts and is down by about 0.1%

Source: Bloomberg Finance L.P.

Photo: Flickr


 Trader Martin Nikolov

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