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USD Drops, Gold Spikes, Equities Benefit Post-NFP


(N1) Uptrend Extends


E-MINI S&P (M1): Support Remains Intact

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  • For a second consecutive session, copper futures have hit new cycle highs, as momentum persists in industrial metals amid expectations of a global economic recovery in H2 this year. Markets are now within reach of the 2011 peak of $4.65.
  • Oil markets are more stable after WTI inched lower late Monday. Prices have recovered just above the $62.50 level, with focus on the API inventory data due after-market and the ongoing OPEC discussions this week.
  • Markets continue to expect no material change in OPEC policy at this week's meeting. Suggestions that the group were considering only a technical JMMC get together signalling no cause for concern on current output targets. Nonetheless, a resurgence of COVID in India remains a cause for concern and has clouded the outlook for energy demand.