Dollar Holds Gains Even as Equities Rip Higher
1m 12s
Risk sentiment is on the rise as the markets enjoy good news on multiple fronts. The Senate yesterday voted 50-49 to open debate on a budget resolution which a necessary step in getting President Biden’s stimulus package passed with a simple majority. Numerous tech companies, including Amazon, released positive earnings after the bell yesterday pushing futures solidly into the green.
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Lastly, Redditt-fueled stocks have lost their momentum and, in some cases, have come crashing down to earth, easing fears retail speculative trading will destabilize markets. The fact that the safe-haven dollar has held strong and even gained during this ferociously risk-on week is noteworthy indeed.
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Early this morning ADP will report its private payroll data, which can often foreshadow the monthly Non-farm payroll data. NFP is slated for Friday morning and is the largest risk event on the calendar. Later this morning, US service and composite PMIs will cross the wire. There is also a slew of Fed speakers and major earnings releases throughout the day.