Equities jump, FX market consolidates

Equities jump, FX market consolidates
Stocks advanced notably today, with the Nasdaq 100 index rising 1%, as US indices corrected some of their last week's massive losses.
However, the medium-term trend now seems bearish for all indices as they remain below their respective 200-day moving averages. 

On the other hand, US bond yields have fallen from their recent peaks, likely supporting indices in their short-term recovery. 

During the EU Session, EU preliminary PMIs for January are due, along with the UK surveys, possibly influencing the EUR and the GBP. 

Later today, the US Marking manufacturing PMI for January is expected to decrease slightly to 56.7, from 57.7 in December, according to the preliminary data. Likewise, the services survey will likely slow, forecast to print 55, down from 57.6 previously.

The FX market has remained calm so far on Monday, with the EURUSD pair trading slightly lower, while both USDJPY and GBPUSD currency pairs were flat during the London session. 

The euro is now testing the short-term uptrend line from December lows near 1.1320. If we see a decline below that level, the single currency might come under more selling pressure. 

Elsewhere, oil remains close to its multi-year highs as the WTI benchmark trades above 85 USD. Silver slid after hitting the sell orders at the 200-day average, while gold returned above 1,840 USD.
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