We are starting a new week of trading with a relatively quiet macroeconomic calendar ahead. This week’s main focus will be on US inflation data, with CPI scheduled for Tuesday and producer inflation on Wednesday. Beyond that, there are no major data releases expected on Thursday or Friday, so overall the calendar is not particularly busy. Markets are still digesting the impact of last Friday’s non-farm payrolls, which came in below expectations but nevertheless triggered a positive reaction on indices.
As the new week opens, that optimism is fading slightly. American futures are moving lower, correcting the strong rebound we saw on Friday. This pullback looks technical rather than structural and, for now, appears to be a normal correction after last week’s move higher. Indices are therefore starting the week on the back foot, but without any signs of panic.
Commodities are where the most notable action is happening. Metals are opening the week very strongly, with silver up around 5%, and similar gains seen in platinum and palladium. Gold is lagging slightly behind but is still trading about 2% higher, keeping the broader bullish tone on precious metals intact. Oil is also opening higher, although the move is much more modest compared to metals. Still, the positive start suggests buyers are attempting to regain control after recent weakness.
On the currency market, we are seeing a bearish correction in the US dollar. European currencies are pushing higher and gaining ground across the board, benefiting from the softer dollar tone at the start of the week. Finally, on the news front, reports have emerged that federal prosecutors have opened a probe into Fed Chairman Jerome Powell regarding headquarters renovations. For now, this development has had no meaningful impact on market pricing, and traders remain focused on technicals and upcoming inflation data.