Hello traders, Monday opens on a positive note with American futures climbing higher, extending the spectacular reversal that took place on Friday. The bullish momentum continues on the U.S. side, while European indices are more hesitant, attempting an upswing but not matching the strength seen across the Atlantic. Still, sentiment remains constructive as we start the week.
On the currency market, we can see strength in the British Pound and North American currencies—both the Canadian dollar and the American dollar are gaining ground. On the other hand, Euro and Australian dollar are under pressure, although overall volatility is relatively muted and movements are fairly flat.
As for commodities, we see a slight decline in oil prices, and a pullback on precious metals after last week’s impressive performance—especially silver, which had a strong bullish run. Monday, however, begins on the red side for metals.
The macro calendar is surprisingly busy for a Monday. Mondays are usually calm, but this time we have inflation data from Canada, where CPI is expected at 0.2%. Still, the real focus will be on midweek.
Wednesday brings FOMC meeting minutes, but above all, it brings the most anticipated event of the week: earnings from NVIDIA, which will be published after the market closes. Later in the week, Friday becomes another key day, so the second half of the week promises plenty of action for traders.