More stimulus is coming as President Joe Biden is set to inject another 2 trillion USD into the US economy, with spending on roads, railways, broadband, clean energy, and semiconductor manufacture, funded in part by a sharp rise in corporate taxes.
Traders paid attention to some data already today. Australian retail sales improved somewhat on the monthly basis, but the Chinese manufacturing PMI fell again in March, printing 50.6.
Moreover, German retail sales came out at -9% YoY and 1.2% on a monthly basis, Totally miserable data, but the German DAX is rising every day.
Later in the day, the ISM manufacturing index for March is due, and it should ease slightly to 53.0 from 54.4 previously. However, the prices paid subindex is expected to remain elevated near 85, indicating huge inflationary pressures in the manufacturing sector.
Elsewhere, precious metals surged yesterday as fresh buying emerged at gold's uptrend line from 2019 and 2020 lows.