It's Friday; stocks are up!

10/09/2021

Equity indices rose on Friday, and sentiment seems positive during the London session. Stocks usually go up on Fridays, and today might be no exception.

Although US stock indices have struggled lately, they remain close to their all-time highs. Therefore, one or two strong bullish days might lead to new record highs for Nasdaq or the SP500 index.

Yesterday, the ECB said it would reduce its monthly bond purchases, although only slightly; however, rates won't go up anytime soon. As a result, the EURUSD pair remained stronger on the day, and it was trading at around 1,1850 today.

Later in the day, the Canadian labor market will be released. The unemployment rate is expected to improve to 7.3% from 7.5% previously. At the same time, the net change in employment should rise to 100,000 from 94,000 previous. As a result, the USDCAD pair will most likely be volatile after the numbers.

Since the US dollar continues to decline against most of its major peers, precious metals are trying to start another bullish wave. Gold jumped above 1,800 USD, while silver rose above 24 USD.

In US yields, nothing has changed, and the 10-year yield remains stuck between 1.25% and 1.4%, with the short-term outlook neutral until we see a break above 1.4% or below 1.25%.
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