Stocks consolidate after Friday's rally.


Monday has been calm so far, and equity markets were slightly lower during the London session, consolidating after the huge Friday's rally.

The greenback remains in a bearish trend against the euro, sterling, and commodity-linked currencies. The USDJPY pair seems to be rolling over from its strong resistance at 109.75 as US yields turned lower already.

Earlier Monday, data showed that Chinese industrial production grew 9.8% year-on-year in April, a healthy increase but lower than March’s 14.1%. At the same time, retail sales increased 17.7% in April year-on-year, below March’s 34.2% growth.

Later in the day, the New York Empire State manufacturing index is expected to decline to 23.9 from 26.3 previously, but this index rarely causes any market movements. 

Commodities are accelerating higher today again, with gold and silver being bid, and oil is also stronger on the day. Gold broke to fresh three-month highs above 1,850 USD.
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