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    US stocks hit highest level of the year

    US stock markets have traded at their highest level of the year today with the S&P500 futures contract (US500) moving above yesterday’s high of 2111. The gain on the benchmark so far of 0.37% is smaller than some on European indices, but nevertheless takes the market to within 1% of all-time highs. On the continent the Dax ( 1.57%) has enjoyed strong gains during the European session with the Eurstoxx 50 ( 1.37%) also firmly higher. 

    It has been a relatively light afternoon on the data front with Canadian Ivey PMI and US revised nonfarm productivity q/q not having any tangible effect on the markets. In the absence of any major fundamental developments, technical analysis gains a greater level of importance and both Gold (-0.27%) and Brent Oil ( 1.15%) have traded nicely from this perspective. We posted our weekly technical overview earlier here. Brent has broken above the previous swing high of 50.90 and in doing so has also touched its highest level of the year. 

    In the currency space the big movers have been the antipodean currencies with the AUDUSD ( 1.21%) surging after the Reserve Bank of Australia decided to stand pat on current monetary policy mix. The pound surged during the Asian session on rumours of a fat finger but the currency has managed to retain some of the gains with the GBPUSD ( 0.85%) not far from the 1.46 handle at the time of writing. 

    Overnight Chinese trade balance data could have an impact on markets with us earlier noting that Chinese forex reserves have fallen to multi-year lows. UK manufacturing production m/m is scheduled to be released at 09:30 tomorrow morning before DOE inventories are arguably the main event of the day at 15:30


    Any person acting on this information does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

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