10 May

Today, the market is not expected to be very active, so traders are better off focusing on intraday trading

May 10, 2021

by JustForex

Last week, investors were watching the changes in the U.S. Non-Farm payrolls. The report was much worse than expected, with the unemployment rate rising. But that did not stop the S&P 500 and Dow Jones indices from making new all-time highs on Friday. This is because investors are confident in the recovery of the economy as inflation expectations are not yet rising and the Fed’s easing policy will remain the same.

European indices also followed the uptrend, with the banking and auto sectors being the main drivers. French bank Societe Generale and Italian bank Unicredit published very good reports, while Volkswagen and BMW did very well in the auto sector.

Oil prices continue to rise despite the hacker attack and paralysis of Colonial Pipeline, which supplies about 45% of gasoline and diesel fuel in the United States east coast. WTI crude oil was up +2.1% last week and Brent was up +2.3%.

Gold and silver gained strength due to the weak U.S. labor market data. Gold climbed to February’s highs on Friday and the trend is likely to continue in the near future.

Main market quotes:

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S&P 500 (F) 4,232.60 +30.98 (+0.74%)

Dow Jones 34,777.76 +229.23 (+0.66%)

DAX 15,399.65 +202.91 (+1.34%)

FTSE 100 7,129.71 +53.54 (+0.76%)

USD Index 90.11 -0.84 (-0.93%)

Important events:
  • – Australia Retail Sales (m/m) at 04:30 (GMT+3);
  • – China Foreign Direct Investment Report (y/y) at 10:00 (GMT+3).

by JustForex

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.


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