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Daily market commentary: The dollar is recording some gains against other major currencies



FOREX

The dollar is recording some gains against other major currencies during early Monday trading, but still remains well below the multi-month highs of two weeks ago. The Chairman of the Fed spoke this Sunday, reiterating the central bank’s conviction that any inflationary pressures will be transitory and the current dovish monetary stance will be maintained. So, despite some gains this morning, the outlook for the greenback remains subdued due to the Fed’s continued dismissal of the spectre of inflation and commitment to its current accommodative stance.

Ricardo Evangelista – Senior Analyst, ActivTrades

daily market analysis

GOLD

The US Dollar is showing fractional gains against the eurozone currency, while the Dollar Index is also recovering and US yields are in green as well. These movements are similarly reflected on the gold price, which is showing a marginal loss and remains below the key resistance at $1,750. Only a clear surpass of this threshold could open space for further recoveries for the yellow metal.

Carlo Alberto De Casa – Chief analyst, ActivTrades

EUROPEAN SHARES 

Most European benchmarks opened slightly lower on Monday, following the Asian trend, as most investors prefer to stay prudent ahead of another busy week. The cautious tone follows many traders being tempted to take some profit following last week’s record highs on stocks and ahead of this week’s corporate earnings reports. Investors’ focus is likely to remain on macro data from many different regions this week amid rising concerns of an uneven recovery around the world, which could seriously impact market sentiment over the long run. Technically speaking, European markets continue their consolidation with the worst performance coming from Madrid, the best from Milan while the DAX-30 Index remains inside its neutral zone.

Pierre Veyret– Technical analyst, ActivTrades


Disclaimer: opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.

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Daily market commentary: The dollar is recording some gains against other major currencies

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