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MARKET WRAP: Markets High on Hopes

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Fundamental analysis of Forex market

The pivotal point in trade talks drove markets higher. The hopes are that China and US will be able to forge a deal.

Stocks

  • The S&P 500 Index jumped by 0.29 percent as of 15:39 London time. There were 188 stocks up and 316 stocks trading lower. The total volume was 396 million shares.
  • The Nasdaq 100 recovered some its losses from yesterday and jumped 0.35 percent and the Dow Jones Industrial Average also popped by 0.36 percent.
  • The Stoxx Europe 600 Index ignored weak German IFO business data and jumped higher by 0.16 percent.
  • Germany’s DAX Index had decent gains today. It gained 0.41% percent.
  • The MSCI Emerging Market Index gained 0.73% on a volume of 3M shares.

Currencies

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  • The Dollar Spot Index finally dropped today by 0.14%. The US trade war negotiations remain the main focal point.
  • The Euro reclaimed its level of 1.13 against the dollar, thanks to the improving inflation numbers.
  • The British pound moved above the 1.30 mark against the dollar. However, the currency is still down today by 0.13%, the low of the day was 1.2968 and high of the day was 1.3051.
  • The Japanese Yen moved lower today and dropped by 0.11 percent.

Bonds

  • The yield on 10-year Treasuries sank by three basis points to 2.65 percent.
  • Germany’s 10-year dropped two basis point to 0.103 percent.
  • Britain’s 10-year yield also fell by five basis point to 1.151.

Commodities

  • West Texas Intermediate crude gained 0.84 percent to $57.46.
  • Gold maintained its momentum and moved higher by 0.13%. The support of $1,300 is under focus.

The pivotal point in trade talks drove markets higher. The hopes are that China and US will be able to forge a deal.

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