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Securities:

Markets:

  • NZD leads, USD lags the day
  • European stocks mostly up, S&P 500 futures up 1.0%
  • US 10-year rates up 4.5 basis points to 2.83%
  • Gold up 0.8% to $1,861.54
  • WTI crude up 0.9% at $111.25

The market is in a more positive mood to kick off the new week, with risk trading boosted after being mostly under pressure for the past two months.

Stocks will be hoping to show a little more recovery, with US futures holding 1% higher, contributing to the mood in Europe with the region’s major indices also posting a slight session lead.

Optimism was also helped a bit when US President Biden said Chinese trade tariffs could be lifted/reduced, but there was an exchange of blows regarding Taiwan.

The dollar came under downward pressure across the board on improved risk appetite, with the antipodes notably leading the charge. AUD/USD is up more than 1% on a push above 0.7100 while NZD/USD is also up more than 1%, approaching 0.6500.

The euro received a notable boost after ECB President Lagarde discussed the rate hikes on her blog. She mentioned that negative rates could be phased out by the end of the third quarter and the euro extended its gains against the dollar, with EUR/USD rising from 1.0610 to 1.0680.

GBP/USD also benefited from dollar weakness, with the pair extending a break above 1.2500 to near 1.2600 currently.

Elsewhere, precious metals and oil are also having a good day with gold up 0.8% at $1,861 and WTI crude up nearly 1% at $111 on the day.


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