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Investors looking at another big week in retail earnings

  

Stay ahead of the game with today’s market insights brought to you by the expert team at vtmarkets.com.

Stocks rose Monday as traders tried to recover some ground following the worst week of the year on Wall Street. Investors also looked ahead to another big week in retail earnings. The Dow closed higher Monday, as dip buying in beaten-down growth stocks helped the broader market recover following its worst week of the year.

The Dow Jones Industrial Average gained 72.17 points, or 0.22%, to close at 32,889.09.

The S&P 500 was up 0.31% at 3,982.24, and the Nasdaq Composite rose 0.63% to 11,466.98.

The moves came as Treasury yields eased, following a jump on Friday after a hotter-than-expected reading from the Federal Reserve’s favorite inflation metric.

Last week, some data frightened investors, and the US bond yield climbed again. People have become a bit numb to rate hikes and understand that the terminal rate may be higher than expected, and the market is not concerned about inflation data for the next month, but for the next 6, 9, or even 12 months.

Main Pairs Movement

USD Index eyes the first monthly gain in five despite week-start retreat from the multi-day top

US Dollar Index holds lower grounds near $104.60 during the mid-Asian session on Tuesday, after posting the biggest daily loss in five. It’s worth noting that the greenback’s previous losses could be linked to mixed US data and a retreat in the US Treasury bond yields. At the time of writing, the price traded at $104.639.

The cable is flat in Asia as markets consolidate the opening range and the US Dollar softness that kicked in at the start of the week. Meanwhile, the Bank of England is seen increasing Bank Rate by a further 25 bps to 4.25% in March. At the time of writing, the price is trading at $1.20666 and has stuck to a $1.2042/67 range so far.

WTI advances towards $76.00 as investors look optimist for Caixin Manufacturing PMI.

WTI futures on NYMEX, have extended their recovery above the immediate resistance of $75.80 in the early Asian session. The oil price is exposed to the critical resistance of $76.00 as investors are optimistic about the release of the Caixin Manufacturing PMI data, which is scheduled for Wednesday.

At the time of writing, the price traded at $75.561.

Stay ahead of the game with today’s market insights brought to you by the expert team at vtmarkets.com.

Economic Data

CurrencyDataTime (GMT + 8)Forecast
AUDRetail Sales (MoM) (Jan)08:301.50%
CADGDP (MoM) (Dec)21:300.10%
USDCB Consumer Confidence (Feb)23:00108.5
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