US stock futures climbed to fresh session highs on Monday. During the last week, the US indices touched a record high levels, the Dow gained nearly 4% while the S&P 500 and the NASDAQ both added more than 2%.
Chinese shares traded lower on Monday despite better-than-expected retail sales and industrial production data. On the other hand, European stocks opened higher on Monday boosted by the upbeat market sentiment triggered by the passage of the latest U.S. stimulus measures.
Crude oil price trading higher in hopes for a recovery in the fuel demand after the passing of a massive stimulus package and output cuts from major producers.
In the currency market, the Australian dollar slipped during the Asian session following the bearish comments from RBA Governor Lowe’s comments. The governor said that the central bank will maintain policy support until employment and inflation goals are met.
The safe-haven metal trading steady above $1720 on Monday ahead of the US Federal Reserve Monetary Policy Meeting later in the week.
On the data front, china Retail sales increased 33.8% from a year earlier in the first two months, compared with a rise of 32% expected by analysts. Meanwhile, Industrial production climbed 35.1% year-on-year in January to February period, faster than the 7.3% growth seen in December.
This week the main highlights of the economic calendar will be the US, UK and Japan central banks meeting, US retail sales and oil Inventory data.
Worldwide, the number of COVID-19 cases reported is more than 119.8 million. World Health Organisation Director-General Tedros Adhanom Ghebreyesus recently said, "The situation is deeply concerning and the measures that should be taken should be as serious as possible."
USD/JPY: The currency pair surged to a fresh year high of 109.35 on Monday. If the bullish momentum continues the next upside levels to watch 109.60 and 109.80/110. On the flip side, the immediate support at 108.80/60.
The important levels to watch for today: Support- 108.80 and 108.60 Resistance- 109.60 and 110.
GOLD: The precious metal slightly retreated from the early session highs. At the time of writing, the metal trading above $1725.
The important levels to watch for today: Support- 1720 and 1707 Resistance- 1734 and 1742.
Quote of the day: Look at market fluctuations as your friend rather than your money; profit from folly rather than participate in it – Warren Buffet.
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