May 07, 2024

US Stock markets continued to climb in trading yesterday as the major indexes notched up their third straight day of gains to record the strongest 3-days of trading since November. Confidence that the Fed will be cutting rates in months ahead has helped fuel the rally and Fed speakers again confirmed that view again during trading yesterday.

Reactions in other markets were more muted with US treasury yields trading close to Friday’s close and the dollar edging lower against most of the majors. Traders are carefully monitoring developments in the Middle East with Israel rejecting a claim from Hamas last night that they had agreed to a ceasefire.

Australian markets are in focus today for Asian markets with the RBA set to deliver its latest rate call and traders are expecting to see volatility around the event with recent sticky inflation data raising the potential for rate hikes in months ahead.

MarketDaily ChangeClose
US Treasury – 2 Year+24.826%
US Treasury – 10 Year-1.14.489%
Oil – Brent+0.66%$83.51
Oil – WTI+0.73%$78.68

Today’s Events AEST:

Asian Session

2.30pmReserve Bank of Australia Rate Decision
3.30pmReserve Bank of Australia Press Conference

European Session

6.30pmUK Construction PMI Data Release

US Session

12.00amCanadian Ivey PMI Data Release

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