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The US market grew very little last week. Nevertheless, it is close to the all-time highs, thanks to the strong recovery of the US economy and decline in COVID-19 infection rate.
The oil market is also showing steady growth because of increased global demand and soft policy of the Federal Reserve. In fact, Brent jumped by 1.4% today, while WTI rose 2%. Brent might even trade higher than $ 70 this week. If such happens, the DJIA will climb sharply.
Going back to the epidemiological situation, a dip in total incidence was observed on Monday. The sum was only 360,000, which is 2.5 times lower than the peak record in April and May. Apparently, India saw a strong decrease in cases, listing lower than 130,000. US also observed a decline to 5,000, while UK and Spain recorded only 3,000 each.
As for the Asian markets, a slight decrease took place this morning. Both Japan and China indices slipped 0.2%.
Latest reports also show that the unemployment rate in Germany dropped from 4.5% to 4.4% in April, which is very good news.
And at the moment, the S&P 500 is at 4.204 points. It is projected to close around 4.160 - 4.240 points.
The USD index also has a value of 89.80. It formed a strong range, which is 89.50-90.30, where it may remain for a long time, until the situation on the market and in the US economy changes.
Meanwhile, USD/CAD currently costs 1.2060 and has a range of 1.1980-1.2150. Obviously, it is under pressure because of the rally in oil prices. But if the quote drops below 1.1980, a new wave of purchases may take place.
Conclusion: The US market will be driven by upcoming reports such as ISM indices and employment data.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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