US dollar is trading in the green across the board on Monday.
The US Dollar (USD) begins the week on a positive note and rises on Monday, with the US Dollar Index (DXY) moving above 105.00. The Greenback’s bullish undertone bolstered by the growing chance that the Republican Party will earn a majority in the US Congress after President-elect Donald Trump already won the presidency and the Republicans have a majority in the US Senate. The votes count for The House of Representatives is still in session, with the Republicans needing only four more seats to win control.
The US economic calendar is vacant on Monday in honor of Veterans Day. Stock markets in the United States will stay open, but bond markets will close.
Later in the week, investors will focus on talks by numerous Federal Reserve (Fed) officials, including Fed Chair Jerome Powell, as well as the October US Consumer Price Index (CPI) data, which will be release on Wednesday.
Daily Market movers: Off to a good start.
Due to the Veterans’ Day bank holiday, expect minimal volatility and volumes as US bond markets remain closed on Monday.
This week seen a strong start for all stocks. European equity are up more than 1%, while US equities futures are in positive territory ahead of the opening bell.
The CME FedWatch Tool expects the Fed to decrease interest rates by another 25 basis points (bps) during its meeting on December 18. There is a 31.5% likelihood that interest rates will remain unchanged.
The US 10-year benchmark rate is at 4.30%, and the bond market is closed on Monday.
