Tesla worth $1 trillion

“As in roulette, same is true of the stock trader, who will find that the expense of trading weights the dice heavily against him.” – Benjamin Graham

 

 

HEADLINES

 

 

• Dollar rises from one-month low on prospect of higher interest rates
• USD/JPY contained above 113.50, consolidates below 114.00
• Gold holds above $1,800 mark on inflation worries
• Crude Oil Climbs to Multi-Year Highs; Goldman Sees Over $90/Bbl
• Stocks brace for blockbuster earnings week, pause after 8 days of gains
• S&P 500 Rises to Record Ahead of Big Tech Earnings; Tesla Hits $1T Market Cap

 

 

FOREX

 

 

Dollar rises from one-month low on prospect of higher interest rates

 

The dollar steadied on Monday afternoon after bouncing off a one-month low as traders weighed the prospects of higher interest rates for different currencies and considered how coming economic data and central bank comments could impact their positions.

 

USD/JPY contained above 113.50, consolidates below 114.00

 

The US dollar has edged up on a calm session on Monday, to trim losses following a three-day reversal from four-year highs at 114.65. The pair has remained steady above 113.50 on Monday, yet unable to post a significant recovery.

Most major currencies have remained trading sideways within previous ranges, with the investors awaiting the release of monetary policy decisions by the European Central Bank, Bank of Japan, and the Bank of Canada plus the preliminary estimation of the third quarter’s US Gros Domestic Product.

 

 

COMMODITIES

 

 

Gold holds above $1,800 mark on inflation worries

 

Gold prices reclaimed the $1,800 mark on Monday, supported by persisting worries over inflation, as investors looked ahead to the next Federal Reserve meeting for its outlook on monetary policy. Federal Reserve Chair Jerome Powell on Friday reiterated his view that high inflation will likely abate next year, which led gold prices to ease from their September highs in the previous session.

 

Crude Oil Climbs to Multi-Year Highs; Goldman Sees Over $90/Bbl

 

Oil prices surged Friday, climbing to new multi-year highs with top producers only gradually increasing global supply despite fuel demand increasing as economies recover from pandemic-induced slowdowns. Saudi Arabia Energy Minister Prince Abdulaziz bin Salman indicated on Bloomberg Television Monday that OPEC+ should maintain its cautious approach given the threat to demand still posed by the pandemic.

 

 

STOCKS

 

 

Stocks brace for blockbuster earnings week, pause after 8 days of gains

 

World stocks held their ground on Monday after eight consecutive sessions of gains, as traders weighed the prospects of strong corporate earnings in the backdrop of widening inflation risks from multi-year high crude oil prices.

European stocks edged higher in early London trading while U.S. stock futures held firm as investors shrugged off the possible impact from news of a pilot property tax in China and ongoing troubles in the sector.

 

S&P 500 Rises to Record Ahead of Big Tech Earnings; Tesla Hits $1T Market Cap

 

The S&P 500 climbed Monday, led by rising energy stocks as oil prices jumped to seven-year highs ahead of a busy week of quarterly earnings from big tech.

In other news, Tesla jumped more than 4% to a record high and topped $1 trillion market cap for the first time after car rental company Hertz ordered 100,000 Tesla vehicles for its fleet.

 

 

CHART

 

 

US dollar / Canadian dollar – 4 hour Candlesticks

Source: GKFX Prime Metatrader 4

USD/CAD is consolidating in a triangle pattern after a long downtrend. Should the price break below the pattern, it suggests another leg lower. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

SOURCE

 

 

https://www.fxstreet.com/economic-calendar
https://www.fxstreet.com/news/usd-jpy-contained-above-11350-consolidates-below-11400-202110251712
https://www.fxstreet.com/news/the-case-for-a-stronger-usd-is-compelling-against-the-low-yielding-eur-chf-and-jpy-mufg-202110250821
https://www.reuters.com/article/global-markets/global-markets-stocks-brace-for-blockbuster-earnings-week-pause-after-8-days-of-gains-idUSL4N2RL1YY
https://www.investing.com/news/commodities-news/crude-oil-climbs-to-multiyear-highs-goldman-sees-over-90bbl-2654054
https://www.reuters.com/article/global-precious/precious-gold-holds-above-1800-mark-on-inflation-worries-idUSL4N2RL23A
https://www.investing.com/news/economy/dollar-catches-footing-as-inflation-pressures-rates-outlook-2653518