Markets:
Gold up $39 to record $3681US 10-year yields down 2.1 bps to 4.04%WTI crude oil up 67-cents to $63.36S&P 500 up 0.5%Nasdaq rises for ninth dayCAD leads, USD lagsIt was a Monday melt-up in equity markets that started with modest gains that slowly extended. The positive momentum extended after a soft Empire Fed and a spike in Tesla shares after Elon Musk bought $1 billion shares in the open market on Friday, according to a filing. Shares of Google also hit a record on increasing interest in Gemini after the latest (and impressive) Nano Banana image model.
The market is anticipating a Fed rate cut and a dovish message this week. That's kept the wind in the sales of risk assets and gold while weighing on the US dollar. It's a momentum trade that risks a 'sell the fact' reaction on Wednesday afternoon. The market remains fully priced for 25 bps but the odds of a surprise 50 bps have dwindled to negligible levels, in large part due to the lack of leaks.
The Canadian dollar rose to a 10-day high after stronger manufacturing data pushed back on the NAFTA breakup theme. I spoke about the loonie with Reuters as it finished near the best levels of the day.
Gold was also a tailwind for the Canadian dollar and all commodity exporters. It notched a record high for the first time in a week.
This article was written by Adam Button at investinglive.com.Hence then, the article about investinglive americas fx news wrap the melt up continues was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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