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- OPEC announced a surprise production cut over the weekend amounting to more than 1 million barrels per day, to the displeasure of the US Presidency. The price of WTI Crude Oil jumped by more than 8% in response, opening at a 2-month high price just above $81, but has sold off during the Asian session.
- US stock markets ended last week strongly, with the NASDAQ 100 Index closing at a new 7-month high after reaching the technical definition of a bull market some days ago. However, major Asian indices like the Nikkei 225 Index and the Hang Seng Index have begun the week mixed.
- In the Forex market, the US Dollar is rising firmly today against its long-term bearish trend. Over the short term, the US Dollar looks like the strongest major currency, while the New Zealand Dollar is the weakest.
- Several soft commodities performed strongly last week, with the Sugar ETF CANE ending Friday at a new multi-year high closing price.
- There will be a release of Swiss CPI (inflation) data today, which is expected to show a month-on-month decrease from 0.7% to 0.4%.
- There will be a release of US ISM Manufacturing data today.
- After Australia opens tomorrow, the RBA will release its Cash Rate and Rate Statement. Markets are expecting another 25bps rate hike.
- It is a public holiday in China today.