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Markets:
Gold down $51 to $4990WTI crude oil up 84-cents to $63.73US bonds and stocks closedS&P 500 futures up 0.1%AUD leads, JPY lags
The US and much of Canada was on a holiday. It was also the start of the lunar new year in much of Asia so that predictably kept a lid on markets. The moves across assets were limited but there was a persistent modest bid in the US dollar.
The euro slowly slid to 1.1845 from 1.1860 before bouncing halfway back. USD/CAD also 20 pips to 1.3635.
In energy markets, the tone on the US-Iran situation was positive late last week and into the weekend but the market can’t shake the feeling that something is coming, especially after a report that more F-35 jets have been dispatched to the Middle East. Crude steadily climbed to $63.75 from $62.75.
Gold was lower on the day but the damage was done in Asia and it was a sideways trade in the US. The post-Lunar New Year period is classic end to the long seasonal tailwind from Nov-Feb so keep it on your radar for the next two weeks.
US stock futures had been positive earlier but then gave it all back before finishing flat. It was tough to get excited about it with the market closed but I’m sure Tuesday will be more lively.
This article was written by Adam Button at investinglive.com.