Yesterday there was a mixed sentiment on US stocks and the best performer on Wall Street being the Dow Jones Industrial Average, closing 0.29% higher. The small-cap Russell 2000 index was the worst performer, closing 0.74% in the red. The S&P 500 was nearly unmoved on the day.
Energy commodities continued to move higher, boosted by ongoing harsh weather that have caused chaos across the southern and central United States this week. Crude oil prices rose over the 60-price range for the first time since January 2020 as energy demand soared.
In other currency pairs, the US Dollar rose following strong economic data on Thursday when retail sales crossed the wires above the consensus forecast. US retail sales for January rose 5.3% on a month-over-month basis versus expectations of 1.1%. The DXY index climbed above the 91-price line, its strongest level since earlier this month.
The Australian unemployment for January came in at 6.4% against an expected reading of 6.5%. This represents a drop from December’s reading of 6.6%. The change in full-time employment came in at 59,000 against an expectation of 35,700.
The positive data reinforces the bullish sentiment swirling around Australia’s economic recovery and will likely provide additional tailwinds for further economic growth in the months to come.
Warning:
Trading on CFDs involves a high level of risk, including full loss of your trading funds. Before proceeding to trade, you must understand all risks involved and acknowledge your trading limits, bearing in mind the level of awareness in the financial markets, trading experience, economic capabilities and other aspects.
Disclaimer:
Market Trends, Charts, Trading Ideas or other information provided by BKFX (Pty) Ltd and/or third parties are not intended as an investment advice and/or recommendation. The information provided is not presented as suitable or based on your specific need. You are responsible for your own investment decisions and you should not trade with money you cannot afford to lose. Any views or opinions presented in this Article are solely those of the author and do not necessarily represent those of the Company, unless otherwise specifically stated. The Company may provide the general commentary which is not intended as an investment advice and must not be construed as such. Seek advice from a separate financial advisor if an investment advice is needed. The Company assumes no liability for errors, inaccuracies or omissions, inaccuracies or incompleteness of information, texts, graphics, links or other items contained within this article/material.