STATE OF THE MARKETS

Flat Dollar amid rising yields. US stocks jumped higher on Tuesday on a flat Dollar as yields rose for the second day, ahead of the FOMC meeting next week. Improved risk sentiments sent Dow (+1.40%), Nasdaq (+3.03%), and S&P (+2.07%) including Russell (+2.28%) to rally further and bond demand to ease. The 10Y yield rose to 1.46% as a result while Dollar (DXY) was trading flat around the 96.20 mark.

In the commodities market, reports of stable demand and output quota, sent crude higher to $73/bl before settling lower around $72.05 as New York closed. News of rising labor cost and falling productivity led bidders to hold gold firms above the $1,780/oz for the past five days. Iron ore was little changed, flat around the $103.70/tn mark for the second day.

In the FX space, improved risk sentiments in the short and medium term accounts sent the comdolls trio to demand territories while putting Euro and Sterling on offers. Long term sentiments remained mildly bearish. On Wednesday, markets look for earnings reports from UiPath (PATH), Brown-Forman (BFB), GameStop (GME), Campbell Soup (CPB) and RH Group (RH) as well as the latest US jobs opening and housing markets. EIA reports on petroleum status will be in the spotlight for oil traders.