S & P 500 chart.
The US market has been trading horizontally over the past week. The range was right below record highs and remained around there even yesterday, when the whole country was celebrating Labor Day.
As for the Asian markets, a strong growth was posted this morning, with Japan indices gaining 1% and China indices climbing 0.7%. Apparently, August imports and exports in China exceeded expectations.
Similarly, the oil market saw a 0.5% jump today. Brent consolidated above $72 and traded at $72.60.
Global COVID-19 cases are also declining, amounting to only 403,000 yesterday, which is about 2 times lower than record peak. Approximately 40,000 of them were from the United States.
So it is not a surprise that the S&P 500 valued 4.535 points, ranging from 4.500 to 4.550. But since there are no important events today, investors will most likely wait for the Fed Beige Book that will be released on Wednesday evening.
RyanAir is also reportedly abandoning negotiations on new orders because the other party was not happy with the price of the Boeing aircraft.
It seems that the recovery of the aviation industry will continue to be delayed amid another outbreak of COVID-19.
Talking about dollar, it hit 92.20 points yesterday and ranged from 91.90 to 92.50. Buying pressure clearly emerged immediately after a long decline around 91.80-92.00. Perhaps, the Fed Beige Book will continue to support the currency.
As for USD/CAD, price hit 1.2540 yesterday, ranging from 1.2500 to 1.2580. The pair halted decline, but a recovery in oil prices will most likely lead to another bearish sentiment.
Conclusion: Market sentiment will depend on the events this week. Investors should closely monitor the situation.
