Good day traders.
I hope you had a wonderful weekend, especially after the volatile moves we saw on Friday during the US session following the strong US jobs report.
Markets and speculators now think that rate cuts are not needed if the labor market remains healthy, while inflation is still a major concern, especially with today’s move higher in energy prices. Oil is trading around 5% higher after Israel and Iran exchanged new attacks over the last 48 hours.
Of course, higher oil prices can make the situation even more difficult for the markets after the selloff we saw on Friday. Usually, when stocks see such a strong reversal lower into the end of the week, it can be a warning that sentiment is shifting and that more weakness may be seen, at least in the first half of this week. Then, on Wednesday we have US CPI, which can safe the market a bit, if numbers would soften.
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Grega
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