Hello traders, and welcome to a new trading week. Monday’s economic calendar is nearly empty, with both the U.S. and Canadian markets closed in observance of President’s Day. With lower liquidity expected, price action across major markets may be less volatile, though futures and commodities have already shown some interesting moves.
Indices started the week on a strong note, with futures opening in the green and continuing the positive momentum from last week. Many major indices are either at or near all-time highs, reflecting the persistent bullish sentiment across global equities.
On the currency market, the Japanese yen is showing strength, causing yen pairs to move lower. Meanwhile, we see weakness in the U.S. dollar, Canadian dollar, Swiss franc, and euro, though the declines in these currencies remain moderate rather than sharp.
In commodities, gold and silver are attempting a reversal after a sharp drop during Friday’s U.S. session. The precious metals sector faced heavy selling pressure at the end of last week, but today’s early trading suggests a potential recovery attempt. Meanwhile, oil remains under pressure, trading near mid-term lows. The attempted bounce from these lows lacks momentum, indicating that sellers still dominate the market.
With limited macroeconomic catalysts today, markets will likely remain technical-driven, with traders watching key levels and overall risk sentiment as they position for the rest of the week.