US Stock-Index Futures Rally to another Record, Dollar Surges

Equities

Major US stock-index futures extended rally to another record high on improved risk sentiment. The signed phase 1 trade deal and upbeat retail sales figures supported the positive bias. The Dow Jones Industrial Average futures soared to 29332, the S&P500 futures advanced to 3316, and Nasdaq rallied to 9158.

USD

The dollar index, which measures the greenback against a basket of major currencies, bounced off a one-week low to settle higher at 97.36 on positive economic data. The December Core Retail Sales rose by 0.7%, beating estimates of 0.5%, the weekly initial jobless claims dropped to 204 thousand, and Philadelphia Fed Manufacturing index surged to 17, the highest reading since July. The USDJPY rallied to an eight-month high of 110.29, and the EURUSD dipped to $1.1127. Investors are looking forward to a series of economic data to be published today, among them: housing starts and building permits, industrial production, consumer sentiment, and JOLTS.

Metals

Gold prices continued to trade in a tight range awaiting fresh fundamental drivers. The price of a gold ounce found upside resistance near $1557, and support at a low of $1547, the price of a silver ounce rose to $18.08, and palladium soared to a fresh record high of $2341.

Oil

Oil prices recovered slightly amid increased risk appetite. The US-Sino trade truce and upbeat economic data lifted investors' positive sentiment. The West Texas Intermediate crude futures edged higher to $58.86, and Brent futures rose to $64.94.

Major Economic Events

Disclaimer 

The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM.COM. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.