ZFX: Strong economic data propped up investor sentiment
Last Friday, the US stock market was boosted by the strong figures. The three major Wall Street indexes all rose. The S&P 500 closed 0.34% higher, another closing record. The Nasdaq jumped 0.42%, another record also. Generally, investors are looking forward once again to economic recovery, triggering such solid gains.
The performance of the US data on Friday beat expectations. The PMI figures from Markit showed that the manufacturing and the services activities improved in August. Meanwhile, existing home sales in July was up 24.7%, 5.86 million annualized rate, which was the strongest pace since the end of 2006.
The dollar index bounced once again, back to the 93 level, due to the positive economic data. Gold price was under pressure on Friday, reaching the day low near $1910.
On Monday, Asian stocks were doing good, following the momentum last week. Sentiment for the dollar is still a bit bullish, last trading at 93.2 level. Traders are watching the coming “online” annual Jackson Hole Symposium this week, looking for guidance of the future monetary policy.
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