S&P500 futures recovered early losses and settled Thursday’s session on a promising note. The demand for US government bonds dropped as investors are now considering an unchanged monetary policy by the Federal Reserve (Fed) as the banking crisis is deepening. Also, the declining trend of the United States Consumer Price Index (CPI) is also supportive. Therefore, the 10-year US Treasury yields have gained to 3.58%.
The US Dollar Index (DXY) remained sideways around 104.40 as the street is mixed about unchanged monetary policy or a 25 basis point (bps) interest rate hike by the Fed next week.
On the oil front, oil price has corrected marginally after a recovery move and an upside extension is expected as the G7 countries are restricting themselves from further sanctions on Russia after setting the price cap at $60/barrel. It is worth noting that Canada is a leading exporter of oil to the US and a recovery in the oil price would support the Canadian Dollar.
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