Dollar rally resumes - 4 Tips for Today's Trading
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Global market overview
Stock markets are moving in a positive direction on Thursday after two days of significant losses.
U.S. stock futures are pointing up and European markets are rising in early trading. Chinese markets ended with gains, while Japan was closed for a holiday.
In the commodities market, oil prices are rising by about 3% to trade above $45 per barrel. Precious metal prices are also strengthening.
2. Dollar extends 3-day rally as fears over U.S. growth ease
The greenback firmed broadly on optimism the U.S. economy would bounce back after nearly stalling in the first quarter.
The dollar index, which measures the greenback against a basket of currencies, continued its three-day rally, trading at 93.54, firming after dipping under 92.00 earlier this week to tap the lowest levels since January 2015.
There are a ton of earnings coming through on Thursday.
Alibaba (BABA, Tech30), Kellogg (K), Merck (MRK), AMC Networks (AMCX), MGM Resorts (MGM), Time (TIME), SeaWorld Entertainment (SEAS) and Chesapeake Energy (CHK) are all reporting quarterly results before the opening bell.
4. Oil prices rise as Canadian wildfire threatens output
Oil prices rallied more than 3% on Thursday, as a huge wildfire in Canada disrupted its oil sands production.
The fire, in Alberta, Canada, has forced the evacuation of 88,000 people. Some oil pipelines in the region were shut as a precaution, while output at several facilities has been disrupted, although the volume of the decline was unclear.
U.S. crude was up $1.38, or 3.15%, to $45.16 a barrel by 9:52GMT, or 5:52AM ET, while Brent jumped $1.16, or 2.55%, at $45.76.