US stocks set to make weekly closing record
Dow on track for 4%+ monthly gain
USDCAD > 1.33 after Canadian data
Despite it being a shortened week for US markets and US indices ended earlier than usual this evening, it’s been another good one for bulls with record highs continuing to tumble. The Dow Jones Industrial Average (US30 on xStation) began on Sunday night with a gap higher and while it has pulled back a little from the all-time peak of 28172, the last couple of day’s trade are showing wicks below on the D1 candles which suggests any dips are still being keenly bought.
After gapping higher over the last weekend there have been further gains for the Dow, with the market hitting its highest ever level on Wednesday at 28172. Source: xStation
Being the final trading session in November there is a good chance that we get some month-end flows and overall it’s been a good performance for US stocks in the penultimate month of the year. The Dow began the month beneath the 27000 handle and has moved a full 1000 points higher to be on track for a monthly gain in excess of 4%.
The US dollar is moving up in recent trade, tagging a 6-week high in trade-weighted terms as the EURUSD falls below $1.10. Another big figure that has been breached in USD pairs is 1.33 in USDCAD with the cross moving back higher after the release of Canadian GDP data. For the third quarter the Canadian economy grew by 1.3% as expected, with a month-on-month rise of 0.1% in September also matching forecasts. Looking at the breakdown, inventories took 1.62% away from growth and trade a further 0.49% so if these were excluded than the figure would be near 3.4% and look far better.
USDCAD has moved higher in recent trade but although the gains came after the Canadian GDP data, it seems more likely to have been driven by broad USD strength. Source: xStation
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