The markets are mostly ranging as activity was influenced between geopolitical concerns over Syria and Yellen’s speech last night. Both events do not appear to change the calmness that is evident during this shortened Easter Holiday week.
Major events of the day: UK inflation data will be a main focus for today as CPI, RPI and PPI will be released. Germany will release ZEW economic sentiment while Eurozone will release industrial production.
USD pared back some of its earlier gains during the session helped along by strong performance from crude-related currencies (CAD, NOK).
Gold prices were broadly unchanged after trading lower through the session. Concerns over Federal Reserve interest rate rises and Chinese gold reserves kept a cap on the metal.
Crude oil prices were firmer as oil investors shrugged off rising US supplies and looked forward to the summer driving season. It closed above $53/bbl for the first time since March 7th with yesterday’s move in part supported by the news of a production outage at Libya’s largest oil field.
US markets closed slightly higher on noticeably light volumes as investors remained sidelined ahead of financials earnings season. The S&P 500 went as high as 2366.37 before dropping back to finish little changed. SPX closed +0.07%.