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Dollar Depressed, Evergrande Saga, Record Highs

Mount Equity Group Tokyo, Japan > News > Markets > Dollar Depressed, Evergrande Saga, Record Highs

Monday kicked off on a cautious note as weaker than expected growth data from China hit risk appetite. In the commodity space, Brent marched into new week less than 2% away from its highest price back in October 2018. The dollar struggled for direction while gold waited for a fresh catalyst. In other news, Apple unveiled the new MacBook Pro models at a major Mac event.

With third-quarter earnings season in full swing, our trade of the week was none other than the S&P500. We questioned whether earnings would propel the index to record highs this week. Well, on Thursday the S&P500 touched a new record high with another record hit on Friday before comments from Federal Jerome Powell triggered a slight pullback.

Interestingly, the mood across markets improved on Tuesday as solid corporate earnings soothed concerns around inflationary pressures. As risk-on market mood returned, the dollar index (DXY) weakened to a one-month low while…

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