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US indices reached new all-time highs last week, despite seeing weaker-than-expected reports on the labor market. Both Dow Jones and S&P 500 gained 0.7%, while Nasdaq increased by 0.9%.
The US data said only 260,000 people were employed last April, instead of the projected 800,000. Dollar demand declined because of this, as a result of which EUR / USD rose by roughly 100 pips on Friday.
With regards to the world's epidemiological situation, a slight decrease in new cases was recorded. However, India continues to jot very high incident rates, as much as 366,000 a day.
Meanwhile, US, France and Germany all reported sharp decreases in daily incidents. US cases dropped to 222,000 a day, while France and Germany both listed 9,000.
Today, the US market will receive reports from vaccine manufacturers BioNTech and Novavax.
Commodity companies are also likely to be strong, thanks to the 0.5% growth in oil.
Iron ore also rallied by as much as 10%, which will push Dow up even higher.
But for the S&P 500, which currently trades at 4.230 points, a strong pullback is highly likely, so it would range around 4.190 - 4.250 points today. Buying stocks is extremely risky.
As for the USD index, which fell quite strongly on Friday and is now at 90.20 points, the range for today should be 98.80-90.50.
This means that dollar will remain in a bear market, so USD / CAD, which currently trades at 1.2110, will fluctuate around 1.2060-1.2170 today. And since it's too late to sell, but too early to buy positions, it is better to wait for a strong rebound first, before entering the market.
Conclusion: Markets are waiting for the US inflation report on Wednesday, May 12.
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