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U.S. equities eked out another record on Monday, as news of a new waiver on the U.S.'s Huawei ban offset reports that Beijing was skeptical about reaching a broad deal with Washington anytime soon.
Real Estate stocks (+0.54%) outperformed alongside Consumer Staples shares (+0.52%), while Energy (-1.22%) stocks were the main drag on the S&P 500, falling almost four times harder than the second-worst performer—Industrials, -0.38%—an indication that investors are losing heart about global trade getting back on track and kickstarting demand for fuel.
However, it should be noted that a parallel rebound in Treasury yields strikes a note of optimism.
Technically, yields on 10-year bonds found support by the bottom of their rising channel.
The U.S. dollar also bounced back after whipsawing as President Donald Trump tweeted he discussed USD strength and negative interest rates with Fed Chair Jerome Powell. The Fed said Powell’s remarks were “consistent” with his recent public comments. Technically, the greenback may have found support above the 200 DMA, lending additional support to the bottom of a rising channel.
In other FX markets, the pound mostly maintained gains of an upside breakout of a bullish pattern, ahead of the first televised general election debate, pitting incumbent Prime Minister Boris Johnson against Labour leader Jeremy Corbyn.
Conversely, the Australian dollar fell after the minutes of the Reserve Bank of Australia's last policy meeting showed there was a case for cutting rates.
The Japanese yen fluctuated along a path to repeat last week’s rally.
In commodities, oil dropped after U.S. stockpiles were forecast to expand by 1.5 million barrels. Technically, the WTI price is resisted by the 200 DMA for the twelfth day, within a rising channel since October.
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