The global markets experienced a risk-on sentiment on Monday as geopolitical tensions eased slightly following reports of direct US-Iran contacts. US stocks rose while the US dollar weakened against major currencies. Oil prices fell by 5.7% to .64 amid reduced Middle East conflict fears. NVIDIA (NVDA) announced a trillion revenue outlook through 2027, boosting tech sector optimism. Mixed economic data from the US and Canada showed modest industrial production gains and slightly higher-than-expected housing market readings. The shift in risk appetite impacted currency pairs like EUR/USD and USD/JPY, with the dollar losing ground as investors favored equities. Oil traders speculated about potential Treasury market interventions, while Trump's comments on UK relations added uncertainty. For traders, the focus remains on Trump's potential China visit and its implications for trade policies. MENA investors should monitor oil price volatility and its impact on Gulf economies. The US dollar's weakness against the euro and yen presents opportunities in forex trading. Key upcoming events include the Empire Fed manufacturing survey and Canadian CPI data, which could influence short-term market direction.
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