Cautious Investors Await Inflation and Earnings Due Later This Week

A quiet start to the week in North America has continued this morning with US index futures trading up 0.1% to 0.3%. The US 10-year treasury note yield is holding steady near 4.40%. Overseas trading has been mixed with Asia Pacific markets rallying but European markets declining. The Nikkei rose 1.0% and the Hang Seng gained 0.6%, but the FTSE is flat and the Dax is down 0.5%

Commodities and currencies are on the rise this morning, which suggests a softening US Dollar, including gains of 0.8% for Gold, 1.0% for Copper, and 2.8% for Natural Gas. US Crude Oil is down 0.2%. On the other hand, cryptocurrencies are selling off again with Bitcoin falling 1.5% and Ether falling 1.7%, which suggests traders appetite for risk continues to fade.

It is a quiet day for economic and earnings news, and there were no major profit warnings overnight either. Investors continue to prepare for significant events later in the week including US consumer prices tomorrow, the start to US earnings season on Friday, and three central bank meetings, including the Bank of Canada and the European Central Bank, over the next two days.

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