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Top 5 Things to Know In the Market on Monday

EconomyJun 06, 2016 05:56AM ET
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© Reuters. Top 5 Things to Know Today In Financial Markets - Here are the top five things you need to know in financial markets on Monday, June 6:

1. Markets await Fed’s Yellen for rate hike clues

Market players will be turning their attention to a highly anticipated speech by Federal Reserve Chair Janet Yellen on Monday for further clues on the timing of the next U.S. rate hike.

The Fed chief is due to speak about the U.S. economic outlook and monetary policy at the World Affairs Council of Philadelphia at 16:30GMT, or 12:30PM ET.

Her speech could take on extra importance following last week’s dismal nonfarm payrolls report.

Traders are currently pricing in just a 4% chance for a rate hike this month, down from 21% late last week, according to CME Group's (NASDAQ:CME) FedWatch tool. Odds for a July rate hike dropped to 32%, while September odds were at about 48%.

2. Brexit gains traction in weekend polls; Pound slides

With only a few weeks to go until Britain holds its referendum, two weekend polls have shown an increase in support among voters for the U.K. to leave the European Union, swinging toward a Brexit.

An ITV (LON:ITV) opinion poll found 45% of Britons supported the “Leave” campaign, compared with 41% who were for “Remain”. The numbers were 43% for “Leave” and 41% for “Remain” in a TNS survey.

The pound tumbled more than 1% to a three-week low of 1.4352 against the dollar, before rebounding to 1.4390 by 9:55GMT, or 5:55AM ET, down 0.9% on the day.

3. U.S. dollar bounces off post-NFP lows

The U.S. dollar pushed higher on Monday, after falling to three-week lows against a basket of currencies on Friday as a weaker than expected U.S. jobs report eroded market expectations for a near term interest rate increase.

The dollar index rose 0.25% to 94.14 after falling 1.74% on Friday to lows of 93.90, the weakest level since May 12.

USD/JPY was up 0.6% at 107.16, pulling back from Friday’s lows of 106.50, while EUR/USD was at 1.1350, off Friday’s three-week highs of 1.1372.

4. Brent oil reclaims $50-level

Brent oil futures reclaimed the key $50-level on Monday, as market players eyed supply disruptions in Nigeria.

The Niger Delta Avengers militant group has claimed responsibility for three new attacks on Nigeria's oil infrastructure over the weekend, promising to cut production to zero.

Brent was up 66 cents, or 1.33%, at $50.30 a barrel during morning hours in New York, while U.S. crude tacked on 61 cents, or 1.25%, to $49.23.

5. Gold, copper rise to multi-week highs

Gold and copper climbed to fresh multi-week highs on Monday, as investors all but ruled out a rate hike later this month following the release of disappointing U.S. employment data.

Gold rose to an intraday high of $1,251.30 a troy ounce, the most since May 23, while copper futures touched a daily peak of $2.144 a pound, a level not seen since May 9.

Top 5 Things to Know In the Market on Monday

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