It’s Veterans Day in the US and Remembrance Day in Canada.
It’s one of those holidays that’s not quite a holiday as stock markets will trade normally but the bond market is closed. It’s also one of those holidays where government offices are closed, which means there is no economic data.
So it all adds up to a light economic calendar and a backdrop that’s good for momentum trades in equities. That’s certainly the case so far with S&P 500 futures up 0.4%. Similarly, the dollar has extended last week’s gains and that’s boosted the Dollar Index to the best levels since July.
DXY daily
DXY daily
The euro is at the lowest levels since April.