Sunday’s French presidential election saw the centrist candidate Emmanuel Macron easily defeat the right-wing candidate Marine LePen. Macron was expected to win handily and world markets did not show a significant reaction. The Euro currency hit a seven-month high early Monday, but then backed off.
Gold prices are holding decent gains in pre-U.S. trading, on short covering and bargain hunting following recent selling pressure.
In overnight news, China’s April imports were reported up 11.9%, year-on-year, while exports were up 8.0%. Both of those numbers, while hefty, did not meet market expectations and continue a pattern of a slowing pace of economic growth for the world’s second-largest economy.
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A feature in the marketplace last week was the steep drop in crude oil prices. Nymex crude oil futures prices Friday hit a low of $43.76 a barrel, which is a 12.5-month low. Friday’s high-range close does hint the oil bears are exhausted. Oil prices early Monday are trading near steady at just above $46.00.
The other key outside markets early Monday morning sees the U.S. dollar index trading firmer on short covering after hitting a nearly six-month low overnight. The greenback bears have the overall near-term technical advantage.
There is no major U.S. economic data due for release Monday.
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