Brexit is gaining traction in polls, investors are awaiting Janet Yellen’s remarks, the dollar recovers from losses, and Brent and gold climb higher. Here are four things to know in the market on Monday, June 6:
1. Brexit Support Is Growing Among U.K. Supporters
Just weeks before Britain’s referendum, weekend polls show an increased support among U.K. voters of an exit from the European Union.
A poll from ITV (LON: ITV) showed 45% support for the “Leave” campaign, and 41% of the “Remain” campaign. A TNS survey showed similar results, with 43% supporting an exit from the EU and 41% wanting to stay.
2. Janet Yellen Will Speak in Philadelphia Today
Investors will be looking to Janet Yellen’s comments today for rate hike clues. The Fed Chair will be speaking at 12:30 PM ET at the World Affairs Council of Philadelphia.
Yellen’s speech may give insight into the timing of the next rate hike. After the release of a dismal jobs report, expectations of a near-term rate hike have dampened.
Traders are betting on a 4% chance of a rate hike, down from a 21% chance last week.
3. The Dollar Bounces Back from Friday’s Low
The U.S. dollar climbed higher on Monday after falling to a three-week low against major currencies on Friday. The dollar index gained 0.25%, rising to 94.14 after falling to 93.90 on Friday.
EUR/USD rose to 1.1350, while USD/JPY inched up to 94.14.
4. Brent, Gold Climb Higher
Brent oil futures reclaimed the $50-ber-barrel level on Monday amid supply disruptions in Nigeria.
Militant group Niger Delta Avengers launched three attacks on Nigeria’s oil infrastructure, and promised to cut production down to zero.
Brent climbed to $50.33 a barrel in morning trade, while U.S. crude was at $49.23 per barrel.
Gold also rose to a new multi-week high on Monday as expectations of a rate hike diminished. The yellow metal is up to $1,251.30 a troy ounce.
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