Russell 2000, Stock Index Futures at Record Highs

STOCK INDEX FUTURES

S&P 500, Dow, NASDAQ and Russell 2000 futures are at record highs today extending gains made on Friday due to optimism toward more economic stimulus.

The U.S. Treasury Secretary said on Sunday if Congress approves the $1.9 trillion plan, the country would get back to full employment next year.

U.S. stock index futures continue to have upside momentum.

CURRENCY FUTURES

The U.S. dollar is higher today, partially recovering from losses after the on balance weaker than expected U.S. employment numbers were released on Friday. An eight day uptrend line was penetrated on the downside on Friday.

The euro currency is lower on news that German industrial production remained unchanged in December, missing forecasts for a 0.3% month-on-month increase.

The Japanese yen is lower in spite of news that bank lending in Japan in January increased 5.7% on the year.

The “commodity currencies,” the Canadian dollar and the Australian dollar are lower despite higher crude oil prices.

INTEREST RATE MARKET FUTURES

Loretta Mester of the Federal Reserve will speak at 11:00 central time.

In light of the Federal Reserve pledging not to hike its fed funds rate until possibly 2023, futures at the short end of the curve are likely to hold steady.

Futures at the long end of the yield curve will likely remain in a broad trading range, as the fundamentals are now mixed.

The next Federal Open Market Committee meeting is scheduled for March 17.

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