Oil Jumps Higher

Crude oil and the broad commodity space also benefited from easing trade tensions between the U.S. and China. The two countries have agreed to hold off on any further tariffs. Meanwhile, trade negotiations are ongoing. U.S. Commerce Secretary will continue talks in China this week. Crude oil rose above $72 a barrel for the first time since November 2014. Copper prices rallied as China is a big consumer of the commodity. The Australian dollar also marched higher to its strongest level in four weeks against the greenback above $0.75. The Dow gained 1 percent, while Boeing, which is the highest priced stock in the Dow, was the biggest mover yesterday.

Sentiment on the British pound remains bearish and GBPUSD is trading at its lowest since December 2017 in the $1.34 handle. Bank of England Governor Mark Carney will be closely watched today during the Inflation Report hearings where he and several MPC members testify on inflation and the economic outlook before the U.K. Parliament's Treasury Committee.