Nervy markets

23 July, 2015

A few days out of the office and not a huge amount has happened in the world of the FX markets, but the action has clearly been more in the commodity and equity space. Investors were spooked by the move in Apple’s stock price which prevented the S&P 500 index from pushing to a new record high on its third attempt in as many months and the Nasdaq has formed a spike that resembles the bursting of a bubble. Since conquering the 7,000 level the FTSE 100 has continually failed to maintain its ground and looks more and more unable to recoup its lost ground the more it remains aimlessly drifting in the mid-6,000 area. Tech stocks faltering, commodities weakening, Asian growth slowing and interest rate hikes on the horizon are all a recipe for limited upside to indices going forward so we could see another uptick in volatility like we saw earlier in the month.

Yesterday was a landmark for the Bank of England only in respect to the release of MPC meeting minutes which will now be released at the same time as the actual rate decision going forward. The BOE’s next policy meeting is on 6th August where we might see the first votes for a rate hike after yesterday’s minutes revealed no one had yet stuck their neck out. Today sterling sees retail sales released which are expected to rise and could provide the pound with a reason to defend the 0.7000 level in EURGBP. Then there’s the weekly jobless numbers from the US expected to dip to 280k, pretty much on par with the current 4-week moving average.


Source link  
Trump's Tax Reform Plan

US Treasury Secretary Mnuchin announced Trump’s tax reform plan in a press conference...

Corporate Earnings Lift US Stocks

Last week the US President Trump stated on twitter...

Market Concerns Eased

The first-round voting of the French presidential election was revealed on Sunday night...


Dollar Plunged on Trump Second Statement

The dollar index fell to a 2-week low of 99.91 in the early hours...

Markets Eye on the First Trump-Xi Meeting

US President Trump and Chinese president Xi Jinping, are scheduled to meet today at Trump’s Mar-a-Lago resort in Florida...

Will the French Presidential Election affect EUR?

The first round of the French presidential election...


USD Firms Ahead of Q4 GDP Final Reading

The dollar index has rebounded noticeably from a 4-and-a-half-month low of 98.85, helped by outperforming...

Divergence Between Fed and BoJ

The March FOMC meeting will be held for two consecutive days from today. The interest rate decision will be announced at 18:00 GMT on Wednesday 15th March...

Market Volatility Expected Ahead of President Trump's Speech

In a speech that will be watched by millions of viewers in the United States and around the world, the President is expected to speak of his presidency and address pressing issues like his plans for health care, the tax system, the military, and his goals for his administration...

  


Share: