Caution reigns

24 November, 2015

Investors remain cautious during this shortened trading week for the US markets as we near Thanksgiving celebrations and a week that is usually known for low trading volumes. Whilst this marks the build up to the festive season, markets are still shrouded by concerns over security in some of Europe’s major cities and at the same time focus remains on US data which disappointed a little yesterday with a lower than expected manufacturing PMI and new home sales. Meanwhile US Treasury 2 year yields continue to rise indicating heightened chances of a rate hike from the Fed in three weeks time.

Today’s thin economic calendar sees the second estimate of US GDP released at 13.30 GMT and then consumer confidence expected to rise to 99.5 from 97.6 which could be dollar supportive if this recoups the 100.0 level, but it will be interesting to see if the terror attacks in Paris have had a knock effect for consumers across the pond. Before then there is the German IFO data at 9.00 GMT which is expected to dip a little and could move EURUSD lower to test the 1.0600 level again.


Source link  
Economic calendar is relatively light

Today is Martin Luther King’s Birthday, which is a Bank Holiday in the United States. As a result, the Economic Calendar is relatively light today...

US Tax Bill passes

On Wednesday, the US Senate approved the tax bill 51 for and 48 against, while the House of Representatives gave it final approval, passing it for the second time in two days after...

US dollar 'treading water'

USD is treading water ahead of the expected enactment of President Trump’s tax bill. The initial euphoria of lower corporation tax, that many...


CB Monetary Policy Unchanged

Thursday saw the latest Monetary Policy Committee (MPC) report from the Bank of England. The BoE stated that further modest increases...

No Surprises as Fed Raises Rates

The Federal Reserve, as expected, raised its benchmark interest rate by a quarter of a percentage point, to a range of 1.25% to 1.5%. The latest hike...

CB meetings dominate the week

With no impactful economic data releases on the calendar today, the markets are focusing on a plethora of Central Bank meetings scheduled...


No Surprises from BoC & ADP

In an unsurprising move, the Bank of Canada decided to hold its benchmark lending rate at 1%, after two small hikes earlier in 2017. The BoC stated...

Moderate Gains for USD

On Monday, the US Commerce Department released Factory Orders data for October, indicating that the continued strength in the Manufacturing...

OPEC Extends Output Cuts

On Thursday, OPEC (Organization of Petroleum Exporters) and non-OPEC producers led by Russia agreed to keep output cuts until the end of 2018...

  


Share: