• Markets leapt higher last night after the Fed announced it would begin tapering it’s asset purchases. Of more interest to markets was the guidance that interest rates are still likely to remain around zero for the foreseeable future. Stock markets shot back towards the highs on the news, with the dollar index regaining recent losses.
• This morning, there is a small push back against yesterday’s moves with the yen pairs generally falling back as the yen re-asserts itself against the US dollar.
• The big movers today are precious metals, with gold down 1.23% and silver off by -2.28%.
• The pound is holding yesterday’s gains, especially against the euro on the back of better than expected unemployment data.
Coming up today:
• Coming up today we have UK retail sales data at 09.30.
• From 13.30 we switch to the US with unemployment claims followed by existing home sales and Philly Fed manufacturing at 15.00.
Trade Idea:
• Silver is leading gold lower today, back towards the late November lows.
• The sell off is gathering pace, but as of yet is not in extreme over sold territory which could mean more downside to come.
Markets take stock of Fed bounce
Morning Report: 09.00 London
• Markets leapt higher last night after the Fed announced it would begin tapering it’s asset purchases. Of more interest to markets was the guidance that interest rates are still likely to remain around zero for the foreseeable future. Stock markets shot back towards the highs on the news, with the dollar index regaining recent losses.
• This morning, there is a small push back against yesterday’s moves with the yen pairs generally falling back as the yen re-asserts itself against the US dollar.
• The big movers today are precious metals, with gold down 1.23% and silver off by -2.28%.
Coming up today:
• Coming up today we have UK retail sales data at 09.30.
• From 13.30 we switch to the US with unemployment claims followed by existing home sales and Philly Fed manufacturing at 15.00.
Trade Idea:
• Silver is leading gold lower today, back towards the late November lows.
• The sell off is gathering pace, but as of yet is not in extreme over sold territory which could mean more downside to come.
This is presented as an idea to stimulate fixed odds financial betting ideas and is not financial advice.
Summary:
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