Janet Yellen, the Head of the Federal Reserve, spoke yesterday at the National Interagency Community Reinvestment Conference. Yellen stated that the labour market is still slacking and so an accommodative policy would be favoured for some time. It appeared her previous comments two weeks continued monetary support and also as tension appeared to ease in Ukraine. Asian stocks were mixed. The Hang Seng gained 1.34% after the Chinese Manufacturing PMI Index rose to 50.3 in March, a touch higher than the 50.2 seen in February. The Nikkei, however, declined 0.24% following news that optimism among Japan’s major manufacturers had weakened sharply. European stocks opened the day higher ahead of Manufacturing PMI data being released later in the day from Germany and the Eurozone as a whole.
WTI declined slightly after data suggested economic growth in China is still slowing. The HSBC Manufacturing PMI declined to 48 in March which is the lowest level since July. Tension is also decreasing in Ukraine which is removing pressure on the price and there is speculation that crude supplies extended for an 11th week. Gold is seeing some gains today followings Yellen’s comments that monetary policy will remain accommodative caused some gains for the metal. Weaker data from China also boosted physical demand.
Today’s Main Events:
08.00 GMT: EUR – German Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
08.30 GMT: GBP – Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
14.00 GMT: USD – ISM Manufacturing PMI – shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction and the diffusion index
April 1, 2014 – Daily Market News
Today’s Hot Assets: EUR, USD
Janet Yellen, the Head of the Federal Reserve, spoke yesterday at the National Interagency Community Reinvestment Conference. Yellen stated that the labour market is still slacking and so an accommodative policy would be favoured for some time. It appeared her previous comments two weeks continued monetary support and also as tension appeared to ease in Ukraine. Asian stocks were mixed. The Hang Seng gained 1.34% after the Chinese Manufacturing PMI Index rose to 50.3 in March, a touch higher than the 50.2 seen in February. The Nikkei, however, declined 0.24% following news that optimism among Japan’s major manufacturers had weakened sharply. European stocks opened the day higher ahead of Manufacturing PMI data being released later in the day from Germany and the Eurozone as a whole.
WTI declined slightly after data suggested economic growth in China is still slowing. The HSBC Manufacturing PMI declined to 48 in March which is the lowest level since July. Tension is also decreasing in Ukraine which is removing pressure on the price and there is speculation that crude supplies extended for an 11th week. Gold is seeing some gains today followings Yellen’s comments that monetary policy will remain accommodative caused some gains for the metal. Weaker data from China also boosted physical demand.
Today’s Main Events:
08.00 GMT: EUR – German Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
08.30 GMT: GBP – Manufacturing PMI – measures the activity level of purchasing managers in the manufacturing sector.
14.00 GMT: USD – ISM Manufacturing PMI – shows the percentage reporting each response, the net difference between the number of responses in the positive economic direction and the negative economic direction and the diffusion index
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