Yesterday, a range of positive data was released from the U.S. Existing Home sales and the Philadelphia Fed Manufacturing Index both came out better than expected, painting the picture of a stronger economy. U.S. stocks closed higher with the S&P 500 reaching a record for the 28th time this year. The index added 0.29%, closing at 1,992.37 and the Dow Jones added 0.36%, closing at 17,039.49. Asian markets were mixed across the region. The Nikkei lost 0.3% as the Dollar fell slightly against the Yen ahead of Yellen’s speech today. The Dollar is currently trading at ¥103.73 compared to ¥103.93 the previous day. The Hang Seng, however, gained 0.47% as traders followed U.S. sentiment. European markets are mixed today as traders wait for a speech from Mario Draghi at the Symposium in Jackson Hole. Currently, the CAC 40 is off 0.30%, the DAX is down 0.12% and the FTSE 100 in London is unchanged.
WTI Crude climbed to $34.40/barrel following the positive U.S. data. The Philadelphia manufacturing index came out at its strongest level since 2011. As the index is a leading indicator of economic conditions, the oil market reacted quickly. Despite gains, the commodity is still on track for a weekly loss due to speculation that the market is over supplied. Gold is trading slightly above a 2 month low ahead of the symposium. After the FOMC Meeting minutes were released the Dollar was boosted as comments from the Fed were hawkish.
Today’s Main Events:
12.30 GMT: CAD – Core CPI – measures the changes in the price of goods and services, excluding food and energy.
12.30 GMT: CAD – Core Retail Sales – measures the change in the total value of sales at the retail level in Canada, excluding automobiles
14.00 GMT: USD – Fed Chair Yellen Speaks – Due to speak about labor markets at the Federal Reserve Bank of Kansas City Economic Symposium: Re-Evaluating Labor Market Dynamics, in Jackson Hole
18.30 GMT: EUR – ECB President Draghi Speaks – Due to speak at the Federal Reserve Bank of Kansas City Economic Symposium: Re-Evaluating Labor Market Dynamics, in Jackson Hole
August 22, 2014 – Daily Market News
Today’s Hot Assets: USD, EUR
Yesterday, a range of positive data was released from the U.S. Existing Home sales and the Philadelphia Fed Manufacturing Index both came out better than expected, painting the picture of a stronger economy. U.S. stocks closed higher with the S&P 500 reaching a record for the 28th time this year. The index added 0.29%, closing at 1,992.37 and the Dow Jones added 0.36%, closing at 17,039.49. Asian markets were mixed across the region. The Nikkei lost 0.3% as the Dollar fell slightly against the Yen ahead of Yellen’s speech today. The Dollar is currently trading at ¥103.73 compared to ¥103.93 the previous day. The Hang Seng, however, gained 0.47% as traders followed U.S. sentiment. European markets are mixed today as traders wait for a speech from Mario Draghi at the Symposium in Jackson Hole. Currently, the CAC 40 is off 0.30%, the DAX is down 0.12% and the FTSE 100 in London is unchanged.
WTI Crude climbed to $34.40/barrel following the positive U.S. data. The Philadelphia manufacturing index came out at its strongest level since 2011. As the index is a leading indicator of economic conditions, the oil market reacted quickly. Despite gains, the commodity is still on track for a weekly loss due to speculation that the market is over supplied. Gold is trading slightly above a 2 month low ahead of the symposium. After the FOMC Meeting minutes were released the Dollar was boosted as comments from the Fed were hawkish.
Today’s Main Events:
12.30 GMT: CAD – Core CPI – measures the changes in the price of goods and services, excluding food and energy.
12.30 GMT: CAD – Core Retail Sales – measures the change in the total value of sales at the retail level in Canada, excluding automobiles
14.00 GMT: USD – Fed Chair Yellen Speaks – Due to speak about labor markets at the Federal Reserve Bank of Kansas City Economic Symposium: Re-Evaluating Labor Market Dynamics, in Jackson Hole
18.30 GMT: EUR – ECB President Draghi Speaks – Due to speak at the Federal Reserve Bank of Kansas City Economic Symposium: Re-Evaluating Labor Market Dynamics, in Jackson Hole
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