On Friday, Janet Yellen spoke at the Jackson Hole Symposium. She noted that labour market conditions have improved but have yet to fully recover. The focus for the Fed will be assessing how far the economy is from their overall goals which remains a difficult task. The Federal Reserve is leaning towards raising interest rates in 2015 which have remained close to 0 since 2008. U.S. stocks finished lower following the statements; the S&P 500 closed 0.2% lower and the Dow Jones closed 0.22% lower. Asian markets climbed across the region. The Nikkei added 0.48% as the Dollar climbed against the Yen, trading at ¥104.26, compared to ¥103.85 at the previous close. The Hang Seng added 0.22%. European markets are higher today. Draghi also spoke at the symposium on Friday and hinted that additional monetary stimulus could be added to the economy. He commented that as inflation continues to drop, the European Central Bank may respond with greater tools. Currently, the CAC 40 is up 0.92% while the DAX is up 1.03%. The British FTSE 100 is closed for a bank holiday.
WTI Crude has been trending down due to fears of over – supply. The price is now climbing slightly ahead of U.S. data later in the day including New Home Sales which will be released from the U.S. at 2pm GMT. At the end of last week, Gold traded choppy between $1,274/ounce and $1,283/ounce. Today, it opened with a small positive gap but then pared its gains. Traders are assessing whether the Federal Reserve will raise interest rates sooner than expected due to continuous improvement in the economy. Yellen’s comments at the Jackson Hole Symposium caused the Dollar to climb and as we know, the Dollar moves inversely to the metal. As always, traders should keep an eye on U.S. data being released later today.
Today’s Main Events:
14.00 GMT: USD – New Home Sales – measures the annualized number of new single-family homes that were sold during the previous month.
August 25, 2014 – Daily Market News
Today’s Hot Asset: USD
On Friday, Janet Yellen spoke at the Jackson Hole Symposium. She noted that labour market conditions have improved but have yet to fully recover. The focus for the Fed will be assessing how far the economy is from their overall goals which remains a difficult task. The Federal Reserve is leaning towards raising interest rates in 2015 which have remained close to 0 since 2008. U.S. stocks finished lower following the statements; the S&P 500 closed 0.2% lower and the Dow Jones closed 0.22% lower. Asian markets climbed across the region. The Nikkei added 0.48% as the Dollar climbed against the Yen, trading at ¥104.26, compared to ¥103.85 at the previous close. The Hang Seng added 0.22%. European markets are higher today. Draghi also spoke at the symposium on Friday and hinted that additional monetary stimulus could be added to the economy. He commented that as inflation continues to drop, the European Central Bank may respond with greater tools. Currently, the CAC 40 is up 0.92% while the DAX is up 1.03%. The British FTSE 100 is closed for a bank holiday.
WTI Crude has been trending down due to fears of over – supply. The price is now climbing slightly ahead of U.S. data later in the day including New Home Sales which will be released from the U.S. at 2pm GMT. At the end of last week, Gold traded choppy between $1,274/ounce and $1,283/ounce. Today, it opened with a small positive gap but then pared its gains. Traders are assessing whether the Federal Reserve will raise interest rates sooner than expected due to continuous improvement in the economy. Yellen’s comments at the Jackson Hole Symposium caused the Dollar to climb and as we know, the Dollar moves inversely to the metal. As always, traders should keep an eye on U.S. data being released later today.
Today’s Main Events:
14.00 GMT: USD – New Home Sales – measures the annualized number of new single-family homes that were sold during the previous month.
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