Daily Market News: February 2, 2015
February 2, 2015 3:20 pmVideo
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February 2, 2015 – Daily Market News
EUR/USD
On Friday, the EUR/USD dropped after data released in the Eurozone showed that the yearly CPI fell by 0.6%. Analysts had expected an annual decline of 0.5%. During today’s early trading sessions, the pair rebounded after Friday’s decline. This comes as traders remain cautious over Greece’s future as a member of the European Union. Investors should now keep their eye on a number of data releases tomorrow, including the Spanish unemployment change.
USD/JPY
On Friday, the Dollar weakened against the Yen after U.S. data showed that the last quarterly Gross Domestic Product grew by 2.6%, lower than the expected figure of 3.0%. During today’s Asian session the pair jumped to 117.8 after weak data releases from China boosted the Dollar. The manufacturing PMI and the HSBC Manufacturing PMI both showed lower than expected figures.
Gold
By the close of Fridays U.S. trading session, Gold had rallied to $1.284/ounce after data releases from the U.S. showed that the economy grew by 2.6%. A weaker Dollar boosts the usually safe haven metal appeal. Today, the price of Gold declined after negative data from China showed that the Manufacturing Purchasing Managers Index dropped to its lowest level in two years.
Indices
U.S markets ended lower on Friday and posted losses for the month. Sentiment was hit by a worse than expected GDP report which showed a quarterly increase of just 2.6%, lower than the expected 3%. The number was very disappointing and suggested that the economy is decelerating. If data continues in this way, this would reduce the chance that the Fed would increase interest rates in June. At the close of the session, the S&P 500 was 1.3% lower at 1,994.99 and the Dow Jones was 1.45% lower at 17,164.95. Asian markets declined across the region. The Hang Seng lost 0.09% and the Shanghai Composite lost 2.56% following weaker than expected data from China. The Overall Manufacturing PMI dropped to 59.8 and the HSBC Manufacturing PMI dropped to 49.7; both indexes indicated contraction in the economy. The Nikkei lost 0.66% as the Yen strengthened as a safe haven asset. European markets are mixed today. The FTSE 100 is up 0.06% and the DAX is up 0.46% as energy shares gain on climbing oil prices. The CAC 40 is down 0.24%
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