U.S stocks dropped after Fed Member, James Bullard, commented on an interest rate hike. They then pared most of the losses following a rally caused by GoPro making a debut as a public company. At session close, the S&P 500 was 0.12% lower and the Dow Jones was 0.13% lower. Asian stocks were mixed during today’s session. The Nikkei lost 1.39% as the Yen climbed against the U.S. dollar following a range of data from Japan. The Dollar was buying ¥101.61 yen compared to ¥101.83 about 24 hours earlier. The Hang Seng, however, added 0.1% with casino shares leading gains. European markets are higher today but are set for a weekly loss. Currently, the CAC 40 is up 0.38% while Germany’s DAX is up 0.27% and London’s FTSE 100 is up 0.26%.
WTI Crude moved below $106/barrel reaching its lowest close in 2 weeks. The downwards movement was caused by increasing oil supplies reported by the EIA and API and also weak data from the U.S. Worries regarding supply over Iraq are also diminishing and therefore not adding support to the commodity. Gold also settled slightly lower after Bullard’s comments yesterday. The initial reaction to the situation in Iraq has now been priced into the market. Traders should continue to watch U.S. data and focus on geopolitical developments.
Today’s Main Events:
08.30 GMT: GBP – GDP- measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
13.55 GMT: USD – Michigan Consumer Sentiment – rates the relative level of current and future economic conditions
June 27, 2014 – Daily Market News
Today’s Hot Assets: GBP, USD
U.S stocks dropped after Fed Member, James Bullard, commented on an interest rate hike. They then pared most of the losses following a rally caused by GoPro making a debut as a public company. At session close, the S&P 500 was 0.12% lower and the Dow Jones was 0.13% lower. Asian stocks were mixed during today’s session. The Nikkei lost 1.39% as the Yen climbed against the U.S. dollar following a range of data from Japan. The Dollar was buying ¥101.61 yen compared to ¥101.83 about 24 hours earlier. The Hang Seng, however, added 0.1% with casino shares leading gains. European markets are higher today but are set for a weekly loss. Currently, the CAC 40 is up 0.38% while Germany’s DAX is up 0.27% and London’s FTSE 100 is up 0.26%.
WTI Crude moved below $106/barrel reaching its lowest close in 2 weeks. The downwards movement was caused by increasing oil supplies reported by the EIA and API and also weak data from the U.S. Worries regarding supply over Iraq are also diminishing and therefore not adding support to the commodity. Gold also settled slightly lower after Bullard’s comments yesterday. The initial reaction to the situation in Iraq has now been priced into the market. Traders should continue to watch U.S. data and focus on geopolitical developments.
Today’s Main Events:
08.30 GMT: GBP – GDP- measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
13.55 GMT: USD – Michigan Consumer Sentiment – rates the relative level of current and future economic conditions
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