U.S. stocks finished with little change as investors are waiting on the sidelines ahead of important data being released including the Nonfarm Payrolls report and ADP nonfarm employment change. The S&P 500 lost 0.04% remaining at a high of 19,722.34 and the Dow Jones lost 0.13%. Asian stocks were mixed also due to uncertainty ahead of reports. The Hang Seng lost 0.6% led by losses in casino stocks. The Nikkei, however, added 0.22% as the Dollar continued to gain against the Yen, reaching a high of 102.8. European stocks have opened lower. Eurozone inflation slowed more than expected once again during the month of May. As Draghi has continually stated that he will prevent deflation speculation is now higher than ever that the bank with introduce negative deposit rates. Today’s European GDP came out as expected but Services PMI data was mostly negative. Currently, the FTSE 100 is down 0.33% while Germany’s DAX is off 0.18% and France’s CAC 40 is lower by 0.10%.
WTI Crude lifted off a two week low ahead of inventory data coming from the EIA later today. There are signs of increasing tension in Libya which is also adding support to the price. The commodity is currently trading around $103.2/barrel. Gold is still trading in a tight range. The Dollar has reached a 2 month high against 10 other currencies before the NFP report on Friday and the yellow metal tends to move in the opposite direction.
Today’s Main Events:
12.15 GMT: USD – ADP Nonfarm Employment Change – The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government’s non-farm payroll report
12.30 GMT: USD – Trade Balance – measures the difference in value between imported and exported goods and services over the reported period
14.00 GMT: CAD – Interest Rate Decision – Bank of Canada (BOC) governing council members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
14.00 GMT: USD – ISM Non-Manufacturing PMI – The Institute of Supply Management (ISM) Non-Manufacturing PMI report on Business, a composite index is calculated as an indicator of the overall economic condition for the non-manufacturing sector.
June 4, 2014 – Daily Market News
Today’s Hot Asset: USD
U.S. stocks finished with little change as investors are waiting on the sidelines ahead of important data being released including the Nonfarm Payrolls report and ADP nonfarm employment change. The S&P 500 lost 0.04% remaining at a high of 19,722.34 and the Dow Jones lost 0.13%. Asian stocks were mixed also due to uncertainty ahead of reports. The Hang Seng lost 0.6% led by losses in casino stocks. The Nikkei, however, added 0.22% as the Dollar continued to gain against the Yen, reaching a high of 102.8. European stocks have opened lower. Eurozone inflation slowed more than expected once again during the month of May. As Draghi has continually stated that he will prevent deflation speculation is now higher than ever that the bank with introduce negative deposit rates. Today’s European GDP came out as expected but Services PMI data was mostly negative. Currently, the FTSE 100 is down 0.33% while Germany’s DAX is off 0.18% and France’s CAC 40 is lower by 0.10%.
WTI Crude lifted off a two week low ahead of inventory data coming from the EIA later today. There are signs of increasing tension in Libya which is also adding support to the price. The commodity is currently trading around $103.2/barrel. Gold is still trading in a tight range. The Dollar has reached a 2 month high against 10 other currencies before the NFP report on Friday and the yellow metal tends to move in the opposite direction.
Today’s Main Events:
12.15 GMT: USD – ADP Nonfarm Employment Change – The ADP National Employment Report is a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients. The release, two days ahead of government data, is a good predictor of the government’s non-farm payroll report
12.30 GMT: USD – Trade Balance – measures the difference in value between imported and exported goods and services over the reported period
14.00 GMT: CAD – Interest Rate Decision – Bank of Canada (BOC) governing council members come to a consensus on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
14.00 GMT: USD – ISM Non-Manufacturing PMI – The Institute of Supply Management (ISM) Non-Manufacturing PMI report on Business, a composite index is calculated as an indicator of the overall economic condition for the non-manufacturing sector.
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