Daily Market News: June 5, 2014
June 5, 2014 8:25 amVideo
Latest News
- Video market update for May 09, 2024 May 9, 2024
- Analysis of EUR/USD pair on May 9th. Euro woke up after the Bank of England meeting May 9, 2024
- Analysis of GBP/USD pair on May 9th. Andrew Bailey did all he could May 9, 2024
- USD/JPY: Simple trading tips for novice traders for May 9th (US session) May 9, 2024
- GBP/USD: Simple trading tips for novice traders for May 9th (US session) May 9, 2024
- EUR/USD: Simple trading tips for novice traders for May 9th (US session) May 9, 2024
- Technical Analysis – GBPUSD retreats further after BoE’s decision May 9, 2024
- Technical Analysis – UK 100 index swings to all-time high May 9, 2024
- GBP/USD: trading plan for the US session on May 9th (analysis of morning deals). The pound continues to be held within the May 9, 2024
- EUR/USD: trading plan for the US session on May 9th (analysis of morning deals). The euro rebounded from 1.0726 May 9, 2024
- EUR/USD. May 9th. Bulls have exhausted their strength May 9, 2024
- GBP/USD. May 9th. Bulls fear Bailey’s “soft” rhetoric May 9, 2024
- Midweek Technical Look – EURUSD, Gold, US 500 May 9, 2024
- Technical Analysis – EURCHF flirts with uptrend line May 9, 2024
- Technical Analysis – EURGBP runs out of steam near 0.8600 May 9, 2024
- Forex forecast 05/09/2024: EUR/USD, GBP/USD, Oil and Bitcoin from Sebastian Seliga May 9, 2024
- USD/JPY: trading tips for beginners for European session on May 9 May 9, 2024
- Technical Analysis – USDJPY advances after bouncing off 50-day SMA May 9, 2024
- Market Comment – Pound slides ahead of Bank of England decision May 9, 2024
- Technical Analysis – NZDUSD bulls face strong resistance May 9, 2024
June 5, 2014 – Daily Market News
Today’s Hot Asset: EUR
U.S. stocks ended the day higher once again after positive ISM Non-Manufacturing data was released. The Beige book also showed that most regions in the U.S are growing at a moderate pace. Due to the optimistic outlook, the Federal Reserve looks on track to end their asset purchases completely at the end of the year. The S&P 500 reached a record for the 16th time this year and closed 0.19% higher at 1,927.88. The Dow Jones closed 0.09% higher at 16,737.53. Asian markets were mixed but with little change as investors were cautious ahead of the interest rate decision coming from the ECB later today. The Nikkei added 0.08% led by gains in technology and steel shares such as Sharp Corp which added 4.8%. The Han Seng, however, lost 0.08% after the Chinese HSBC Services PMI expanded at a slower pace during the past month; its weakest growth for 4 months. European markets have started the day lower. Expectation is to see the bank cut rates into negative territory. Currently, the FTSE 100 is down 0.21%, France’s CAC 40 is off 0.08% and Germany’s DAX is lower by 0.08%. The Decision will be released at 11.45 am GMT and will be followed by a news conference at 12.30 pm GMT.
WTI Crude declined as traders assessed data received from the EIA. The EIA released that weekly distillate stocks increased, however, crude oil inventories declined by a larger amount than expected; dropping 3.4 million barrels during the week ending May 30. The decline was largely down to a decrease in imports. Gold has been trading in a tight range at a 14 month low. The higher stocks go, the less interested investors are in the metal. Geopolitical tension has decreased and the outlook for the U.S. economy is positive and both factors are bearish for Gold. Focus will be on today’s ECB decision and tomorrow’s NFP Report.
Today’s Main Events:
11.00 GMT: GBP – Interest Rate Decision – Bank of England (BOE) monetary policy committee members vote on where to set the rate. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
11.45 GMT: EUR –Interest Rate Decision – The six members of the European Central Bank (ECB) Executive Board and the 16 governors of the euro area central banks vote on where to set the rate
12.30 GMT: EUR – ECB Press Conference – Scheduled monthly, about 45 minutes after the Minimum Bid Rate is announced. First a prepared statement is read, then the conference is open to press questions. The questions often lead to unscripted answers that create heavy market volatility
12.30 GMT: USD – Initial Jobless Claims – measures the number of individuals who filed for unemployment insurance for the first time during the past week
14.00 GMT: CAD – IVEY PMI – measures the activity level of purchasing managers in Canada.
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