Putin spoke yesterday addressing the Russian parliament. He stated that the referendum in Crimea was legal as it met all democratic standards and more than 90% of Crimeans voted to be part of Russia. He also said that building good relations with neighboring Ukraine will always be a main priority and that he has no intention of occupying more countries. Markets rallied following his comments. At the close of U.S. trading, the Dow Jones had gained 0.55%, the S&P 500 had gained 0.72%, and the Nasdaq had gained 1.25%. Asian stocks were mixed. Sentiment has been dampened by concerns over the property sector which accounts for 16% of Chinese GDP causing the Hang Seng to drop 0.07%. The Nikkei, however, gained 0.36% as the Yen weakened against the US Dollar. The U.S. Federal Reserve began their two day monetary policy meeting yesterday, the first with Janet Yellen as Chairwoman. Investors expect this to be the third meeting where the Fed will scale back the monetary stimulus by another $10 billion. Yellen is due to hold a news conference after the meeting. European stocks moved lower in cautious trade ahead of the Feds statement which will be released at 6pm (GMT).
WTI Crude surged yesterday gaining almost 2% after Enterprise Products Partners LP said it would more than double the capacity of its Seaway pipeline. Economic data also provided some support for oil. Prices maintained gains after U.S. data showed the consumer price index rose 0.1%, matching forecasts. Traders should focus on inventory data later coming from the EIA at 2.30 pm (GMT). Gold prices are falling ahead of the Feds statement and Yellen’s press conference later in the day. A surge in stock prices yesterday also pushed gold down as well as decreased tension in Ukraine.
Today’s Main Events:
09.30 GMT: GBP – MPC Meeting Minutes – The Monetary Policy Meeting Minutes are a detailed record of the Bank of England’s policy setting meeting, containing in-depth insights into the economic conditions that influenced the decision on where to set interest rates.
09.30 GMT: GBP – Claimant Count Change – measures the change in the number of unemployed people in the U.K. during the reported month.
18.00 GMT: USD – FOMC Statement – the primary tool the panel uses to communicate with investors about monetary policy. It contains the outcome of the vote on interest rates, discusses the economic outlook and offers clues on the outcome of future votes.
18.30 GMT: USD – FOMC Press Conference
21.45 GMT: NZD – GDP -measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
March 19, 2014 – Daily Market News
Today’s Hot Assets: GBP, USD, Gold
Putin spoke yesterday addressing the Russian parliament. He stated that the referendum in Crimea was legal as it met all democratic standards and more than 90% of Crimeans voted to be part of Russia. He also said that building good relations with neighboring Ukraine will always be a main priority and that he has no intention of occupying more countries. Markets rallied following his comments. At the close of U.S. trading, the Dow Jones had gained 0.55%, the S&P 500 had gained 0.72%, and the Nasdaq had gained 1.25%. Asian stocks were mixed. Sentiment has been dampened by concerns over the property sector which accounts for 16% of Chinese GDP causing the Hang Seng to drop 0.07%. The Nikkei, however, gained 0.36% as the Yen weakened against the US Dollar. The U.S. Federal Reserve began their two day monetary policy meeting yesterday, the first with Janet Yellen as Chairwoman. Investors expect this to be the third meeting where the Fed will scale back the monetary stimulus by another $10 billion. Yellen is due to hold a news conference after the meeting. European stocks moved lower in cautious trade ahead of the Feds statement which will be released at 6pm (GMT).
WTI Crude surged yesterday gaining almost 2% after Enterprise Products Partners LP said it would more than double the capacity of its Seaway pipeline. Economic data also provided some support for oil. Prices maintained gains after U.S. data showed the consumer price index rose 0.1%, matching forecasts. Traders should focus on inventory data later coming from the EIA at 2.30 pm (GMT). Gold prices are falling ahead of the Feds statement and Yellen’s press conference later in the day. A surge in stock prices yesterday also pushed gold down as well as decreased tension in Ukraine.
Today’s Main Events:
09.30 GMT: GBP – MPC Meeting Minutes – The Monetary Policy Meeting Minutes are a detailed record of the Bank of England’s policy setting meeting, containing in-depth insights into the economic conditions that influenced the decision on where to set interest rates.
09.30 GMT: GBP – Claimant Count Change – measures the change in the number of unemployed people in the U.K. during the reported month.
18.00 GMT: USD – FOMC Statement – the primary tool the panel uses to communicate with investors about monetary policy. It contains the outcome of the vote on interest rates, discusses the economic outlook and offers clues on the outcome of future votes.
18.30 GMT: USD – FOMC Press Conference
21.45 GMT: NZD – GDP -measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
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