U.S. markets closed with little change on Friday but posted gains for the week as a whole. U.S. data was positive but the reaction was muted as investors focused on a dovish speech from FOMC Member, James Bullard. At session close the S&P 500 was 0.02% higher at 2,039.82 and the Dow Jones was 0.1% lower at 17,634.74. Asian markets were lower today. The Nikkei lost 2.96% as the U.S Dollar declined against the Yen during early trade. Stocks then reacted to data which showed that the economy is falling into recession. The Hang Seng declined 1.21% on the first day of the trading link between Shanghai and Hong Kong. It is speculated that losses were seen due to profit taking by investors who has positioned their trades before the launch. European markets are mixed today as markets assess the recession in Japan. Investors are also awaiting a speech from Mario Draghi who will be testifying before the Committee on Economic and Monetary Affairs in Brussels. Currently the CAC 40 is up 0.10% while the DAX gains 0.09%. The FTSE 100 is off 0.08%.
WTI Crude climbed as the Dollar weakened. However, gains were limited and the price dropped back down after the Japanese GDP data was released. Investors are worried that the recession in Japan could affect markets globally. A recession would dampen demand, pushing prices lower. Gold broke through its resistance and reached a high of $1,194/ounce as the Dollar weakened on Friday. Gains were also seen as traders assess whether the National Swiss Bank will raise its Gold reserves to 20% from its current level of 8%. The price is now trading choppy above $1,180/ounce. Traders should watch the FOMC Meeting Minutes on Wednesday and they could cause the price to drop back down.
Today’s Main Events:
13.30 GMT: USD – NY Empire State Manufacturing Index – rates the relative level of general business conditions New York state
14.00 GMT: EUR – ECB President Draghi Speaks – Due to testify on Monetary Policy before the Committee on Economic and Monetary Affairs, in Brussels
14.15 GMT: USD – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
November 17, 2014 – Daily Market News
Today’s Hot Assets: USD, EUR
U.S. markets closed with little change on Friday but posted gains for the week as a whole. U.S. data was positive but the reaction was muted as investors focused on a dovish speech from FOMC Member, James Bullard. At session close the S&P 500 was 0.02% higher at 2,039.82 and the Dow Jones was 0.1% lower at 17,634.74. Asian markets were lower today. The Nikkei lost 2.96% as the U.S Dollar declined against the Yen during early trade. Stocks then reacted to data which showed that the economy is falling into recession. The Hang Seng declined 1.21% on the first day of the trading link between Shanghai and Hong Kong. It is speculated that losses were seen due to profit taking by investors who has positioned their trades before the launch. European markets are mixed today as markets assess the recession in Japan. Investors are also awaiting a speech from Mario Draghi who will be testifying before the Committee on Economic and Monetary Affairs in Brussels. Currently the CAC 40 is up 0.10% while the DAX gains 0.09%. The FTSE 100 is off 0.08%.
WTI Crude climbed as the Dollar weakened. However, gains were limited and the price dropped back down after the Japanese GDP data was released. Investors are worried that the recession in Japan could affect markets globally. A recession would dampen demand, pushing prices lower. Gold broke through its resistance and reached a high of $1,194/ounce as the Dollar weakened on Friday. Gains were also seen as traders assess whether the National Swiss Bank will raise its Gold reserves to 20% from its current level of 8%. The price is now trading choppy above $1,180/ounce. Traders should watch the FOMC Meeting Minutes on Wednesday and they could cause the price to drop back down.
Today’s Main Events:
13.30 GMT: USD – NY Empire State Manufacturing Index – rates the relative level of general business conditions New York state
14.00 GMT: EUR – ECB President Draghi Speaks – Due to testify on Monetary Policy before the Committee on Economic and Monetary Affairs, in Brussels
14.15 GMT: USD – Industrial Production – measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.
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