U.S. stocks finished mixed due to uncertainty ahead of the ECB and NFP reports. Data came out mostly on target and the Beige book showed that the Fed are sticking to their forecast of moderate growth. The S&P 500 closed 0.08% lower while the Dow Jones closed 0.06% higher. Asian stocks declined across the region. The Nikkei lost 0.33% as the Yen strengthened slightly, trading at ¥104.89 compared to ¥105.05 the previous day. The Bank of Japan released their monetary policy statement and as expected, they decided to maintain their current level of record easing of 60-70 trillion Yen. The Hang Seng lost 0.08% following a rally caused by speculation that stimulus may be added to the economy. European markets are higher after the ECB lowered the Interest Rate to 0.05% sending the Euro lower. Attention will now turn to the Press Conference being hosted by Mario Draghi. Currently, the CAC 40 is up 0.46% while London’s FTSE 100 is up 0.32% and Germany’s DAX is up 0.02%.
WTI Crude dropped following disappointing Chinese data which suggests there could be a decline in demand. However, the API then reported that supplies declined 500,000 barrels during the past week pushing the price back up. The EIA will be releasing a separate report today at 3pm GMT. Gold is trading choppy around an 11 week low as the Dollar strengthens. Investors appear hesitant to trade the metal ahead of 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. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
12.15 GMT: USD – ADP Non-farm Employment Change – a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients.
12.30 GMT: EUR – ECB Press Conference – Scheduled monthly, about 45 minutes after the Minimum Bid Rate is announced
14. 00 GMT: USD – ISM Non- Manufacturing PMI – calculated as an indicator of the overall economic condition for the non-manufacturing sector.
September 4, 2014 – Daily Market News
Today’s Hot Assets: EUR, GBP, USD
U.S. stocks finished mixed due to uncertainty ahead of the ECB and NFP reports. Data came out mostly on target and the Beige book showed that the Fed are sticking to their forecast of moderate growth. The S&P 500 closed 0.08% lower while the Dow Jones closed 0.06% higher. Asian stocks declined across the region. The Nikkei lost 0.33% as the Yen strengthened slightly, trading at ¥104.89 compared to ¥105.05 the previous day. The Bank of Japan released their monetary policy statement and as expected, they decided to maintain their current level of record easing of 60-70 trillion Yen. The Hang Seng lost 0.08% following a rally caused by speculation that stimulus may be added to the economy. European markets are higher after the ECB lowered the Interest Rate to 0.05% sending the Euro lower. Attention will now turn to the Press Conference being hosted by Mario Draghi. Currently, the CAC 40 is up 0.46% while London’s FTSE 100 is up 0.32% and Germany’s DAX is up 0.02%.
WTI Crude dropped following disappointing Chinese data which suggests there could be a decline in demand. However, the API then reported that supplies declined 500,000 barrels during the past week pushing the price back up. The EIA will be releasing a separate report today at 3pm GMT. Gold is trading choppy around an 11 week low as the Dollar strengthens. Investors appear hesitant to trade the metal ahead of 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. Traders watch interest rate changes closely as short term interest rates are the primary factor in currency valuation.
12.15 GMT: USD – ADP Non-farm Employment Change – a measure of the monthly change in non-farm, private employment, based on the payroll data of approximately 400,000 U.S. business clients.
12.30 GMT: EUR – ECB Press Conference – Scheduled monthly, about 45 minutes after the Minimum Bid Rate is announced
14. 00 GMT: USD – ISM Non- Manufacturing PMI – calculated as an indicator of the overall economic condition for the non-manufacturing sector.
Related Posts: