The European Central Bank surprised markets by cutting the interest rate to 0.05%. Draghi also signaled that $700 billion euros could be added to the economy. The Euro tumbled causing indices to trade higher. U.S. indices reached intraday records but then declined. Markets became hesitant ahead of today’s data. The U.S. Nonfarm Payroll report and Unemployment rate will be released today. For the past 6 months the U.S. has seen gains above 200,000 jobs per month and the expectations is to see that 225,000 jobs were created during August. The report will be released at 12.30pm GMT. At session close the S&P 500 was 0.15% lower and the Dow Jones was 0.05% lower. Asian markets were lower across the region. The Nikkei declined 0.05% as the Yen dropped slightly against the U.S. Dollar, trading at ¥105.15.The Hang Seng lost 0.41% as it followed U.S. sentiment. Europeans markets are mixed today ahead of the data and in reaction to cease fire talks in Ukraine. Currently, the DAX is higher by 0.16%, while the FTSE 100 is leading the CAC 40 lower. They are down 0.18% and 0.08% respectively.
WTI Crude is still trading above $94/barrel. The EIA reported that U.S. crude-oil inventories declined 900,000 barrels during the previous week which is less than the expected decline of 2 million barrels. The price should be influenced by today’s U.S. labor releases and next week we could see the price under pressure as hurricane Norbert is moving towards Mexico. Gold declined yesterday as investors felt the ECB interest rate cut would dampen demand for the precious metal while the dollar would continue to rise and hurt the precious metal’s safe haven appeal. Traders should wait for today’s data before making any moves.
Today’s Main Events:
09.00 GMT: EUR – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
12.30 GMT: USD – Nonfarm Payrolls – measures the change in the number of people employed during the previous month, excluding the farming industry.
12.30 GMT: USD – Unemployment Rate – measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month.
September 5, 2014 – Daily Market News
Today’s Hot Assets: USD, Gold, EUR
The European Central Bank surprised markets by cutting the interest rate to 0.05%. Draghi also signaled that $700 billion euros could be added to the economy. The Euro tumbled causing indices to trade higher. U.S. indices reached intraday records but then declined. Markets became hesitant ahead of today’s data. The U.S. Nonfarm Payroll report and Unemployment rate will be released today. For the past 6 months the U.S. has seen gains above 200,000 jobs per month and the expectations is to see that 225,000 jobs were created during August. The report will be released at 12.30pm GMT. At session close the S&P 500 was 0.15% lower and the Dow Jones was 0.05% lower. Asian markets were lower across the region. The Nikkei declined 0.05% as the Yen dropped slightly against the U.S. Dollar, trading at ¥105.15.The Hang Seng lost 0.41% as it followed U.S. sentiment. Europeans markets are mixed today ahead of the data and in reaction to cease fire talks in Ukraine. Currently, the DAX is higher by 0.16%, while the FTSE 100 is leading the CAC 40 lower. They are down 0.18% and 0.08% respectively.
WTI Crude is still trading above $94/barrel. The EIA reported that U.S. crude-oil inventories declined 900,000 barrels during the previous week which is less than the expected decline of 2 million barrels. The price should be influenced by today’s U.S. labor releases and next week we could see the price under pressure as hurricane Norbert is moving towards Mexico. Gold declined yesterday as investors felt the ECB interest rate cut would dampen demand for the precious metal while the dollar would continue to rise and hurt the precious metal’s safe haven appeal. Traders should wait for today’s data before making any moves.
Today’s Main Events:
09.00 GMT: EUR – GDP – measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy
12.30 GMT: USD – Nonfarm Payrolls – measures the change in the number of people employed during the previous month, excluding the farming industry.
12.30 GMT: USD – Unemployment Rate – measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month.
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