Daily Market Review
Welcome to OptionClick’s daily market review. In this section we will cover various assets and provide you with information regarding their current status and the upcoming events that may influence them. Be sure to keep up with the news to make the most of your ventures!
The EUR/USD declined late on Thursday to trade at 1.0884 after the impressively steady climb made by the euro this week. The decline followed the release of employment data showing a significantly better-than-expected initial jobless claims report in the U.S., showing a steep decline in the number of individuals who had filed for unemployment insurance in the last week. Despite the euro’s display of force this week, major financial institutions hold the position that the euro is still heading to parity with the dollar. Barclays expects the euro to go as low as 95 cents per dollar by the first quarter of next year.
Crude oil slowed down its recent gains to decline $1.05 (2.04%) to trade at $50.38. Crude oil saw significant gains yesterday as Saudi Arabia attacked Yemen in attempt to block the Shiite expansion into more territories. While Yemen is not a major oil producer, the conflict is more concerned with control over shipping routes for the entire region. Based on the results of the ongoing negotiations, the U.S. may remove sanctions against Iran as early as the end of this month, essentially adding a significant oil producer to the market and worsening the supply glut.
The Standard and Poor’s 500 Index declined 4.9 points (0.24%) to close Thursday’s trading session at 2,056.15. Stocks were lower on Thursday as tensions in the Middle-East and weak economic data caused a volatile trading session. Airline stocks were down after disturbing news had emerged regarding the Germanwings crash in Europe. It was reported that one of the pilots had intentionally crashed the aircraft, causing significant concern. The S&P’s most recent decline puts it negative territory for the year.
U.S. GDP data will be released later today. On Monday, European business climate and consumer confidence data will be released, followed by consumer price data (CPI) later that day.
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