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!
Overall, the US dollar lost some ground to most of its peers during the latest trading session. In the US, ten-year treasury bonds have dropped yield and November’s consumer sentiment survey has unexpectedly dropped at its fastest rate in the past 13 months. However, US GDP data was strong, showing 3.9% growth and a boost in personal consumption. In the meantime, the euro gained ground on most of peers during Tuesday but still not enough to turn the tide on the suffering currency. Current concerns revolve around a recent report that warns against excessive risk-taking in the region, perhaps referring to the massive expansion of measures meant to promote inflation put in place by the European Central Bank.
Crude oil plunged over 2 percent during Tuesday’s session and as of this writing is trading at $74.56. These declines are attributed to a lack of any news from a preliminary gathering ahead of this week’s big OPEC gathering. Thursday’s meeting should be very significant to oil pricing, as most speculate that a cut to production will be announced in order to artificially boost oil pricing.
The latest session broke a three-day positive run, with stocks trading in a narrow range as US consumer confidence dipped and many investors prepared for holiday travel. The Index closed with a 3-points drop and is currently trading at 17,814.94.
UK GDP data is scheduled for release later today. In the meantime, most are looking forward to tomorrow’s OPEC gathering. Oil has been trading near multi-year lows and announcements detailing production cuts will likely boost oil’s performance.
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