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 pair remained steady during Wednesday’s session and is currently trading at 1.1366 after slight gains made by the euro. The U.S. dollar index, which compared the dollar against a number of its peers, declined as the Federal Reserve’s Chair, Janet Yellen, proceeded to her second day of testimony to U.S. lawmakers. Yellen stated that the Federal Reserve will remain patient in its decision regarding interest rates. However, Yellen also noted that the use of such terms would be dropped before rates go up. Recent Eurozone data has shown an annual growth rate of 1.6%, above expectations and an improvement over last quarter. Furthermore, strong consumer spending helped drive growth during the last quarter. Traders will be looking forward to GDP and CPI data due to release later today.
Crude oil declined 0.27% to trade at $50.85. Expectations that U.S. supplies increased have created concerns over the possibility of a shortage on storage facilities. Historically, similar situation have created a very strong reaction from the markets, making some analysts estimate that oil prices could decline significantly. In the meantime, the largest U.S. refinery strike since 1980 has entered its 25th day, with no resolution in sight.
The Dow Jones industrial average hit its third record-close in a row on Wednesday’s session, while other major indices were down. Trading was in relatively small volumes as investors reviewed the latest corporate earnings reports. Energy-related stock rebounded as oil prices climbed back above $50.
Eurozone GDP and CPI data are scheduled to release later today.
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