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 saw modest gains during Monday’s trading session and is currently trading at 1.1590, up from 1.1557. The International Monetary Fund (IMF) has lowered its forecast for global growth in 2015, calling on governments to implement policies that will support growth. Accordingly, the European Central Bank is expected to announce a $635 billion quantitative easing program on Thursday in an effort to deflect European deflation. The IMF remained optimistic in regards to the U.S. economy, raising their previous forecasts by 0.5%. The euro is still heavily affected by the Swiss National Bank’s decision to remove the exchange rate cap, keeping the euro near multi-year lows.
Crude oil is down $1.37, or 2.81% and currently trading at $47.32. The decline came following the release of reports indicating that China’s economic growth had greatly missed expectations and recorded its weakest annual expansion in the last 24 years. This fueled worries that the already-saturated energy market isn’t likely to see a boost in demand in the near future.
Dow Jones 30
The Dow Jones industrial average gained 190.86 points, or 1.1% to trade at 17,511.57. Stocks rallied on Friday following a five-day losing streak as the rebound in oil prices and higher consumer sentiment fueled gains. However, the effects of the Swiss decision to remove the exchange rate cap are still being felt throughout the markets.
The European Central Bank is scheduled to announce a QE program on its January 22 meeting (this Thursday). Germany’s economic sentiment report is scheduled to release later today, followed U.S. housing data tomorrow.
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