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!
Eurozone inflation data has met expectations, pushing the pair 10 points higher. Following this data release, traders are now expecting that the European Central Bank will not offer new stimulus programs at this week’s meeting. However, it is expected that Eurozone growth will be below expectations for the year. US data indicates that growth will be slower this year, with expectations on personal income and spending taken a step back. Furthermore, it is likely that unemployment rates will stabilize at around 11.5%. The Ukrainian conflict continues to escalate, with news indicating that NATO forces will be brought in to counter the large Russian presence in the region.
Crude oil saw gains during the month’s last day and reached 95.82 as demand increases and tensions in the Ukraine reach new heights. Overall, global demand is weaker than anticipated, causing oil to trade on the low. Short-term EIA forecasts indicate that the price of gasoline will likely decrease, mirroring the drop in demand.
The Dow 30 fell during the beginning of Friday’s session but managed to find sufficient support to turn the trend around and form a hammer. This would be the second hammer formed in a row, suggesting that the market is on its way up. However, the 17150 level us likely to prove fairly resistive, demanding a lot of supportive pressure to break through. Nevertheless, traders are bullish.
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