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 continued yesterday’s fall with another 26 point decline and is currently trading at 1.2690. The news that the European Central Bank will commence its asset-backed corporate bonds buyout are seen as one of the first steps in a larger scale easing program. In another concern-inspiring bit of news from the region, five EU nations, including France and Italy, as well as Austria Slovenia and Malta will receive warnings today from the European Commission due to budget plans that may breach Eurozone rules. In the meantime, the west continues its fight against emerging terrorist groups in the Middle East with mixed success so far, possibly pulling down the US dollar, meaning that the euro’s declines against the dollar could be more significant.
Crude oil is down just $0.1 USD following a directionless Wednesday trading session to trade at $82.39. Currently, the main concerns over oil prices are oversupplied stockpiles and increased production when demand is not meeting expectations. While Russia is increasing production in order to offset losses due to the sanctions held against it, Saudi Arabia, Libya and Iraq continue to over-produce and offer discounts to certain markets. These, quite surprisingly have more impact than the fighting in the Middle East, which have not stalled production as seen in previous conflicts.
The NASDAQ saw a 0.83% decline during Wednesday’s session, erasing some the gains seen on Tuesday. However, estimates are still in its favor. Many of the components that comprise the index have moved up, pointing toward a more limited decline with stronger components.
US – Jobless claims and housing price reports are due later today. Both employment and housing prices played a major role in the US economy lately. First, the house price index was a key statistic during the recovery from 2008’s recession. Employment data has also helped in increasing the dollar’s strength earlier this month, when remarkably positive figures have been released.
EU – Service, marketing and composite purchasing managers index (PMI) will be released for both Germany and the entire EU. This data is considered to be a major indication of overall economic health, and positive data can have a strong lifting effect on the currency.
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