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 remained relatively flat during Wednesday, losing 3 points (0.02%) to trade at 1.2546. The Federal Reserve released its latest minutes, detailing their discussions from October. Regarding interest rates, the wording “considerable time” was again used despite minority objections in the committee. This may suggest that an increase in interest rates is approaching. Some members, in wake of the turbulent economic situation in Europe have pointed to the importance of clarifying the Fed’s approach to inflation rates. Furthermore, the minutes stressed the need to monitor declining inflation expectations. In the meantime, European Central Bank officials have been fighting out their differences in public following news regarding the expansion of easing programs from earlier this week.
Crude oil has gained 0.11% and is trading at $74.65 as oil continues to trade near four-year lows. The low price has spurred concerns over the profitability of oil with a new report that found that numerous shale regions in the US are no longer profitable. Since the US expanded its oil supply to 9 million barrels per day in June, prices have gone down 32%. At the same time, OPEC countries are reluctant to decrease their production, leading to an oversupplied global market.
The Dow Jones closed the day with a 0.01% decrease to trade at 17,685.73. However, during the trading day there has seen a sharp and immediate 19-point increase following the release of the FOMC minutes for the month of October.
The European purchasing managers’ index (PMI) is due for release later today, as well as the US consumer price index (CPI) data. CPI data is known to provide an early indication of inflation information.
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