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 saw modest gains during Monday’s trading session and is currently trading at 1.2463 as of this writing, gaining 0.18% for the day. Traders are looking forward to any announcements from the Federal Open Market Committee (FOMC) due tomorrow. Any announcements regarding an interest rate change can have great impact on the EUR/USD; however, most analysts expect that interest rates will be kept low for the time being. In the meantime, U.S. industrial production reports have beaten expectations, increasing by 1.3% during the month of November. Eurozone PMI data is due later today, however this report will likely not cause major movement unless it greatly deviates from expectations.
Currently trading at $55.71, crude oil has tumbled more than 4% from the $58.18 open. This is the fourth straight session of declines and crude oil is trading at new five-year lows. The decline came amid speculations the U.S. oil producers will increase their output in an attempt to battle OPEC and its members for market share. OPEC members have recently rejected the notion of cutting production and have instead opted to offer discounted oil in order maintain their own market share as U.S. oil production expands. At the same time, China, a major oil consumer has missed manufacturing estimates, indicating a further decrease in demand.
The NASDAQ composite has fallen 48.44 points, or 1.04% and is currently trading at 4,605.16 as the biotech sector tumbles. The Nasdaq Biotechnology ETF dropped by 2.8%, weighing down on the index as low oil prices erode investor confidence in an already volatile trading session.
The Federal Open Market Committee is scheduled to make an announcement tomorrow regarding interest rates. While most estimate that no change will be announced, an interest rate hike will greatly impact the U.S. dollar. German PMI (purchasing managers’ index) and economic sentiment reports will be released later today.
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