Daily Briefing – Tuesday, January 9, 2018
Positive European Retail Sales figures and strong Economic Confidence data yesterday did not firm up the EUR against major rivals. The GBP has risen against the EUR, currently trading at 1.1348 and the Eurozone currency is down against the greenback and the JPY. It remains to be seen whether today’s ECB Non-monetary policy meeting and the Unemployment Rate data will change the trend.
The USD hasn’t seen the strongest of starts to 2018. Friday’s release of both US and Canadian jobs data resulted in a further fall for the USDCAD, not helped by the disappointing NFP. In Canada, interest rates are widely expected to rise next week which is boosting the CAD. Will the loonie continue to rally? On the stocks front, the S&P 500 and the Nasdaq composite closed yesterday at all-time highs with Nasdaq climbing to 7,157.39 and S&P 500 rose to 2,747.71. The Dow Jones fell though by 12.87 points. Will trends continue?
The JPY has seen rises against the USD and the EUR, with both the USD and the EUR falling against the Yen yesterday by 0.35%. On the stocks front, Asian shares have been approaching record highs, with the MSCI’s broadest index of Asia Pacific shares up by 0.2 percent, the NIKKEI up by 0.5 percent and the South Korea share market rising 0.2 percent also.
Oil prices have hit the highest since 2015, with WTI crude futures at $62.24 a barrel and Brent at $68.22. On the crypto front, two American companies have suspended proposals to launch bitcoin exchange-traded funds. Ripple fell yesterday by 10 percent, and Bitcoin by 7.6 percent. Ethereum traded higher by 4.7 percent.
The markets have welcomed in 2018 with record highs. The Dow Jones closed up by 0.4% and the NASDAQ by 0.8%. The S&P 500 was also positive. Will the positive trend continue?
|08:00 GMT||EUR: Non-monetary policy’s ECB Meeting|
|10:00 GMT||EUR: Unemployment Rate|
|15:00 GMT||USD: FOMC Member Speech|