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ECB President Speech to be followed by traders

Market Movements

February 5, 2018

 

europe market movements

Europe Market Movements

The EUR fell against the USD and CHF on Friday after its producer price index (PMI) only rose at 2.2%, its slowest rate in 5 months. A disappointing UK construction PMI, weighed on the GBP which fell against the EUR. Today, keep a close watch on the Markit services PMIs for the Eurozone as well as for Germany, Europe’s most powerful economy. In addition, on the traders’ radar, the ECB President’s speech will attract a lot of market attention.

 

US Indicators

US Market Movements

The USD reacted positively to the NFP report on Friday, advancing against a basket of major currencies. Today, traders will be following the Markit Services PMIs at 14:45 GMT, followed by the ISM Non-Manufacturing PMI at 15:00 GMT.

 

 

Asian indicators

Asia/Oceania Market Movements

In a sign of a strengthening economy, the Australian AiG performance of services index rose compared to the previous month. In China, Australia’s largest trading partner, the Caixin services PMI also rose, to 54.7 compared to 53.9 last month. In the Asia-Pacific session, the AUD is trading up 0.29% on the JPY. On traders’ calendar, Australian Retail Sales and Trade Balance figures overnight and the RBA’s Interest Rate Decision.

 

 

commodities

Commodities

Oil prices have been falling this morning in reaction to a stronger USD. Brent has fallen to its lowest in close to a month. WTI has also fallen, currently trading at $64.98 a barrel, dropping 0.5% from the previous session. On the Crypto front, the British Lloyds Bank has banned its customers from purchasing Bitcoin (BTC) on their credit cards after a sharp fall in the value of the currency. At 7.47AM GMT BTC was trading at $7,983.

 

 

Shares

On the earnings front, Chevron and Exxon shares dropped after weak results. Amazon shares rallied by more than 6% in extended trading after the company posted a profit of near $2 billion.

 

 

Today’s Events

09:30 GMT GBP: Services PMI
15:00 GMT USD: ISM Non-Manufacturing PMI
16:00 GMT EUR: ECB President Speech
00:30 GMT +1 AUD: Trade Balance: Retail Sales

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