Markets quiet after trade war fears
March 6, 2018
Europe Market Movements
Sterling rose against the greenback yesterday, after positive Markit PMI figures yesterday. GBPUSD is trading this morning at 1.3832, slightly below yesterday’s close of 1.3849. There are no major UK events today. The Swiss Franc fell yesterday against the USD, but in the Asian market session today it has risen slightly. Traders are now eyeing Switzerland’s inflation figures, to be released later on today.
US Market Movements
Reports from the US that the President’s threat of imposing tariffs on steel and Aluminum just a ‘political show’ has reassured the markets, with the Dow closing up 1.37%, the S&P 500 up 1.10% and the Nasdaq Composite gaining 1%. The CAD however suffered a steep fall in reaction to Donald Trump’s statement that NAFTA is a bad deal for the USA. Canada is a major exporter of steel to the USA.
Asia/Oceania Market Movements
The AUD has risen mildly against the USD after the Reserve Bank of Australia left interest rates unchanged. This morning it is trading at 0.776. The USD has held its value against the JPY this morning, after tumbling last week. Sydney’s S&P/ASX 200 has climbed 1.2% Tokyo’s Topix has also risen 1.8% and the Hang Seng has rallied by 1.6%.
Oil futures have gone up today with Brent crude futures rising by 0.18% to $65.66, and WTI by 0.24% to $62.72. The American Petroleum Institute (API) will be releasing its inventory figures today, which will probably move oil prices.
|12:30 GMT||USD: FOMC Dudley Speaks|
|15:00 GMT||CAD: Ivey PMI|
|18:15 GMT||GBP: MPC Member Haldane Speaks|
|21:30 GMT||USD: API Weekly Crude Stocks|
|21:35 GMT||AUD: RBA Deputy Gov Lowe Speaks|