Two economic events this afternoon have come and gone without any major impact no the market as the ECB and DOE crude oil inventories threw up no major surprises. The EURUSD (-0.00%) saw some slight weakness as Draghi once more used dovish tones in his press conference but the single currency has since recovered most the declines. Brent Oil (-0.24%) also fell on the DOE release as inventories rose but the market has failed to see a follow through and sits around level on the day at the time of the European close.
Stock indices have shown some mild weakness during the session with the UK100 (-0.62%) once more suffering from the resurgence in the GBPUSD (+0.48%). The DE30 (-0.21%) fared a little better and US benchmarks are little changed with the US500 (-0.08%) marginally lower as we approach the midpoint of the cash session.
The Tnote (-0.21%) has continued to slip in today’s trade and this market appears to be driving several others at present. Gold (-0.16%) is following the decline in US bonds but is still fairly well supported compared to Silver (-0.75%).
Looking ahead it’s a busy Asian session ahead with Fed Chair Yellen speaking at 01:00 overnight before Chinese GDP is released at 02:00. At 09:30 tomorrow morning UK retail sales figures for December are announced with several retailers already reporting strong numbers over the festive period. Canadian CPI and retail sales are out at 13:30 before US President elect Donald Trump rounds off the week with a speech at his inauguration which is expected to take place around 17:00.
This article is provided for general information purposes only. Any opinions, analyses, prices or other content is provided for educational purposes and does not constitute investment advice or a recommendation. Any research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Any information provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.
Past performance is not necessarily indicative of future results, and any person acting on this information does so entirely at their own risk, we do not accept liability for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.