As earning reports trickle out, markets have become stronger. Gold hit a three-month high yesterday, but as the dollar advances, it knocks the safe-haven off its pedestal, however, will the downward trend last?
European & US Markets
The euro is struggling as the dollar advances, EURUSD is now trading down 0.01% at $1.069.
European equities are lower this morning. There is uncertainty at every corner of Europe including; French, Italian and German elections with the added threat of spreading populism. Brexit negotiations are due to get under way by the end of March. Additionally, the IMF are questioning Greece’s bail-out programme, accusing Europe of holding down the Greek economy with excessive austerity measures.
- CAC 40 is trading at €4775.5
- DAX 30 is trading at €11566.00
- FTSE MIB is trading at €18685
- FTSE 100 is trading at £7129.50
Wall Street is finding it hard to re-create the post-election Trump rally. A calm tone rains over the US market, as equities search for a catalyst to direct them to a meaningful trend.
It is estimated that S&P 500 will decrease once US trading gets underway later today.
- S&P 500 is trading a $2290.00
- Nasdaq 100 is trading at $5193.00
- DJ 30 is trading at $20006.00
Commodities’ Corner
Gold is advancing this morning. The bullion usually moves inversely to the greenback. However, even the strong dollar is no match for this gold rally. The yellow metal offers no yield, therefore when interest rates are low the price of gold tends to be higher.
Gold trading at $1241.63
Oil prices are enjoying an upswing after a surprise dip in gasoline storages. Crude inventories rose to 13.8M, which far surpassed expectations.
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