Market News & Blog

Markets Morning: Brexit fears knock Sterling, $USDJPY pressured and global stocks waiting for a topside break on the S&P 500

Sterling is starting to climb back off the mat after a really poor open this morning in Sydney. At 1.4267 at the moment it is down around 1% at the moment. Elsewhere in forex markets its the Bank of Japan under pressure with USDJPY back down in the low 112 region.

 

Looking at stocks by the end of play the Dow and S&P had scratched their way back to square. That doesn't give the local market much of a lead other than to say the S&P still hasn't been able to  break the top of the big "W" pattern that it has mapped out recently. That means for the moment the bulls and bears are still battling it out.

Markets In Focus: Stocks, a recovery or just the calm before the crash?

The guy who called the 2000 and 2007 stock peaks thinks an event as big as 1929 or 1987 will engulf markets. 

Today in S&P, DJI, SPI, Gold, Silver & Oil - 22 Feb

U.S. equity markets chopped around on Friday, ending the session a little lower but with the strongest weekly gains in 2016, with advances in technology and financial stocks offsetting falls in commodity producers amid a drop in crude oil.

Weekly Outlook Video - 22 Feb

The week ahead begins with the flash PMIs, but it will be mostly secondary data that the market will have to feed off until the EU CPI and the US Durable Goods Orders, and then the Provisional US GDP on Friday. RBA Governor Debelle will be speaking this morning and may use the opportunity to talk the AUD lower.

Cable to be the focus today, following the UK/EU summit

Friday ended up being a fairly benign session but without any significant directional movement, although Cable headed higher into the week’s close on the back of some positive soundbites coming from the negotiations to keep the UK in the EU. The successful outcome of the negotiations was announced just after the close and will make for an interesting start to trade on Monday.

EU Open - Aussie Dollar under renewed pressure; USD bid

In FX, the Aussie Dollar was the worst performing currency, while the US Dollar gained against most other major currencies. AUD/USD fell from 0.7155 to a low of 0.7090. The short-term technical outlook remains mixed and 0.70 is the key level to keep an eye on.

Markets Morning: Stocks stall, crude falls, Gold and the Yen up again

The global risk rally ran into a wall overnight as markets hit obvious resistance and the fall in crude oil put weight on energy stocks on Wall Street. That saw the Dow is down around 0.25%, the S&P 500 0.5%, while in London the FTSE lost 1%. That sets up a weaker open for local stocks on the ASX this morning. 

On forex markets the US dollar was stronger against the euro which is back below 1.11. The Aussie and CAD were also weaker as was USDJPY which is back in the low 113's. That's interesting given gold's rally. 

Today in S&P, DJI, SPI, Gold, Silver & Oil - 19 Feb

WTI initially reacted positively to the news that Iran said that it will support any move to freeze output at the January levels, but later turned lower after an unexpected build up in U.S. inventories pushed stockpiles to near full storage capacity. The price action therefore saw an early squeeze up to 31.95, before reversing lower, to finish the US session near the lows, at 30.30.

Currency markets choppy. US CPI coming up

FX pairs have been mostly choppy but without too much direction on Thursday, with the dollar trading in mixed fashion against its major counterparts. In other markets, US stocks have finished slightly lower although the main action has been in Gold. It climbed by $35 from the day’s lows after traders reacted to the relatively dovish minutes from the January FOMC meeting which indicated that the Fed may need to delay the pace of any rate hike through the remainder of 2016.

EU Open - Aussie $ declines after weak jobs data

The main event overnight was the release of Australian employment data. Employment change came in at -7.9k, slightly worse than expected, and the unemployment rate jumped from 5.8 % to 6.0 %, while traders were anticipating that it would stay unchanged.

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