The bullish momentum that lifted markets at the start of this week appears to have tapered off. Very little movement in stocks over the last session and judging by the economic calendar there is not much to suggest that big moves are on the horizon.
Even commodities are relatively range bound so far this week. With no new geopolitical developments, oil prices have stabilised somewhat at $83 and $78 a barrel for Brent Crude and WTI respectively. Gold continued to hover around $2,300 an ounce.
We had some movement in currencies yesterday; the Dollar gaining over most other majors. Losses in the Japanese Yen and the Pound were the main contributors as the DXY gained 0.28% on the day. The moves in Cable precede the Bank of England’s monetary policy report set to be released on Thursday along with the latest interest rate decision. Although very few are expecting any change from the current 5.25% target, the report may give some clues as to which way the weather vane is pointing. The theorised intervention by the Bank of Japan to support its currency last week doesn’t seem to have had any long-lasting effects – the pair is already creeping back up and reclaimed 155 Yen at the time of writing.
One market that has flown under the radar this year is Hong Kong’s Hang Seng Index, which has received a breath of life following strong commitments from the government to rectify certain aspects of the Chinese economy. The index is now up 25% since the lows of January.
Advertencia de riesgos : Productos derivados del trading y productos potenciados poseen un nivel más alto de riesgo.
ABRIR CUENTA
