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- Trading day in one post 08.06.17
Trading day in one post 08.06.17
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Loading...Asian markets were slightly higher on Thursday ahead of key risk events later in the day, with apparent land-to-ship missiles fired by North Korea in the morning added to the mix
Japan's benchmark Nikkei 225 index rose 0.06 percent. The Kospi dipped into negative territory to trade 0.3 percent lower. Down Under, the S&P/ASX 200 reversed earlier losses to gain 0.14 percent.
Stocks in greater China were in the green. The Hang Seng Index rose 0.18 percent. The Shanghai Composite added 0.14 percent and the Shenzhen Composite climbed 0.369 percent.
Ahead, markets are expected to focus on the U.K. election. A recent poll indicated the lead of Prime Minister Theresa May's Conservative Party has fallen to just 5 percentage points. Other opinion polls suggest the Conservatives would be able to maintain their parliamentary majority.
Stateside, former FBI Director James Comey is due to testify before the Senate Intelligence Committee over whether U.S. President Donald Trump requested him to "drop" a probe into Michael Flynn, the ex-national security advisor.
Oil prices recovered slightly after sinking more than 5 percent overnight due to an increase in U.S. crude inventories. Brent crude was higher by 0.67 percent to trade at $48.38 a barrel while U.S. West Texas International crude gained 0.55 percent to trade at $45.97.
Economic Calendar for the European and the American trading sessions 08.06.2017
08:45 - Switzerland - Unemployment rate
09:00 - Germany - Industrial production
10:15 - Switzerland - Consumer Price Index
11:16 - Canada - Housing Starts
12:00 - Europe - GDP
14:45 - Europe - Deposit Facility Rate
14:45 - Europe - ECB Interest Rate Decision
15:30 - USA - Initial Jobless Claims
15:30 - Canada - New Housing Price Index
15:30 - Europe - ECB Press Conference
18:15 - Canada - BoC Gov Poloz Speaks
USD - The dollar picked up slightly against a basket of currencies to trade around 96,766. Today we expect to see what James Comey will say to the Senate Intelligence Committee and how it will affect the currency. The former FBI director's official report earlier reported that Trump had advised him to stop the investigation of Michael Flynn. We remain cautious towards the currency, with high volatility expected.
GBP - The pound dropped slightly before the country's election today. Expectations are for the conservative party's victory, but recent polls show a very small difference in the percentages between the two parties. A win with a small difference for Theresa May's party, may help the pound to climb to $ 1.31 due to optimism for Soft Brexit, while winning a with a big difference would be negative for the currency due to fears that the Hard Brexit option will remain. We remain cautious towards the GBP as we wait for the final results of the election.
EUR - The euro fell slightly overnight to trade at around $ 1.1248 before the ECB meeting today. We are looking forward to the decision on interest rates, we do not expect any surprises At 12:00, we also expect data on euro area GDP, which will also have an effect on the currency. At 12:30, the press conference of the bank will be monitored for possible gaps in reducing quantitative easing.
Indices: S & P 500 futures added 0.1% at night, following a 0.2% rise on Wednesday. Investors today will expect the results of the events ahead and are more likely to remain cautious.
Junior Trader Stefan Panteleev
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