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- Trading day in one post 31.05.2017
Trading day in one post 31.05.2017
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Loading...Stocks in Asia were mostly higher on Wednesday.
In Asia, the Nikkei 225 edged down by 0.13 percent while the Kospi reversed earlier losses to trade 0.15 percent higher.
The S&P/ASX 200 was was higher by 0.23 percent.
Markets re-opened in China after a long weekend to trade mixed. The Hang Seng Index declined 0.11 percent, while the Shanghai Composite and Shenzhen Composite rose 0.07 percent and 0.343 percent respectively.
Brent crude futures were down 0.35 percent at $51.66 a barrel while U.S. crude shed 0.58 percent to trade at $49.37. Prices of Brent crude had fallen almost 1 percent in the overnight session on worries about an oversupply in the oil markets.
Earlier in the session we saw preliminary count fro UK elections from YouGov. According to the counting the Conservative party won't be able to create office by theirselves with a shortage of 16 seats. On the other hand the Liberal party is gaining speed and increased seats with 28. These news are negative for GBP, as the currency dropped with around 70 pips against the dollar during the news.
Economic calendar for the European and American trade session 31.05.2017
9:00 Germany - Retail sales
9:45 France - CPI
10:55 Germany - Unemployment rate
11:30 UK - BoE Consumer credit
12:00 EU - CPI
12:00 EU - Unemployment rate
14:00 USA - Mortgage market index
15:30 Canada - GDP
17:00 USA - Pending home sales
21:00 USA - Beige book
USD - The USD managed to erase some of its losses. This week we expect important US data. ADP in Thursday and NFP in Friday.Investors made it a habit to neglate the NFP results and to focus on the change of the median hourly wages.
EUR - The EUR remains stable. Today we expect important data in the eurozona - CPI. If the results are better than the anticipated this may feed speculations, that the economic in the region is healthy enough to exit the QE program, which will effect positevely the EUR.
GBP - The sterlings rally ran out of steam. The upcoming UK election is not a done deal, as investors hoped. Recent study shows, that Theresa May is running short. The last poll counts that her office may not reach majority. We remain negative towards the pound.
CAD - The canadian dollar finds support from Oil's prices. The correlation between both instruments remains strong. Until the price of the black gold keeps going up, we remain long on the Loonie.
Trader Bozhidar Arabadzhiev
Varchev Traders Read more:
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