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- Trading day in one post 31.08.2017
Trading day in one post 31.08.2017
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Loading...Review of the Asian trade session: Asian boerse indexes are trading with mixed sentiment. Japanese Nikkei gained 0.64$, but Kospi declined 0.3%, after the bank of Korea left the interest rate unchanged at 1.25%. ASX increased with 0.5%. Chinese traders were as well on different opinions about the trading day. Shanghai composite shed with 0.13%, but Shenzhen composite increased with 0.138%. The PMI data in the country were above expectations ( 51.7 vs 51.3).This shows that the Chinese economy continues to expand. The higher data from China will give European markets strong start and the European indexes will open with increase.
Currency market: USD: the US currency finally managed to stop it's fall and pulled back below the key level of 1.19 against EUR.Higher than expected data for GDP and ADP, which we saw yesterday, increased dollar's value. This along with Trump's comments about upcoming tax reforms supported the greenback. EUR: Today we are expectation important data from EU ( Inflation report CPI ). If the data is above expectations we may see increase of EUR's value. The expectations for monetary tightening of ECB's policy are highly positive for the common currency. CAD: The Canadian dollar shown signs of weakness in the couple past days. The declining oil price is highly negative for the currency. Still, CAD remain among the strongest currencies at the market. Today we are expecting important data from Canada about GDP data. If the figures are above expectations we may see test of USD/CAD moving average at 1.243.
Commodities markets: North Korea's rocket launchers pushed investors to safe-haven instruments. This helped gold reach its highest price for the year of $ 1325.94. During the Asian session, precious metal resumed its decline, and traded around $ 1300 per ounce. The devastation caused by hurricane Harvy continues to dominate the price of oil. Brent oil fell 0.16% to $ 50.78 a barrel, and WTI declined by 0.11% to $ 45.91 a barrel. On the other hand, gasoline price rises sharply - 6.52%.
European markets: It seems tensions around North Korea have been stalled for the moment, and this can be seen in the stock market. Yesterday, the main benchmarks of the strongest economies in Europe rose. Today, we expect markets in the union to open in positive territory: DAX with an increase of 10 points, CAC 3.5 points and UKX 3 points.
American boerse markets: US stock indices ended yesterday with an increase after US GDP data surpassed analysts' expectations (3% vs. 2.7%). DJIA rose by 0.12%, S&P by 0.46%, and Nasdaq 1.05%. Investors also tracked ADP data, which was also above expectations (237k vs. 183k). Data from ADP is used as a benchmark for NFP, which is expected on Friday. President Trump said yesterday that tax reform is not far away, the US economy could grow much faster than 3% and in order for America to be competitive with other developed countries, the corporate tax rate should be dropped to 15%.
Economic calendar for the European and American trade sessions 31.08.2017
9:00 Germany - Retail sales
9:45 France - CPI
10:55 Germany - Unemployment rate
11:00 Germany- Unemployment change
12:00 EU - CPI
15:30 USA - PCE
15:30 USA - Initial jobless claims
15:30 Canada - GDP
16:45 USA - Chicago PMI
17:00 USA - Pending home sales
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