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- Varchev Finance: Trading day in one post – 01.05.2018
Varchev Finance: Trading day in one post - 01.05.2018
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Loading...Asian Stock Market - Mixed sentiment in Asia prevailed after Wall Street's divergent movements since yesterday. Somewhat, interest rates in Australia also had a detrimental effect on traders. ASX200 is trading almost unchanged + 0.03%. In Japan, Nikkei and Topix recorded declines of 0.19% and 0.43%, respectively. The markets in China remained closed - Labor Day.
FX Market - The currency market remains calm, mainly due to the day of work, which is also celebrated on major Asian markets. CAD continues the long series, registering a growth of 0.10% in the first hours of trade, mainly due to the leaping oil. USD is at key levels and I do not expect strong currency volatility until the Fed has come up with a decision on the key interest rate tomorrow. I expect the bank report to confirm the general expectations of 4 interest rises in 2018. It all depends on which FED will take over. If the US central bank reaffirmed its intentions for 4 interest rises in 2018. USD will receive the required upward breakdown support and we will probably see a change in the main trend to a rising one. How far is that possible? After inflation in the country passed 2%, and companies made record profits, the likelihood stood at 100%. It is unlikely, but it is not impossible for the Fed to take a more conservative turn. If we witness such a move, the bulls are unlikely to be able to bring the dollar price above the key levels. I expect the volatility in the US currency to remain low until interest rates become a reality.
Commodity Market - Oil remains in focus. Late last night, Israeli Prime Minister Benjamin Netanyahu said his country had more than half a ton of documents proving that Tehran is implementing a secret nuclear bomb building program, which made Donald Trump suggest that the US would withdraw from the Iranian agreement. This supported the oil as it is currently positioned very close to the tops of about $ 68.80 per barrel. On the other hand, Pierre Andurand, one of the most famous oil hedge fund managers, said the current reluctance of energy companies to invest in new production capacities means that $ 300 a barrel is not an impossible price. GOLD continues to lose value, despite the few geopolitical and economic concerns surrounding the markets.
European stock market - Markets in Europe remain closed - Labor Day
US Stock Market - US stocks have failed to keep pace since the start of the session after the telecoms sector suffered a surprise sale. The Dow Jones industrial average index closed with a drop of 148 points. Boeing weighed the most on the index, while McDonald's and Apple performed best within the benchmark. The main index S & P 500 reported a decline of almost 0.8%, with the largest decrease of 2.7% recorded by the telecommunications sector. The Nasdaq composite technology index also dropped 0.8 percent to Microsoft's 2.4 percent drop.
The Economic Events That Move Markets Today 01.05.2018
Holiday in Europe - Day of Labor
11:30 UK - Production PMI
15:30 Canada - GDP
16:45 USA - Production PMI
21:30 Canada - Speech by Steven Poloz, Governor of Bank Of Canada
23:30 US - API Oil Stocks
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