Investor confidence seems to be climbing
Today’s Reports and Announcements of Significance to the Market
Today’s Major Economic Events: Below you will find the top tier economic events for today. These events have the ability to move the markets. If you want to learn more about understanding these reports and the economics calendar, contact iOption live chat and asked to be enrolled for our webinar about trading the economics calendar.
|
Date |
Time |
Currency |
Event |
|
Mar. 08 |
08:15 |
CHF |
CPI (MoM) |
|
|
11:00 |
EUR |
German Industrial Production (MoM) |
|
|
13:15 |
CAD |
Housing Starts |
|
|
13:30 |
USD |
Average Hourly Earnings (MoM) |
|
|
13:30 |
CAD |
Employment Change |
|
|
13:30 |
CAD |
Labor Productivity (QoQ) |
|
|
13:30 |
USD |
Nonfarm Payrolls |
|
|
13:30 |
USD |
Average Weekly Hours |
|
|
13:30 |
USD |
Private Nonfarm Payrolls |
Global Markets
GLOBAL MARKETS
More investors are returning to the equities markets after sitting sidelines since the financial crisis. Investor confidence seems to be climbing and helped the Dow finish at a new record on yesterday, as the blue chip index and the S&P 500 advanced for a fifth straight day. The Dow added 0.2%, reaching a record high of 14,329.49 now just 2% away from its all-time high while the Nasdaq increased 0.3%. Ahead of Thursday’s open, the Department of Labor reported that initial jobless claims fell to 340,000 last week. Prive sector job growth reported by payroll processing firm ADP was better than expected, raising hopes that today’s February government jobs report would print above forecast. European exchanges followed cues from the US as well as a jump in German factory orders. This morning Asian markets are trading in the green as the Neikki continues to gain on weakness in the yen. The Bank of England, the Bank of Japan and the European Central bank all held rates and policies, which seemed to have little effects on the equity rally and positive sentiment.
Global Currency
EURO DOLLAR
The euro climbed touch 1.31 after trading in the 1.29 range on expectations that the ECB would cut rates. To the contrary the ECB held rates and Mr. Draghi’s comments assured markets that a rate cut was not imminent helping to give the euro additional momentum.
THE STERLING
After the Bank of England held rates and policy, the pound sterling was able to regain a bit of momentum trading above the 1.51 range but giving back its gains as the US dollar gained momentum pushing the pound to trade at 1.4986.
ASIAN CURRENCIES
The Japanese yen tumbled as the government pledged to add more stimulus, after the current Bank of Japan held rates and policy yesterday against the wishes of the Prime Minister. The new BoJ director an ally of the Prime Minister is expected to follow the demands of the ministry. The JPY is trading at 95.44 today
Metals and Energy
GOLD
Gold is trading flat returning to its safety range of 1575 after bouncing around yesterday adjusting to central bank decisions. Gold investors continue to leave the safety of the shiny metal as the markets leave risk behind and head to the equities markets and higher risk investments.
CRUDE OIL
Oil is trading in the low 91.00 price range, after falling to the mid 90 dollar price, lack of central bank stimulus disappointed investors as stimulus helps increase demands. Crude oil will react later today to the US nonfarm payroll release which will help predict Fed action later this month.
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