The last two days combined losses mark the biggest two-day drop in U.S. stocks this year
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.
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Date |
Time |
Currency |
Event |
|
Feb. 22 |
07:00 |
EUR |
German GDP (QoQ) |
|
|
07:00 |
EUR |
German GDP (YoY) |
|
|
09:00 |
EUR |
German Ifo Business Climate Index |
|
|
09:00 |
EUR |
German Current Assessment |
|
|
09:00 |
EUR |
German Business Expectations |
|
|
13:30 |
CAD |
Core CPI (MoM) |
|
|
13:30 |
CAD |
Core Retail Sales (MoM) |
|
|
13:30 |
CAD |
CPI (MoM) |
|
|
13:30 |
CAD |
Retail Sales (MoM) |
|
|
13:30 |
CAD |
CPI (YoY) |
Global Markets
GLOBAL MARKETS
New York stock exchanges declined for a second straight day yesterday on news of continuing weakness in Europe, some lackluster economic reports and a warning of soft sales from Wal-Mart. Dow Jones declined 0.3%. S&P 500 dropped 0.6% and Nasdaq slid 1%. The last two days combined losses mark the biggest two-day drop in U.S. stocks this year, and all three indexes are on track for their worst week of 2013. Investors were disappointed after a survey of purchasing managers (PMI) showed Europe’s downturn worsened in February. Economic news out of the United States was also downbeat with unemployment climbing and the Philly Fed declining more than expected. European bourses were already trading on the negative side at the open of the US session and continued their decline with the FTSE, CAC and the DAX all declining on the day. Asian exchanges are taking cues from Wall Street this morning.
Global Currency
EURO DOLLAR
The euro dollar hit a recent low closing below 1.32 but has regained some steam in the Asian session today as traders took advantage of the weak prices to grab up the euro. Today the euro faces big risks with German GDP and the ZEW business climate data due along with the Ifo release. Traders are expecting bleak results which could weigh heavily on the shared currency.
THE STERLING
Sterling got a bit of a boost yesterday after hitting recent lows. The GBP is trading at 1.5308 after falling to the low 1.52 price on poor eco data and negative comments from the BoE. Recent data has led traders to believe that the central bank will have to offer up some stimulus to kick start the failing economy. Yesterday, the UK reports a positive current account, which helped give the currency a boost.
ASIAN CURRENCIES
The JPY climbed this morning to trade at 93.28 but keeps pretty much in the 93-93.50 range where it has been for almost 10 sessions. The JPY seems to ignore most fundamentals and in focused only on stimulus and central bank actions. Prime Minister Abe is scheduled to meet later today with President Obama, when he is expected to announce the return of nuclear power in Japan which has been closed down since the tsunami a year ago.
Metals and Energy
GOLD
Gold is trading at 1583.00 this morning and continues to gain, as traders take advantage of dips in the dollar to buy up the commodity on the cheap. Also comments yesterday from a Fed member saying that the Fed should continuing its asset purchase program until the economy is strong, helped ease fears that the Fed would halt its stimlus programs. Also jitters are returning to the markets as US lawmakers seem unable to deal with the “sequestered” budget cuts due next week.
CRUDE OIL
Crude oil is trading at 93.20 this morning regaining some momentum after two days of consecutive falls. Crude was trading yesterday in the 92.00 price range. Crude oil prices fell 2.5% pressured by weak economic data and the possibility that the FOMC might end its economic stimulus program.
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