US equity indexes ended largely flat
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. 14 |
00:30 |
AUD |
Employment Change |
|
|
04:30 |
JPY |
Industrial Production (MoM) |
|
|
08:30 |
CHF |
Interest Rate Decision |
|
|
10:00 |
EUR |
Employment Change (QoQ) |
|
|
12:30 |
USD |
Core PPI (MoM) |
|
|
12:30 |
USD |
Current Account |
|
|
12:30 |
USD |
PPI (MoM) |
|
|
12:30 |
USD |
Initial Jobless Claims |
|
|
12:30 |
USD |
Continuing Jobless Claims |
|
|
12:30 |
USD |
PPI (YoY) |
|
|
12:30 |
USD |
Core PPI (YoY) |
Global Markets
GLOBAL MARKETS
Despite an upside surprise to US retail sales, equities put in a weak performance on the day. US equity indexes ended largely flat but recouped losses in early futures trading. This followed a European session that saw the DAX break-even on the day while most EU exchanges in the flat with the notable exception of a larger 1.7% drop in Italy. The forex market retained the bid for the USD that started the day, and also reined in the few outperformers as pound sterling and the yen both ended up but less so than in the early morning North American session. Flows did not make their way into bonds, however, as 10s were roughly flat in the US, UK, Germany, and France, and slightly cheaper in Canada while riskier markets like Italy and Spain sold off. Traders began to look towards next weeks all important and unpredictable FOMC meeting.
Global Currency
EURO DOLLAR
The euro remained weak as traders continue to worry about the eurozone recovery as figures and data does not seem to support claims by finance ministers and bankers. This week’s EU Summit might gain some attention. The US dollar remained strong after US retail sales beat forecast. The euro is trading at 1.2962 essentially flat in the Asian session.
THE STERLING
The sterling gained a few pips but remains very weak and has no support; the activity was more from buyers taking on the pound from its bottom. The pound is trading at 1.4944. Rating agencies have cautioned that a relaxation in fiscal austerity would raise the risk of a downgrade. Meanwhile, inflation expectations for the UK weigh on the pound.
ASIAN CURRENCIES
The JPY is trading at 95.88 with the JPY gaining a few pips on bargain hunting. Uncertainty over the BoJ leadership transition has left markets concerned about the path for policy, as lawmakers must vote for Kuroda to serve both the remaining term of departing Governor Shirakawa from March 19 to early April and also for the five year period starting April 9th. Nominees for the BoJ Deputy Governor positions do no face two votes. The first vote will take place later today.
Metals and Energy
GOLD
Gold is trading at 1586.20 giving back some gains this morning, gold remains with little direction ahead of the FOMC and price will move with market sentiment as traders remain unsure that to expect this week at the rates meeting. Overall market sentiment remains positive so gold should return to its range close to the 1575 range.
CRUDE OIL
Crude oil is trading at 92.28 easing after gaining for the last 4 sessions. Traders saw EIA inventory yesterday which said oil inventories rose by 2.624 million barrels last week, down from 3.833 million in the preceding week but above market calls for a gain of 2.338 million barrels. Global political tensions have eased a bit allowing crude oil to relax.
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