Daily Market Review
Welcome to OptionClick’s daily market review. In this section we will cover various assets and provide you with information regarding their current status and the upcoming events that may influence them. Be sure to keep up with the news to make the most of your ventures!
EUR/USD
Currently trading at 1.0674, the dollar continues its rally as traders are concerned that the euro is headed towards its biggest quarterly decline. The European Central Bank’s quantitative easing program is designed to promote inflation. However, it introduces more money into the system, creating higher supplies and a lower value. The euro fell to a twelve-year low early on Wednesday while the dollar outperformed its major counterparts as the Federal Reserve’s considers its first interest rate increase since 2006. Since the euro’s decline is a known outcome for agreed policies in the Eurozone, it can be reasonably expected that further declines are underway.
Crude Oil
Crude oil declined on Tuesday as the dollar strengthened, making it less attractive for non-dollar countries. However, the release of the American Petroleum Association’s (API) stockpile survey indicated that supplies have declined last week, bringing oil prices up 69 cents, or 1.43%. Traders are currently looking forward to today’s official stockpile report by the Energy Information Association (EIA) in order to get a clearer picture on the state of supplies.
S&P 500
The Standard and Poor’s 500 Index declined 35.27 points (1.7%) to trade at 2,044.16, nearing the break-even point for 2015. The stronger dollar lowers profits for U.S. companies selling their products and services overseas, creating worries over poorer performance.
Economic Calendar
The EIA will release its report on crude oil inventories later today. The President of the ECB Mario Draghi is scheduled to speak today and may provide information that would allow analysts to predict how far the euro could decline as a result of the quantitative easing policies.
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