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
The EUR/USD dipped as low as 1.0494, marking the lowest level since early 2003. The European Central Bank’s (ECB) easing program pulled down Eurozone bond yields. Additionally, large scale selloffs of the euro have triggered stop-loss orders, pulling the common currency further down. Analysts are looking forward to next week’s Federal Open Market Committee (FOMC), where news regarding an interest rate hike in the U.S. may be revealed. This would widen the gap between the euro and the dollar in terms of domestic monetary policies, most likely favoring the dollar. Furthermore, some have estimated that parity between the currencies may be reached by year’s end. In the meantime, Greece has yet to stabilize as negotiations with its creditors remaining without significant results.
Crude Oil
Crude oil prices slid to a two-week low after a U.S. government report showed that crude oil supplies had risen for a ninth straight week. The Energy Information Association (EIA) reported that crude oil inventories have climbed by 4.5 million barrels in the week ending at March 6, marking the 9th straight week of supply gains. At the same time, the dollar continues to hold its strength, further pressuring prices down.
NASDAQ
The NASDAQ composite declined 9.85 point (0.2%) to trade at 4,849.94. U.S. stocks closed lower on Wednesday as the dollar strengthened and growing expectations of an interest rate hike continued yesterday’s declines. A new rate tightening program in the U.S. would increase the cost of borrowing as well as leave less money in the hands of consumers, causing concerns for future profits.
Economic Calendar
German, French and Spanish CPI data are due for release later today, providing information regarding inflation in the Eurozone’s largest economies. Later today, U.S. core retails sales are scheduled to release.
Disclaimer
The material provided on this market review and the linked websites is not intended to be your only source of information when you are making financial decisions. OptionsClick™ is not a financial advisor. The information provided should be treated as a guide only and it is not a substitute for independent professional advice. You should seek independent professional advice relevant to your particular circumstances.
OptionsClick™ have made every effort to ensure that the material published here is accurate.
OptionsClick™ takes no responsibility or accept no liability arising from:
- Errors or omissions.
- The way in which any material is interpreted.
- Reliance upon any material.
- The contents or reliability of any linked websites.