The volume of shares traded in US exchanges was low at 5.1 billion, about 36% below the 20-day average, as many European markets were closed for Easter Monday. After weak economic reports and previous comments by Federal Reserve Presidents in support of interest rates hikes sooner than later, investors will be watching closely Fed Chair Janet Yellen's speech today for clues about when the central bank might raise interest rates. Janet Yellen will speak on economic outlook and monetary policy in New York at 17:30 CET today. At 15:00 CET S&P and Case-Shiller Composite Home Price Index will be released. The tentative outlook is neutral. At 16:00 CET Conference Board’s Consumer Confidence Index for March will be published. The tentative outlook is positive.
European markets were closed on Monday and stocks are rising after exchanges opened today. The euro is retreating today after strengthening to $1.1201 late Monday compared with $1.1165 late Friday. No important economic data are expected in euro-zone today.
Asian stocks are falling today after weak US economic data spurred concerns about slowing growth in the world’s biggest economy. Chinese stocks are in retreat with Shanghai Composite Index down 1.2%. Nikkei fell 0.2% today as market sentiment was undermined by weak US data. Exporters including Toyota Motor, Nissan Motor and Isuzu Motor lost more than 1% despite weaker yen as investors were concerned about slower growth in their major export market.
Oil futures prices are extending declines today after closing in negative territory for four sessions in a row. May Brent crude edged down 0.4% to $40.27 a barrel on London’s ICE Futures exchange on Monday. Investors are concerned about the effectiveness of a possible agreement to freeze crude oil production at January levels by major producers at April 17 meeting in Qatar when there are no signs of rising demand. Industry group the American Petroleum Institute will release its estimate of US weekly inventory today at 22:30 CET, analysts expect another rise in crude stockpiles.
This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.
Recommended Content
Editors’ Picks
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
EUR/USD comfortable below 1.0800 lower lows at sight
The EUR/USD pair lost ground on Thursday and settled near a fresh March low of 1.0774. Strong US data and hawkish Fed speakers comments lead the way ahead of the release of the US PCE Price Index on Friday.
Gold pulls away from daily highs, holds above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Thursday. The benchmark 10-year US Treasury bond yield stays near 4.2% after upbeat US data and makes it difficult for XAU/USD to gather further bullish momentum.
Google starts indexing Bitcoin addresses
Bitcoin address data is live on Google search results after users realized on Thursday that the tech giant started indexing Bitcoin blockchain data. However, mixed reactions have followed the tech giant's reversed stance on the cryptocurrency.
A Hollywood ending for fourth quarter GDP
The latest revisions put Q4 GDP at 3.4%, the second fastest quarterly growth rate in two years. Much of the upside was attributable to stronger consumer spending, yet fresh profits data affirmed it was a good quarter for the bottom line as well with profits up by the most since the Q2-2022.