Dollar strengthened despite downtick in sales
US stock market added to previous session gains on Wednesday despite soft data. The S&P 500 gained 0.6% to 2850.96. The Dow Jones industrial average added 0.5% to 25648.02. Nasdaq composite index rose 1.1% to 7822.15. The dollar strengthening continued despite data showing retail sales declined 0.2% last month after strong 1.7% growth in March: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, added 0.04% to 97.56 but is lower currently. Futures on US stock indexes point to lower openings today.
DAX 30 outperforms European indexes while Germany returned to economic growth
European stocks extended gains on Wednesday on news that President Donald Trump plans to delay the implementation of auto tariffs on European car imports by up to six months. Both the EUR/USD and GBP/USDcontinued sliding with euro higher currently while Pound falls against the dollar. The Stoxx Europe 600 added 0.4% led by auto shares. Germany’s DAX 30 rose 0.9% to 12099.57 as German economy recorded 0.4% growth in the first quarter following stagnant fourth quarter in 2018. France’s CAC 40 gained 0.6%. UK’s FTSE 100 advanced 0.8% to 7296.95.
Shanghai Composite still ahead of Asian Indexes
Asian stock indices are mostly rising today. Nikkei turned 0.6% lower to 21062.98 as yen climb against the dollar accelerated. Chinese stocks are gaining despite reports President Trump signed an order that would ban telecom equipment from countries considered “foreign adversaries” which will apply to China’s Huawei Technologies too: the Shanghai Composite Index is up 1% and Hong Kong’s Hang Seng Index is 0.2% higher. Australia’s All Ordinaries Index extended gains 0.7% as Australian dollar continued sliding against the greenback at a previous session’s pace.
Brent rises despite US crude inventories build
Brent futures prices are extending gains today. Prices rose yesterday despite the report US crude stockpiles rose 5.4 million barrels while gasoline stocks declined by 1.1 million last week. July Brent crude added 0.7% to $71.77 a barrel on Wednesday.
Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.
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 flat lines above mid-0.6700s ahead of Australian jobs data
AUD/USD attracts some dip-buyers on Thursday, around the 0.6820 region. Against the backdrop of the RBA's hawkish stance, the upbeat market mood acts as a tailwind for the pair. That said, persistent concerns over an economic slowdown in China, along with a modest USD uptick, cap the upside as traders await Australian employment figures.
USD.JPY jumps above 143.50, focus shifts to BoJ rate decision
The USD/JPY pair gains traction around 143.55 on Thursday during the early European session. The uptick of the major pair is bolstered by the recovery of the US Dollar. Investors will shift their attention to the Bank of Japan interest rate decision on Friday.
Gold price stalls post-FOMC pullback from all-time peak; lacks firm intraday direction
Gold price oscillates in a range on Thursday and consolidates the previous day's post-FOMC rejection slide from the $2,600 mark or a fresh record high. Persistent geopolitical risks, along with signs of economic trouble in the US and China, lend support to the safe-haven metal.
Ethereum attempts recovery following first rate cut in four years
Ethereum is trading above $2,330 on Wednesday as the market is recovering following the Federal Reserve's decision to cut interest rates by 50 basis points. Meanwhile, Ethereum exchange-traded funds recorded $15.1 million in outflows.
Australian Unemployment Rate expected to hold steady at 4.2% in August
The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.