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S&P 500 Futures fade pullback from monthly low, eye more clues for ECB, Brexit talks

S&P 500 Futures eases from 3,423 amid mixed clues, a light calendar.
Data from Japan, Australia came in mixed, Tokyo to offer leeway in virus-led restrictions.
ECB to offer no rate change, less likely to alter economic forecasts drastically.
US House Speaker Pelosi warns the UK for their move on Brexit Withdrawal Agreement.

Anil Panchal FXStreet

S&P 500 Futures stays sluggish around 3,397, down 0.08% on a day, during the early Thursday. The US equity derivative bounced off the lowest levels since August 06 on Wednesday. Though, failure to gain a major bullish impulse keeps traders worried ahead of the key events.

Read: Wall Street Close: Buyers market, tech bounces back

Chatters concerning the European Central Bank (ECB) policymakers’ latest optimism joined talks between the US and TikTok parent ByteDance offered notable gains to the risk barometer early. Also supporting the positive sentiment could be Tokyo’s easing of the coronavirus (COVID-19)-led restrictions from the toughest levels by one notch.

On the contrary, upbeat readings of Japanese Machinery Orders confront weaker than forecast Aussie Consumer Inflation Expectations to question the risk-on mood. Further, the European Union’s (EU) consideration of legal action against the UK and the US warning to not break the Good Friday Treaty added to the cautious sentiment.

Additionally, increasing odds that the ECB may disappoint the markets, even as no change is expected in the monetary policy, play their part in the pre-event trading lull.

Elsewhere, the COVID-19 numbers in India registered the global record while rising above 95,000 in a single day on Wednesday, which in turn probes the market optimists.

Moving on, the traders will keep eyes on the risk catalyst amid a light calendar. Though, weekly Jobless Claims from the US may offer intermediate moves to the intraday traders.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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S&P 500 Futures fade pullback from monthly low, eye more clues for ECB, Brexit talks

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