By IFCMarkets
Dollar falls ahead of Federal meeting minutes
US markets were closed on Wednesday for Independence Day holiday. The S&P 500 futures rose 0.3% to 2722 in a holiday shortened session. The Dow Jones industrial futures added 0.3% to 24277. Nasdaq composite index futures gained 0.4% to 7050.75.The dollar weakening slowed: 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, slipped 0.1% to 94.51 and is lower currently. Stock index futures point to mixed openings today.
Today the minutes of the June Federal Reserve meeting will be published at 20:00 CET, traders don’t expect to see signs of leaning toward less aggressive tightening on part of policy makers as some analysts suggested recent trade war concerns may warrant. There were no economic releases yesterday.
European stocks rebound continues
European stocks extended gains on Wednesday in thin trading with US financial markets closed for the Independence Day holiday. The euro slipped against the dollar while British Pound continued rising and both are higher currently. The Stoxx Europe 600 rose less than 0.1%. Germany’s DAX 30 lost 0.3% to 12317.61. France’s CAC 40 gained less than 0.1% and UK’sFTSE 100 fell 0.3% to 7573.09. Indices opened mixed today.
German coalition negotiations are still in focus as leaders from the Social Democrats (SPD) are said to be considering whether to support a deal for tighter control over immigration agreed by German Chancellor Angela Merkel and her Interior Minister Horst Seehofer. In economic news the final reading on Markit’s composite PMI in the euro-zone in June came in at 54.9. The flash PMI figure was 54.8. Readings above 50 indicate expansion in business activity.
China says will retaliate in kind
Asian stock indices are mixed today as traders await the July 6 deadline for US tariffs on $34 billion worth of imports to take effect, and Beijing has promised to retaliate in kind. Nikkei ended 0.8% lower at 21546.99 despite the yen slide against the dollar. China’s stocks are falling: the Shanghai Composite Index is 0.9% lower and Hong Kong’s Hang Seng Index is down 0.4%. However Australia’s All Ordinaries Index is up 0.5% with Australian dollar little changed against the greenback.
Brent falls on Trump tweet
Brent futures prices are retreating today after US President Donald Trump’s tweet demanding that OPEC cut prices for crude oil. Prices ended higher yesterday: September Brent crude rose 0.6% to $78.24 a barrel on Wednesday.
Market Analysis provided by IFCMarkets
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Note:
This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
