Market News & Analysis
Yen higher Stock Futures lower into today’s Asian Session
High-impact economic news:
EUR – Day 1 of 4 European Parliamentary Elections – 17:15 French Flash Services PMI – 17:30 German Flash Manufacturing PMI – German Flash Services PMI.
Today we’re seeing a shift to the Yen and weaker CFD stock indexes, from early in session the Japanese Yen has been picking up demand at the expense of the main risk majors, the EUR, GBP, AUD and USD are all currently tracking lower after weaker sessions overnight.
Trade tensions continue to be the main focus for Asian markets, the Nikkei is close to 1% lower and all of the main Chinese indices are in the red apart from the Hang Seng. The ASX200 has added to loses now tracking 19 pts in the red lead by losses in Energy and Finacial sectors.
Brexit continues its return to the spotlight with calls growing louder for PM Theresa May to resign. This current instability has wreaked havoc on the GBP. It has dropped 338 pips to the USD in the last two weeks.
Overnight the FOMC minutes showed that the Fed will most likely hold rates in 2019, see the current position in a good place. Comments also came out that the December 18 hike was maybe overdone. Speculation still remains about a possible future cut by the Fed in 2019.
Tonight traders will be looking to the first day of the EU elections and key PMI data coming out from France and Germany. The German data should be closely monitored as many still see the economy slowing.
Good trading from EightCap
Sources – CNBC
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