Market Blog > October 2016 > Market Review

Market Review

Bank of Japan Governor Haruhiko Kuroda stated that the Central Bank might have to push back the timing for achieving its inflation target at this month’s rate review, given underlying weakness in price growth.

According to National Statistics Office the UK Public Sector Net Borrowing fell from 10.33B to seasonally adjusted 10.12B in the previous quarter. The National Bank of Belgium stated that Belgium NBB Business Climate had risen to -1.8 from -2.2 from the previous quarter.

The New York Federal Reserve downgraded its forecasts on U.S. economic growth in the second half of 2016 following data on regional business activities in October. Statistics Canada in a report stated that the Canadian core retail sales stayed the same at a seasonally adjusted 0.0%, from -0.2% in the previous month and that the Canadian retail sales fell unexpectedly from -0.2% to -0.1% from the preceding month. Furthermore, Statistics Canada stated that the Canadian core CPI have risen to a seasonally adjusted 0.2%, from 0.0% in the preceding month.

Currencies: The dollar climbed to an eight-month high against other major currencies on Friday, as comments by the European Central Bank President Mario Draghi weighted on the Euro. The EURUSD traded lower between $ 1.0930 and $ 1.0859. The GBPUSD traded lower between $ 1.2260 and $ 1.2172. The USDJPY traded lower between ¥ 104.20 and ¥ 103.53.

Crude oil: Oil prices went up on Friday as a result of a strong US dollar and the fact that Russia restated its commitment to contribute to a global output freeze.  On the ICE future Exchange, North Sea Brent crude traded higher between $ 51.13 and $ 51.89 On the New York Mercantile Exchange, U.S. light crude oil traded higher between $ 50.23 and $ 51.02.

Gold: The price of Gold slipped lower on Friday due to a stronger US dollar weighting on the precious metal. On the COMEX division of the New York Mercantile Exchange, gold traded lower in a narrow range between $1268.01 and $1260.80 an ounce.

Indices: Asian stocks were mostly lower on Friday as the dollar climbed to an eight-month high against other major currencies. At the close in Tokyo, the Nikkei 225 declined 0.30%. At the close in China, Shanghai Composite edged up 0.15%.

European Stocks were mixed on Friday, as a result of the comments made by the European Central Bank President Mario Draghi made on Thursday.  At the close in Frankfurt the DAX added 0.09%. At the close in Paris, the CAC40 fell 0.09%. At the close in Madrid, the IBEX 35 added 0.43%. Finally, at the close in London the FTSE100 went down 0.09%.

US stocks were down on Friday as a record-setting rally in Microsoft and earnings from McDonald's helped offset a fall in energy and healthcare names. At the close, the Dow Jones industrial average fell 0.22%. The S&P 500 declined 0.09% and the NASDAQ composite edged up 0.01%.

Economic Calendar
Monday 24th October 2016:

Time

Currency

Events

Forecast

Previous

7:00am

EUR

French Flash Manufacturing PMI

 

49.7

7:00am

EUR

French Flash Services PMI

 

53.3

7:30am

EUR

German Flash Manufacturing PMI

 

54.3

7:30am

EUR

German Flash Services PMI

 

50.9

8:00am

EUR

Flash Manufacturing PMI

 

52.6

8:00am

EUR

Flash Services PMI

 

52.2

12:30pm

CAD

Wholesale Sales m/m

 

0.30%

1:00pm

USD

FOMC Member Dudley Speaks

 

 

1:05pm

USD

FOMC Member Bullard Speaks

 

 

Posted: 10/24/2016 6:53:49 AM by Global Administrator | with 0 comments


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