Financial Markets: A Daily Trading Update

Financial Markets

The daily spread betting update from Jonathan Sudaria of Financial Spreads.

Spread Betting 17 May 2013

European equities are set to open flat to marginally lower as a negative close in the US leaves traders eyeing up the exit door.

Another afternoon of awful US data yesterday looked set to be the basis for the now common place move higher on bad news across the Atlantic.

With expectations that the weak data would keep the end of the bond purchase program at bay for a little while longer, traders were able to shrug it off and close in on new all-time highs.

However, Fed members Richard Fisher and John Williams then joined the recent chorus of hawkish songs being sung and US markets didn't like it.

Hawkish Fed members repeating their previously aired hawkish comments shouldn't have such a surprising influence on the markets.

Nevertheless, just as we saw when markets sold off on the recent Plosser comments, perhaps their voices of reason are beginning to take hold amongst the stampeding bulls?

As a result, the Dow Jones removed 42 points from its books to close at 15,233.

Given the circumstances, the index seems to have held its ground fairly well.

In addition to Fisher and Williams' comments, WalMart, the world's largest retailer, posted Q2 profits below expectations and US unemployment benefits also rose.

Despite this, the underlying strength and support in the market is there to be seen.

Forex Markets

With two Fed members discussing a possible tapering of QE, the euro-dollar rate struggled for gains and slipped back below the $1.2900 level to $1.2880.

Despite the move, the pair did manage to finish unchanged on the day following some earlier strength.

Commodity Markets

In commodities spread betting, crude oil bucked the recent trend by spending a day in the black.

It was a volatile session during which the market spent early trading at a loss before finishing strongly and closing at $95.13.

News that billionaire George Soros had reduced his gold holdings in exchange-traded products piled on the misery for gold investors yesterday.

The precious metal will not have been helped by the strengthening dollar and we are currently trading at the $1,380 level for the June futures contract.

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'Financial Markets' edited by Simon Denham, updated 17-May-13

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