US Dollar Continues to Weaken Ahead of US GDP Figures
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UK Market Comment, 28 October 2010
Closing comments from Will Hedden, Sales Trader, IG Index:
A positive open from US equities is keeping the FTSE 100 just under the 5700 level as we approach the final furlong of the European trading day.
Heavyweights buoyed the FTSE 100 as mining, banking and oil stocks are all in demand.
Overseas focussed bank Standard Chartered is one of those sitting pretty at the top, with a gain of 3%, as it is named by the Qatar National Bank as one of the joint leads for its upcoming benchmark Dollar bond issue.
Just to show the heavyweight effect today, the banks, the three major oil names, and the mobile telecoms sector are adding around two thirds of the gain despite only being 11 shares in number, whilst about 90 of the 100 stocks are actually in the black.
As UK markets focussed on corporate results today, news flow from across the pond still seems to pay more heed to macroeconomic matters.
Speculation that the US Fed's proposed ‘QE2’ programme will be less aggressive than initially thought has been given some extra weight today by another piece of positive economic data.
Weekly new jobless claims unexpectedly fell to 434,000 and a reading of anywhere under 450,000 is deemed to indicate an improving labour market.
Today has also seen another fall in the Dollar against all major currencies. So the Fed's headache becomes a more sustained migraine every day and, as the markets seek clarity, the US economy continues to paint a very confusing picture.
Investors worldwide will be on the lookout for US GDP figures tomorrow to show direction ahead of next week's all important FOMC meeting.
How and where to spread bet on:
Dollar / Yen, where to find free charts, live pricing, how to trade etc >> Dollar / Yen Spread Betting
Standard Chartered, where to find free charts, live pricing, how to trade etc >> Standard Chartered Spread Betting
The above comments do not constitute investment advice and neither IG Index nor Clean Financial accept any responsibility for any use that may be made of them.
IG Index » "With IG Index you get all the normal advantages of
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UK Market Comment, 27 October 2010
Closing comments from Ben Critchley, Sales Trader, IG Index:
Heading into the last hour of trading, the FTSE has slid further into the red as commodity and energy markets weakened.
Economic uncertainty weighed on market sentiment and dragged stocks downwards today.
The announcement that US durable goods orders fell by 0.6% in September, falling well short of the predicted 2% rise, has increased concern that there will be a slowdown in both capital spending and manufacturing over the coming months.
This news had an immediate international effect, sending mining and energy giants hurtling down the UK leader board, while US markets dipped on opening.
Another key factor depressing market sentiment today is the much-discussed possibility of an enlarged Federal stimulus programme.
Further fuelled by the latest signs of economic weakness, this has had a domino effect on popular markets, pushing the US Dollar upwards and pushing down hard on energy and commodity stocks worldwide.
And, though the UK's economy has expanded recently, the government's insistence that it will be going ahead with planned benefit cuts, including the controversial cap on housing benefit, has reignited worries about the future and cast a further pall over the markets.
The day's pervasive air of uncertainty led the FTSE to lose its hold on the 5700 level, putting the possibility of a late surge further out of reach.
How and where to spread bet on:
FTSE, where to find free charts, live pricing, how to trade etc >> FTSE Spread Betting
Euro / Dollar, where to find free charts, live pricing, how to trade etc >> Euro / Dollar Spread Betting
The above comments do not constitute investment advice and neither IG Index nor Clean Financial accept any responsibility for any use that may be made of them.
IG Index » "With IG Index you get all the normal advantages of
Spread Betting plus 8000 markets, narrow spreads, advanced charting,
24 hour spread betting ..." » read
IG Index review.
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'US Dollar Continues to Weaken Ahead of US GDP Figures' edited by AG, updated 28-Oct-10
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