Jun 16, 2014 - Daily Market News

Today's Hot Property: EUR, USD

The escalation of tensions in Iraq brought the caution on the market late last week. U.S. President Obama said he would not send troops to Iraq and the oil is flowing normally. After the interruptions of the session, U.S. stocks closed higher, but still posted losses for the week. At the session close to the S & P 500 was 0.31% higher, while the Dow Jones was 0.25% higher. Asian shares turned lower today. The Nikkei lost 1.09% as the dollar remained below the level of 102 yen as the yen gained as a safe haven asset. Hang Seng fell 0.13% as the oil-producing advanced and investors sold shares. European shares fell at the open, as traders continued to monitor developments in Iraq. Currently, shares in Germany's DAX falling off as 0.20%. The FTSE 100 fell 0.05%, while the CAC 40 in France was unchanged.

WTI crude prices are advancing as Iraq inches closer to civil war. Iraq has the second largest oil producer in OPEC and the conflict threatens to exit. So far, oil production in the south was unchanged and the EIA said last week that inventories are not in immediate danger. However, the increase shows investors do not feel safe if the violence does not spread, we could see prices go as high as 116/barrel. Gold prices gained nearly 2% on the back tension. As a haven asset, events in Iraq, giving the metal a boost. Traders should watch the U.S. data to be released throughout the week, especially the FOMC statement on Wednesday at 06:00 GMT.

Today's main events:

09:00 GMT: U.S. - CPI measures changes in the price of goods and services from a consumer perspective.

12:30 GMT: USD - NY Empire State Manufacturing Index - rate the relative level of general business conditions New York state

13:15 GMT: USD - Industrial production - a measure of change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities.