07/11/2014 - November Daily Review

US stocks climbed higher and closed at record levels once again. Gains came after Mario Draghi, the President of the European Central Bank, spoke during a press conference and reaffirmed that they are prepared to inject stimulus as soon as needed. U.S. data releases also boosted sentiment.

Asian markets were mixed. Gains were seen as the Dollar climbed higher against the yen and reached a high of ¥115.5.

European markets are higher today as traders await the NFP release. Although the figure is forecast to be lower than last month, positive data is now expected as data throughout the week has been consistently strong.

Oil declined after OPEC predicted that demand may fall to a 14 year low in 2017. Then price is now climbing ahead of the NFP release as traders are expecting positive results. Increased labor should lead to greater demand for oil. Gold is trading around a 4 year low as the Dollar continues to rally. Physical demand has not yet picked up and so we can see that traders believe the price will continue to drop.

 

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