US markets traded choppy but closed slightly lower. Data was mixed and volume appeared to be low ahead of the Thanksgiving Holidays tomorrow. Despite indexes ending slightly lower, they still remained at all-time highs.
Asian markets were mixed across the region. The Nikkei dropped 0.14% as the Dollar weakened slightly against the Yen.
European markets are higher today as the Vice President of the ECB, Vitor Constancio, stated that the bank is prepared to buy bonds as soon as 2015. In addition to this, Jean Claude Junker, President of the European Commission presented a 5 year plan for public investment throughout the European Union.
Oil dropped sharply and has reached a new four year low of 73.8. Losses were seen after the API reported that weekly crude stock climbed 2.8 million barrel over the past week. Traders are also cautious ahead of OPEC’s meeting tomorrow and are eager to see if they cut production. If output is cut, we could see the price climb back up.
Gold is trading choppy around $1,197/ounce. The market is awaiting Sunday’s Swiss referendum to see if reserves will be increased from 8% to 20%. The Dollar remains high as data has been consistently strong and this should push the price down. However, talk of increased stimulus is also present from Japan, China and Europe. Traders should remain focused on US data as it could spark short term volatility.
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