US markets finished mixed on Friday following weaker than expected data. Volatility remained low as many traders took a long weekend after the New Year’s celebrations.
Asian markets were mixed today. The Nikkei lost 0.24% after a 5 day holiday. Losses were seen as the Yen strengthened slightly as a safe haven asset on the back of events in Europe which sent the Euro to its lowest level in 8 years.
European markets are lower today after the Euro dropped to an 8 year low. Speculation is ripe that the European Central Bank will introduce further stimulus to avoid deflation following comments from Draghi last week. However, fears have surfaced over political developments in Greece. Elections will occur on January 25 and if the far left part, Syriza, gain power they could get rid of the austerity program.
Oil dropped to a new 6 year low $50.7/barrel. The market continues to react to fears regarding increasing supplies and falling demand. The price is very close to a key psychological of $50/barrel and if it breaks through this many producers may be forced to cut production as costs will exceed prices.
Gold is climbing as a safe haven asset and as physical demand increased from China. The price is currently testing its resistance as $1,200.
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