US stocks dropped, experiencing their biggest drop in 3 weeks. Markets were hit by weaker than expected data with Core Durable Goods Orders declining by 0.8%, instead of increasing by the expected 0.6%. The data sparked speculation that the Federal Reserve may postpone their rate hike further and it is now expected in June. Markets were also hit by weak earnings.
Asian markets were mostly higher today. The Nikkei climbed 0.15% reaching a monthly high as the Dollar strengthened against the Yen in anticipation of the upcoming FOMC statement.
European markets are mixed today.
Oil is falling as it is pressured downwards by the stronger Dollar. In addition the API released an inventory report which showed that supplies climbed by almost 13 million barrels in the past week. A further report will be released from the EIA at 3:30pm GMT.
Gold is heading back down as investors become wary ahead of the upcoming FOMC statement. Losses appear limited as it is expected the Fed will be dovish and may postpone hiking rates to later in the year. Nevertheless, traders should watch the report closely as it is likely to spark short term movement in the market.
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