All the economic developments to know this Friday.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
All the economic developments to know this Friday.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Dollar is trading lower
The dollar slipped lower against other major currencies on Friday, pulling away from a recent 2-week high as investors were preparing for a fresh series of U.S. data due later in the day.
Investors looked ahead to the publication of building permits and housing starts for May out at 12:30 GMT although the focus would likely be on the University of Michigan’s preliminary report on consumer sentiment for June scheduled for 14:00 GMT.
Market players will pay particular attention to consumer confidence after a report on retail sales last Wednesday showed a surprise decline.
Also on Friday’s calendar, Dallas Fed president Robert Kaplan will be the first U.S. policymaker scheduled to speak after the central bank chief Janet Yellen held her post-policy decision press conference on Wednesday.
2. Global markets mixed trade
Global equities saw mixed trade on Friday as equities attempted to shake off another round of worries surrounding tech stocks that led Wall Street to a negative close in the prior session.
U.S. futures pointed to a recovery in New York in Friday’s session. At 9:56 GMT, the blue-chip Dow futures rose 0.11%, S&P 500 futures gained 0.09% and the Nasdaq 100 futures edged forward 0.08%.
Elsewhere, European stocks moved higher on Friday following news of fresh bailout funds for Greece. At 9:56 GMT, the European benchmark Euro Stoxx 50 rose 0.20%, the DAX gained 0.29%, the CAC 40 traded up 0.61% while London's FTSE 100 advanced 0.51%.
Earlier, Asian stocks saw a mixed close as China’s Shanghai Composite ended lower on the back of the tech rout in the U.S., but Japan’s Nikkei benefitted from a yen sticking to two-week lows as the country’s central bank left monetary policy unchanged.
Oil edged higher on Friday on reports of a partial export halt in Libya, recovering some lost territory, but still remained on track for weekly losses of around 2.5%.
3. Euro jumps on Greece deal
EUR/USD rose 0.24% to 1.1172 by 9:58 GMT after the International Monetary Fund and the euro zone's 19 finance ministers backed a payout of €8.5 billion to Greece in order to a default in July and avert another debt crisis.
The Euro also showed strength against the GBP and the JPY.
4. BoJ updates
Earlier Friday, the Bank of Japan (BoJ) kept its monetary policy unchanged, in a widely expected move, leaving rates unchanged and pledging to keep asset purchases around the current target of ¥80 trillion.
The BoJ also upgraded its assessment of private consumption and overseas growth, signaling its confidence that an export-driven economic recovery was broadening and gaining momentum.
However, BoJ governor Haruhiko Kuroda reassured markets the central bank will still lag well behind the Federal Reserve in dialing back its massive stimulus program.
The Japanese yen (JPY) remained near a 2-week low against the dollar (USD).