Yesterday, the EUR/USD dropped to a new 9-year low and reached 1.1725. The pair reacted to news that the European Court of Justice stated that the European Central Banks’ Open Market Operations “may be legal” but must meet conditions.

Last year, the German court argued that the bond-buying is illegal and therefore, the main court had to look into it. Since they found it as “possibly legal”, speculation that Mario Draghi will introduce new stimulus next week increased and pushed the pair down. However, later on, disappointing US data was released and erased the previous movement.

On Wednesday, the GBP/USD continued to trade with bullish sentiment and climbed above 1.5260. The increase was caused by disappointing U.S Retail Sales data which showed a 0.9% decrease instead of an expected 0.2% increase. In addition, the Governor of the Bank of England, Mark Carney, spoke before the Treasury Select Committee and stressed the difference between the situation in Europe and in the UK.

Yesterday, Gold peaked at $1,244/ounce but then reversed downwards. The price was boosted by weak US Retail Sales data which disappointed the market. In addition, the stock market dropped, supporting the demand for gold. However, unlike other safe haven assets, Gold is considered to be risky and is predicted to drop further down in 2015.

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US markets dropped after a volatile session. Falling oil prices continued to hit sentiment. Losses were seen despite the release of positive labor data. JOLTS Job Opening showed that 4.972 million jobs were available at the end of November.

Asian markets dropped across the region. A report was released from the World Bank stating that the global growth forecast for 2015 was downgraded from 3.4% to 3% due to weakness in emerging markets. The report knocked investor confidence triggering a selloff in the market.

European markets are lower today after the World Bank’s report highlighted that the Euro zone is a threat to global growth. Losses could be greater but a report was also released that showed the European Court of Justice gave a green light to the European Central Bank’s asset purchasing program.

Oil reached a new 6 year low as the United Arab Emirates and Kuwait both downgraded their predictions for the global outlook for 2015. The API also reported that inventories climbed by 3.9million barrels over the past week. The World Bank also hit sentiment as they reduced demand for the commodity by downgrading the outlook for the global economy. The price rebounded slightly today but following a report from the EIA which showed inventories climbed by 5.389million barrels we could see it drop back down.

Gold climbed above $1,240/ounce as demand for safe haven assets increased on the back of oil prices. A downwards correction was seen but the price moved back up after weaker than expected Retail Sales data. As the metal showed little reaction to the World Bank’s report we can infer that it won’t move much higher and so we expect it to trade sideways.

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US markets declined as investor confidence was hit as the oil sell off continued. Oil prices dropped below $45/barrel on a number of factors and energy shares were hit once again. Losses heightened at the end of the session as John Williams, Federal Reserve Bank of San Francisco President, said that raising interest rates would be a close call due to signs of a stronger labor market coupled with weaker wages.

Asian markets were mixed today. The Nikkei lost 0.64% as the Yen strengthened as a safe haven asset; the Dollar dropped to a low of 117.7 during the Asian session.

European markets are higher today due to indications that the ECB will begin quantitative easing next week. If this step is made, further liquidity would enter the market which is a positive thing for stocks. 

Oil continued to decline and reached a low of $44.2/barrel. Losses were seen after the Prince of Saudi, Alwaleed, stated that oil will never again reach $100/barrel. In addition, the United Arab Emirates oil minister, Suhail bin Mohammed al- Mazroui, spoke earlier today and supported OPECs decision to maintain the current rate of production. Traders should watch the weekly inventory report from the API which will be released at 9:30pm GMT.

Gold is climbing as a safe haven asset as oil prices hit sentiment and equity markets decline. The US stock market opened sharply higher today due to expectations that the ECB will add stimulus and this could push the metal back down.  Traders should watch US data which will be released later in the session including the JOLTS Job Openings at 3:00pm GMT.

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NFP data was released on Friday and showed that 252,000 people were hired during the past month. This was very positive and was much higher than the expected increase of 240,000. However, average hourly earnings data was also released and disappointed as it showed a decline of 0.2%. The data offset expectations that interest rates could be raised sooner than expected as wage inflation is another important aspect of the market.

US markets declined following the release. Falling oil prices also hit sentiment.

Asian markets were mixed across the region. The Nikkei remained closed for a public holiday known as ‘Adults Day’. The Hang Seng added 0.45% as two components soared on news of reorganization plans.

European markets are mixed today. Oil prices initially boosted markets as companies reported that they will have stronger earnings due to weaker fuel prices. Markets were also boosted by a report from CNBC which stated that quantitative easing could be based on contributions made by central banks. Gains were short lived, however, as oil extended its sell off.

Oil is trading at its lowest price since March 2009. Goldman Sachs cut their 2015 forecast to $47.15 as they believe the market needs to balance itself out.  The Prince of Saudi, Alwaleed, is also reported to have said that oil will never reach $100/barrel if supply and demand remains at the current level. Trader should focus on this week’s supply data as it may dictate the direction of the market.

Gold gained on the back of wage data. As the data made an interest rate hike seems less likely and the stock market declined, the metal was boosted as it offers more lucrative returns. As the Dollar remains strong we could see limited gains, however, so traders should be careful with any long term ‘Call’ positions.

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US markets climbed, marking their first increase of 2015. Data continued to show improvement in the labour market with the ADP Nonfarm Employment Change showing that 241,000 jobs were created last month. The FOMC meeting minutes were also released and showed that it is unlikely that interest rates will be increased before April. The minutes also showed that the Fed believes that lower oil prices will be a net positive for the economy and the labour market. Overall, no new information was released and the market welcomed the ‘patient’ stance.

Asian markets were mostly higher across the region.  The Nikkei added 1.67% as the Dollar climbed against the Yen reaching 119.8 by the end of the Asian session.

European markets are higher today due to strong speculation that the European Central Bank will add stimulus to the economy.  This is taken as a positive for equities as more liquidity enters the market. Positive Retail Sales data was also released from the Euro zone.

Oil dropped to its lowest price since April 2009 at $46.75/barrel. However, later in the day, the EIA released data showing that inventories declined by 3 million barrels over the past week. This came a day after the API reported that inventories declined by 4 million barrels and pushed the price up slightly to a high of $49.5/barrel. It is likely we could see the pair drop down but for now volatility is low.

Gold dropped as the stock market rallied and oil prices rebounded from their 5 year low. Positive data from the US also boosted the Dollar, pushing the metal back down. Today, the price rebounded upwards following worse than expected Initial Jobless Claims data. 

Traders should focus on the NFP report and Unemployment rate being released from the US tomorrow.

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