Bullish European Equities, Advancing Dollar
AvaTrade | Feb 23, 2017 07:22AM ET
The Federal Reserve’s latest meeting minutes were released yesterday. The minutes showed that given the encouraging economic data as well as possible Trump inspired fiscal stimulus, the Fed should raise interest rates ‘’fairly soon.’’
The market already had a hawkish sentiment on a rate hike in March. Fed chair Janet Yellen announced last week that it would be ‘’unwise’’ to wait too long before raising rates.
The dollar climbed after the positive tones from the Fed’s meeting minutes. EURUSD is trading down at $1.055. The dollar is rising against all major currencies.
Bullish tones end there for the US as equities cut some of the gains made last week.
- S&P 500 is down 0.04%, trading at $2361.00
- DJ 30 is down 0.03%, trading at $20754
- Russell 2000 is down 0.04% at $1402.80
The market sentiment is more positive in Europe however, the European proxy, the DAX 30 , is trading upwards 0.02% at €12008.00. The CAC 40 is trading higher at €4905.50. The rally comes after encouraging economic data in the Eurozone region.
h3 Commodities’ Corner/h3Crude oil is caught in an upswing, trading at $54.41, up 1%. January’s production showed that OPEC members complied to 90% of planned output cuts.
Additionally, Exxon Mobil (NYSE:XOM) cuts have helped to push up the price of oil. The company’s output fell by one fifth last year, which is the largest International oil company production drop in the last decade.
Gold is trading upwards at $1237.54, an increase of 0.08%.
h3 Market Watchlist/h3In the UK, FTSE 100 is being elevated by RSA Insurance and Inti, both surpassing earning expectations. The companies have pushed up the UK’s economic proxy. The FTSE 100 is up 0.2% trading at £7284.50.
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