Spreadex Market Update
European stocks continued their decline
European stocks continued their decline, falling for a third day ahead of a data packed week. Investors seem reluctant to add to risk as Federal Reserve policy makers meet today and tomorrow. According to analysts, it is believed Fed officials will maintain interest rates at a record low. The central bank has said in the past that its benchmark rate will stay low for a considerable time after it completes the monthly bond purchases. Tomorrow’s press conference should hopefully shed more light on the situation.
The euro was helped this morning after German ZEW economic sentiment increased more than expected to 6.9, beating the 5.2 estimation. Despite the beating number, the data indicated that investor morale has hit the lowest level in nearly two years, suggesting tensions between Russia and the West had hit Europe’s largest economy.
Sterling was also under pressure against major pairs after inflationary data showed the UK slipped back to 1.5%, from 1.6% growth in the month previous. Despite this, house price growth surged in July at the fastest annual pace in seven years. The data is unlikely to shift expectations among economists that the Bank of England will keep interest rates on hold until the second quarter of next year.
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