Spreadex Market Update
The US traded in positive light yesterday
Spreadex is calling the FTSE up 23 points as London investors play catch-up following the bank holiday weekend. US traded in positive light yesterday, with the S&P 500 index braking through the landmark 2,000 level during intraday trading, eventually closing at 1997.94.
Developments from the Jackson Hole meeting showed that Federal Reserve Chair Janet Yellen believes labour markets still have further to heal before economies can weather higher interest rate rises. With the Fed and the Bank of England threating to tighten policy within a year, European Central Bank President Mario Draghi and Bank of Japan Governor Haruhiko Kuroda acknowledged they may be forced to deploy fresh stimulus.
With Mario Draghi’ s comments last week indicating the ECB are prepared to respond with all its “available” tools, this pushed the euro to an 11-month low. West Texas crude traded near the lowest price in seven months before supply data on Wednesday which may signal the strength of fuel demand in the US, the world’s biggest oil consumer. Gold Held losses near a two-month low on speculation the Federal Reserve will raise borrowing costs next year, supporting the dollar but damping demand for safe haven assets.
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