Spreadex Market Update
Muted trading as investors await Yellen speech
The Dow Jones barely mustered the energy to open this afternoon, alternating between 10 point losses and 10 point gains as the American session got underway. That mixed open followed a 5 month high for the ADP non-farm number, something that bodes well (or not, dependant on how hawkish you are) for the government released NFP figure released on Friday. The dollar was slightly less muted in its response; cable quickly fell to a 7 month low whilst the greenback made a mockery of whatever slight gains the euro had the audacity to eke out in the early hours of trading this morning.
Still to come is arguably the most important even of the day, Janet Yellen’s speech to the Economic Club of Washington DC. Yellen has had a tendency to disappoint in her non-Fed speeches of late; not that it will stop investors and analysts alike pouring over her words for any piece of information, tangentially related or otherwise, that can help to elucidate what the US central bank might do on December 16th.
Turning to Europe and there was a decided lack of cohesion this Wednesday afternoon. The FTSE, somewhat against the odds, managed to maintain its 35 point jump despite a 1.5% fall by Brent Crude and some chunky losses dotted throughout its commodity stocks. The Eurozone was even odder; the DAX, so strong after the region’s QE-green lighting inflation miss, fell into the red by 35 points, even as the CAC maintained a solid if unspectacular 15 point rise. All of today’s trading will likely matter for nought, however, when Mario Draghi finally reveals what (if anything, god forbid!) kind of QE concoction he has been working on.
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