Spreadex Market Update
Markets retreat
Mario Draghi has confirmed that there is no plan B that can be used in effect to rescue the struggling Euro zone. Banks stand ready to cut interest rates further with officials considering additional measures to boost growth as the debt crisis prepares to enter its fourth year. The benchmark interest rate will remain at 0.75%.
US unemployment claims came in at a disappointing 385k, an increase on the original forecast of 352k. This doesn’t bode well for tomorrows Non-Farm Payrolls where the forecast figure is 198k, lower than the previous months 236k. A sense that the recent US recovery is not as strong as originally thought is beginning to grow, investors will be closely monitoring proceedings as this figure provides a very reliable indication as to which way the American economy will head in the next few months.
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