Spreadex Market Update
European futures are indicating a higher open
European futures are indicating a higher open following a fairly positive session in Asia as investors place bets ahead of UK construction and US Manufacturing PMI’s. Developments in Ukraine are likely to continue to play on investors’ minds after Ukraine’s defence minister accused Russia of launching a “great war” that could claim tens of thousands of lives. Despite the news, Gold extended its decline from a one-week high, dropping for a third day as investors weighed the strength of the global economy against the tensions.
The euro and the pound were under pressure during early hours of trading, trading near session lows. With a strengthening dollar weighing on the two currencies, investors will likely to continue to tread cautiously ahead of the all-important rate decisions on Thursday. The Yen weakened overnight, coming within 0.6% of its five-year low amid speculation Prime Minister Shinzo Abe will appoint a close ally to take charge of reforming the nation’s pension fund. The new health minister will oversee 127.3 trillion yen Government Pension Investment Fund (GPIF), the world’s largest pool of retirement savings, likely to appoint asset allocations this fall. Japanese stocks jumped on the news whilst triggering selling in the currency.
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