Spreadex Market Update
European stocks erase small gains
As we approach the bank holiday weekend, it seems many market participants are using the recent Fed comments as an excuse to take profits and close positions ahead of the weekend. The minutes showed there could be a possibility of the Federal Reserve unwinding their purchasing program.
A German business climate survey this morning suggested the outlook for Europe’s largest economy may be improving. The gauge came out at 105.7, beating the 104.6 estimate. The euro immediately rose to a session high of $1.2987.
Despite US durable goods orders increasing more than forecast in April, US futures are pointing to a lower open, retreating for a third day in a row.
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