Spreadex Market Update
European markets are set to open lower
European markets are set to open lower, following a negative session in Asia overnight as markets remain subdued following the closure of US markets on Friday. As we approach the third quarter, investors will likely be shifting their attention to the latest rounds of corporate earnings. The dollar strengthened against major peers and treasuries fell amid speculation the Federal Reserve may raise rates sooner than previously anticipated.
Gold dropped away from a three-month high overnight, falling by over $7 dollars as the outlook for higher borrowing costs in the US strengthened the dollar. As the US economy continues to show signs of improving, gold will remain under pressure. The latest string of economic data has shown an improving economy; specifically on Friday during the non-farm’s which showed payrolls increased to 288k, exceeding the 214k target.
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