Mixed U.S. Economic Data Fuels Choppy Equity Trade
Mixed U.S. economic data fueled a choppy trade in U.S.
equity markets most of the day.The
markets opened higher this morning following a Gross Domestic Product Report
that showed the economy had contracted less than expected.Early
gains were erased, however, following a report which showed a drop in the
Chicago Purchasing Managers Index.
In addition to these two reports, the ADP private employment
report also showed an improvement, but nonetheless it still indicated that jobs
were being lost.Traders may be
reluctant to buy at current levels until they can see a more robust improvement
in the economy.The currency markets
showed a greater demand for higher risk assets, but the tone seemed a little
sluggish in the equities.
U.S. Treasury futures posted gains today as weaker economic
reports indicated that the Fed was less likely to raise rates in the near
future.There is still some debate going
on as to how aggressive the Fed should get when it comes time to hike the
rates.A consensus seems to be
developing which shows that investors expect unemployment to remain high and
growth to be sluggish.This is why there
has been demand for T-Bonds.
The Dollar was down substantially against most major currencies
on Wednesday.The weakness was fueled by
greater demand for higher yielding assets following a friendly report from the
IMF and less than stellar numbers from U.S. economic reports.The December Swiss Franc lost ground however
when it was reported the Swiss National Bank intervened to knock down the value
of the Swiss versus the Euro.
December Gold traded higher because of the weaker
Dollar.Weak equity markets and stronger
crude oil had some gold traders thinking about inflation. Technically, all this
market did was retrace a previous down move so there still is the possibility
of a secondary lower top and the start of another break.
A bullish gasoline inventory report helped December Crude
Oil rally sharply higher on Wednesday.Increased consumer demand drew down gasoline stocks during the
week-ending September 25th.This rally could be short-lived as the charts indicate the move was a
little excessive to the upside given the news.The crude oil inventory figure was almost exactly as expected.Expect gains to be limited until demand for
crude oil begins to increase.
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