Better ISM Services Report Fuels Demand for Risk Rally
A better than expected U.S. ISM Services
Report has fueled greater demand for higher risk, higher yielding assets.Traders were looking for the report to show
an increase from August at 48.4 to September at 50.0.The actual number came in at 50.9.
Equity traders increased overnight gains as
the markets firmed following the release of the number.The rally seems a little tentative as traders
await the start of earnings season later this week.Investors want to see an increase in earnings
fueled by higher revenues.Investors are
becoming concerned that the recent weak economic data is pointing out that
stock prices may be too far ahead of the economy.While prices may adjust to the upside, gains
could be limited because of trader fears.
U.S. Treasury markets are trading better
despite the improved ISM Services report.Last weekâ€™s daily reversal top on Friday was also expected to put
pressure on this market.Todayâ€™s action
is not making sense from a fundamental standpoint.Technically, the main trend is up with a
possible upside objective of 123-31.
The U.S. Dollar is trading weaker
today.The Dollar opened mixed mainly
because of a statement from the G-7 warning of disorderly movement and excessive
volatility.Traders had been expecting a
statement supporting a stronger Dollar.The December Euro is showing a gain because of increased demand for
higher yielding assets.The December Yen
could feel pressure because of the threat of an intervention by the BoJ if
prices rise excessively.
December Gold is surging because of the
weaker Dollar.Todayâ€™s rally has
exceeded last weekâ€™s high which is an indication of strong buying.
The energy complex is trading weaker.Traders are still worried that a sluggish
global economic recovery will weigh on demand for crude oil prices.Investors also believe that weakening
consumer demand will threaten gasoline prices.
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Mon 9 July 2018 AA 12:00 EZ- Draghi EU Parliament Testimony Tue 10 July 2018 AA 08:30 GB- Ind/Prod Output, Trade AA 09:00 DE- ZEW Survey Wed 11 July 2018 A 12:30 US- PPI A 14:00 CA- Bank Of Canada Decision A 14:30 US- EIA Crude Thu 12 July 2018 AA 12:30 US- CPI Fri 13 July 2018 A 14:00 US- Prelim University of Michigan
John M. Bland, MBA co-founding Partner, Global-View.com
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