stocks finished higher despite a shift in sentiment toward less risky assets.
For most of the day, the indices traded inside of a tight range on low volume.
Traders kept a lid on gains and a floor on losses ahead of Fridayâ€™s U.S.
Non-Farm Payrolls Report.
Demand for lower yielding assets helped give June Treasury
Bonds a boost on Thursday. Trading was light and volume was low ahead of
jobs report. The Charts indicate the potential for a rally to118â€™17 if support
can be established at 117â€™23.
The stronger Dollar helped pressure both April Gold and June
Crude Gold failed to hold support at $1137.70 and broke.The next downside target is pegged at
June Crude Oil finished lower but volume was thin. The
supply and demand fundamentals support a weaker market, but speculators
continue to believe that stronger Euro will drive up demand for energy assets.
A break under 80.15 could lead to an acceleration to the downside.
The U.S. Dollar was up sharply against all major currencies
as investors flocked to safer assets following a poor housing report and
concerns about Greeceâ€™s
ability to shore up its budget deficit.More the most part, it was a quiet trade on Thursday as many big Forex
players stood on the sidelines ahead ofFridayâ€™s U.S. Non-Farm Payrolls Report.
The March Euro was stable this morning after reports
surfaced that investor demand was strong for the newly issued Greek 10-Year
Bonds.This had the potential to be a
major vote of confidence for Greece,
but the euphoria was short-lived.The
Euro began to fall apart after the European Central Bank left interest rates
unchanged and ECB President Trichet said that growth in the Euro Zone would be
Traders fear that a slow down in the Euro Zone will hamper
the ECBâ€™s ability to raise interest rates. This will lead to deflation as most
countries will be forced to cut spending. In addition, the Euro may lose the
interest rate differential battle if other countries such as Canada and the United States begin to withdraw
stimulus and hike their benchmark interest rates.This was most likely the primary reason
behind Thursdayâ€™s selling pressure.
On Thursday, the Bank of England left interest rates
unchanged along with its quantitative easing program. Some investors felt going
into the report that the BoE would either expand or extend its asset buyback
program. Nonetheless, the March British Pound sold-off mostly due to the
weakness in the Euro. Other bearish factors pressuring the British Pound are
the weak U.K.
economy, political uncertainty and the wide budget deficit.
The March Japanese Yen finished lower despite increased
demand for lower yielding assets. Technical factors may have contributed the
most to Thursdayâ€™s loss after strong selling came in following a test of a
major Fibonacci retracement level at 1.1356.In addition, the failure to accelerate to the upside after breaking a
previous swing top at 1.1295 may have scared weaker longs out of the market.
The strong close helped form a reversal top which could trigger a further
decline to 1.1099 over the near term.
The March Swiss Franc finished sharply lower due to the
weakness in the Euro. Traders once again feel that an intervention by the Swiss
National Bank is imminent as it tries to protect its valuable export market.
Weaker gold, crude oil prices and oversold conditions
helped pressure the March Canadian Dollar after almost a week long rally. Weak
longs pared positions over the fear that the Bank of Canada may â€śverbally
intervene at current levels. The BoC has in the past talked down the Canadian
Dollar after a rapid rise over concerns that a strong currency would damage
demand for Canadian exports.
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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