Euro drops after comment leak, US indexes looking at new highs
The week started with turmoil, breaking the upward momentum of the euro versus the dollar, after comments from a high-ranking ECB banker leaked. The common currency promptly dropped from 1.14 to 1.11 with questions being asked if the playing field is level for all.
But for indexes and stocks there don’t seem to be any hurdles too high to stop the advance, especially in the US. Another week on the plus side and new high on the horizon, at least until the Fed clearly signals it will raise interst rates.
Monday 25.5.15 – Only Asian markets will be open during the first day of the week as various bank holidays across Europe and the States are observed. Lower volume for the markets in Japan, Australia and China is expected.
Tuesday 26.5.15 – Higher volume will most likely permeate trading, as the accumulation of news from the previous day will roll over to Tuesday.
Regardless, there are only two points of interest in terms of data announcements, both from the US – the 12:30pm GMT Core Durable Goods Orders and the 2:00pm GMT CB Consumer Confidence.
Wednesday 27.5.15 – The G7 Meeting will begin on Wednesday, any remarks from the politicians might spark active trading in relevant instruments, keep an eye on the news.
Apart from that it should be a calm day with only Canada’s BOC Rate Statement attracting more attention at 2:00pm GMT.
Thursday 28.5.15 – The second day of the G7 meeting. The first major announcement from Australia for the week is due at 1:30am GMT and the US unemployment claims are poised to influence markets at 12:30pm GMT.
Friday 29.5.15 – Final day of the G7 Meeting, meaning there could be more major announcements and decisions that could influence the markets.
Apart from that it’s GDP day with estimates and preliminary forecasts from Britain (8:30am GMT), the US (12:30pm GMT) and Canada (again 12:30pm GMT) coming out.
Here is our reading selection for this weekend:
Not everyone noticed this was the reason for the euro’s drop this week. (CNBC)
Bad day at the office – check out Li Hejun, the richest man in China – and also the new record holder for losing money in a single day. (Time)
Jim Rogers, one of the great investors of our time, someone who sees trends before others. This time with a bit of headline-grabbing statement. (CNN)
Virtual reality is getting more hype and its boundaries are being explored. (re/code)
Just sitting there looking cute and cuddly? Google decided stuffed toys can be so much more (creepy). (BBC)