Wall Street finished in the green following the release of encouraging U.S. economic data. Positive Wholesale Sales, the CPI and the Philly Fed Manufacturing reports, along with a Chinese rate cut, led to a renewed appetite among investors. The S&P 500 rose by 0.52%, the NASDAQ by 0.24%, and the Dow Jones added 0.51% to its value.
Microsoft shares fell by 1.48%, closing at $47.31, after a major failure of Microsoft’s cloud caused a shutdown on millions of websites.
The U.S. Dollar traded largely higher against most major currencies after dovish comments from European Central Bank President Mario Draghi, coupled with the Chinese rate cut, sparked safe-haven demand for the greenback. Today, the Flash Services PMI is expected at 57.3 vs. 57.1 previously.
Gold rose by 0.69%, closing at $1,201. Crude Oil rose by 0.89%, closing at $76.51 a barrel.
The euro fell versus the U.S. Dollar, closing at 1.2390, after European Central Bank President Mario Draghi reiterated that monetary authorities will do whatever it takes to prop up the economy. Investors interpreted this as a sign that more stimulus programs may be on the way. The EUR/USD is trading above the support level at 1.2365. As long as the pair holds above this level, a retracement towards 1.2450 can be expected. Today, German Ifo Business Climate report is expected at 103.00 vs. 103.02 previously.
The Pound dipped versus the U.S. Dollar to close at 1.5655. As long as the GBP/USD is trading below 1.5710, a fall to around 1.5600 is likely. But breaching 1.5710 could lead the pair to around 1.5750. No economic data is expected today.
Post time: Jul-02-2017