Dollar slips as home sales decline
US stock market snapped 4-session winning streak on negative implications of slower China’s growth data to global growth outlook. The S&P 500 fell 1.4% to 2632.90. Dow Jones lost 1.2% to 24404.48. The Nasdaq dropped 1.9% to 7020.36. The dollar weakening continued as data showed existing home sales declined in December. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, slipped 0.01% to 96.287 but is higher currently. Futures on three main US stock indices point to mixed openings.
FTSE 100 underperforms other European indexes
European stocks extended losses on Tuesday on persisting global growth worries after China reported slower growth for 2018. The EUR/USD turned lower while GBP/USD rose with both pairs higher currently. The Stoxx Europe 600 lost 0.4%. The German DAX 30 fell 0.4% to 11090.11, France’s CAC 40 slid 0.4% and UK’s FTSE 100dropped 1.0% to 6901.39.
Chinese stocks rise while Asian indices slip
Asian stock indices are mixed today after President Xi Jinping told high-level Communist Party officials to be alert over “black swan” and “gray rhino” financial events in face of an economic slowdown at a meeting after China posted its slowest annual growth since 1990 - 6.6%. Nikkei slipped 0.1% to 20593.72 while yen resumed its slide against the dollar as Japan reported weak export data. Chinese stocks are higher supported by Beijing pledge to step up fiscal spending this year to support its economy: the Shanghai Composite Index is up 0.1%, and Hong Kong’s Hang Seng index is 0.1% higher. Australia’s All Ordinaries Index extended losses 0.3% as the Australian dollar resumed climbing against the greenback.
Brent up
Brent futures prices are recovering today. Prices ended lower yesterday: March Brent fell 2% to $61.50 a barrel on Tuesday.
Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.
This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.
Recommended Content
Editors’ Picks
EUR/USD hovers around 1.0800 on Fed's decision
EUR/USD returned to the 1.0800 price zone after the Federal Reserve announced its decision to cut the benchmark interest rate by 25 bps as widely anticipated. Chair Jerome Powell's remarks put mild pressure on the US Dollar.
USD/JPY retreats from weekly highs as FOMC delivers 25 bps rate trim
USD/JPY hovers around 153.80 after the Fed broadly met market expectations on November's rate call. The Fed delivered a follow-up quarter-point cut on Thursday; markets now bet on the odds of a December three-peat.
Gold regains $2,700 with Fed’s announcement
Gold extends its recovery following Wednesday's sharp decline and trades above $2,700, as the US Dollar eases following the Federal Reserve's decision to cut rates by 25 bps. Powell's speech revolved around Trump's victory.
Ethereum Price Forecast: ETH eyes $3,366 as open interest growth could fuel quest for new all-time high
Ethereum (ETH) is up nearly 8% on Thursday and could reach a new all-time high before year-end following increasing investor demand for the top altcoin. This is visible in ETH's open interest growth and increasing Ethereum exchange-traded funds (ETF) inflows.
Outlook for the markets under Trump 2.0
On November 5, the United States held presidential elections. Republican and former president Donald Trump won the elections surprisingly clearly. The Electoral College, which in fact elects the president, will meet on December 17, while the inauguration is scheduled for January 20, 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.