Speeches by bank leaders eyed

November 14, 2017

A busier day ahead for market with some important data set for release. The world’s leading central bank heads are all set to speak as well.

The EUR/USD fluctuated throughout the night but seemed to always return back to the mid $1.16 range, where it is currently at $1.1665. This is slightly up from the $1.1660 this time yesterday. The GBP/USD pair also showed some movement, although it has ticked down slightly, currently trading at $1.3114, down from $1.3178 from the same time yesterday.

US stocks went on a bit of a wild ride yesterday, with the Dow dropping as much as 150 points from its highs, before rebounding over 100 points. The Dow ended the session up 17.49 points (+0.07%), to 23439.70. The S&P 500 closed slightly higher, adding 2.54 points (+0.10%) to 2,584.84. The NASDAQ added 6.66 points (+0.10%) to close the session at 6,757.60. European markets also experienced wild swings, the DAX dropped almost 200 points (dipping back under 13,000) before gaining almost 150 points. It ended the session down 53.05 points (-0.40%) to 13,074.42. The FTSE lost 17.81 points (-0.24%) to close the session at 7,415.18.

Gold added some value overnight, as uncertainty in markets remained and the USD weakening slightly. It is currently trading at $1,278.50.

Looking ahead for the rest of the day and market interest is fixated on speeches being made by US Fed Chair Janet Yellen, ECB President Mario Draghi, BoE Governor Mark Carney and BoJ Governor Haruhiko Kuroda. Mark Carney’s speech may come further into focus as the pound has been hammered ever since the BoE decided to lift interest rates. His speech may cause some volatility to the pound and pound paired products. Janet Yellen’s speech usually causes market movements, so that may be another one that traders should pay attention to.

There is also some significant data set for release today. This includes the Industrial Production figure from China and the UK CPI. Other data set for release today includes:

Australia – NAB Business Confidence

China – Fixed Asset Investment, Retail Sales

US – PPI & Core PPI, NFIB Small Business Index, Fed Reserve Member Charles Evans speaks

UK – PPI Input & Output, Core CPI, RPI, HPI, MPC Member Jon Cunliffe speaks

Europe – German Prelim GDP & Final CPI, Swiss PPI, Italian Prelim GDP, European Flash GDP, European & German ZEW Economic Sentiment, European Industrial Production