Wednesday was a quiet day in the financial markets. Major assets finished the day at levels close to their opening prices. Although there weren’t any important reports in the morning, United States of America data helped to create some action in the afternoon. US Labor Department’s monthly Job Openings and Labor Turnover Survey (JOLTS), which measures the demand for new jobs, came out better-than-expected; however, traders were irritated due 3 minutes delay, and US Dollar fell against most majors as a result.
Shortly after JOLTS, the US released weekly Crude Oil Inventories which showed an increase in the number of barrels of crude oil in stocks, despite the analysts’ expectations towards a drop in the supply. Global crude oil supply glut has recently stirred the markets, causing traders to worry about the shortage in demand and causing Crude Oil prices to drop more than $10 per barrel. The last event of the day was the US Federal Budget Balance announcement. The Fed reported a less-than-expected deficit in last month’s budget.
There aren’t any important economic indicators due today, and Japan will have the day off due bank holiday. At 1.30pm (GMT), Canada is going to release New Housing Price Index which indicates the change in the price of new homes. Market analysts are anticipating a drop in the selling price. USA will publish weekly Unemployment Claims report at the same time with NHPI. The weekly unemployment data is known as one of the most important indicators for the US economy, and it measures the change in the number of people who applied to government for unemployment insurance in the previous week.
The day will be closed with quarterly Retail Sales and Core Retail Sales reports from New Zealand. RBNZ cut interest rates by 25bps yesterday night, causing NZD market to stir. Although the analysts forecast both of the measures to improve, traders all around the world may prefer to stay cautious after such big movement in NZD pairs.
Important Note: Any information disclosed in this daily market analysis is gathered for informative purposes only, and should not be considered as an advice, recommendation or suggestion by the publisher.
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