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MARKET WRAP: Stocks Changed Direction- Closed Higher

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Fundamental analysis of Forex market

Equity markets traded lower in the morning but changed its direction when the US markets started to trade. Thanks to Davos.

Stocks

  • The S&P 500 Index reversed its losses and jumped 0.3 percent as of 15:36 London time,
  • The Stoxx Europe 600 Index increased 0.5 percent.
  • The U.K.’s FTSE 100 Index was under the influence of Brexit and shed 0.4 percent.
  • Germany’s DAX Index followed US indices and jumped 0.4 percent.
  • The MSCI Emerging Market Index didn’t show much action so changed.

Currencies

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  • The Dollar Spot Index fell retraced from its high and lost 0.1 percent, the first drop in seven days.
  • The euro was little-stayed lacklustre and unchanged at $1.1360.
  • The British pound did its Brexit thing and jumped 0.7 percent to $1.3044, the third straight gain.
  • The Japanese yen dropped 0.5 percent to 109.90 per dollar, breaking its three days run.

Bonds

  • The yield on 10-year Treasuries jumped three basis points to 2.77 percent.
  • Germany’s 10-year yield dropped 0.24 percent, change of trend, the first decline in three days.
  • Britain’s 10-year yield jumped than two basis points to 1.35 percent.

Commodities

  • West Texas Intermediate crude continued its downward trend and dropped to $52.86 a barrel.
  • Gold experienced a little move and dropped  0.4 percent to $1,279 an ounce.

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