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MARKET WRAP: US ADP Data Pushed Dollar Higher; Sterling Recovered Losses

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Fundamental analysis of Forex market

*UK housing market is still resilient to Brexit woes *US ADP data came in much better *Apple’s earning fuelled the bull run

Stocks

  • The S&P 500 Index recovered some of its losses as investors showed their optimism about Apple’s earning. It gained 0.12% of its value as of 15:32 London time.
  • The Stoxx Europe 600 Index moved higher by 0.22%.
  • The UK FTSE remained in negative territory due to lack of clarity on Brexit. The index sank 0.70%

Currencies

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  • The Dollar Spot Index made another high for this year and gained 0.14%.
  • The Euro moved lower due to the weak EU GDP data and lost nearly 0.16%.
  • The British pound moved higher on the back of more appealing housing data. It rose 0.08% to 1.2203.
  • The Japanese yen moved higher by 0.25% to 108.59.

Bonds

  • The Yield on 10-year Treasuries dropped by one basis point to 2.04%.
  • Britain’s 10-year yield fell to 0.65%.

Commodities

  • West Texas Intermediate crude moved higher despite stronger dollar and gained 1.0%% to $58.73 a barrel.
  • Gold price dropped after the US ADP data which was stronger than expected. It fell 0.11%.

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