Good Morning Traders,
US - Market Reflections - Wednesday, 8th June, 2011
OPEC's surprise decision not to increase oil output and help ease pressure on prices pushed West Texas Intermediate up a couple of dollars to $99. Though Saudi Arabia failed to push through the increase against the opposition of Venezuela, Iran, and Iraq -- all of which are already operating at full capacity -- oil supplies remain abundant relative to demand, illustrated by the session's weekly petroleum data where increased refinery output ended up swelling gasoline inventories. But high fuel prices remain a negative for the economy reflected in another decline for the Dow which posted a fractional loss to 12,054.
Market Focus in the US this evening
Initial jobless claims will begin setting up expectations for the June employment report.
[Sources used: bloomberg.com / nasdaq.com]
____________________________________________
The DJIA Index finished the trading session: Down 21.87 points; and
The All Ords are currently trading: Down 20 points.
____________________________________________
Of note in the US this evening:- BOE Announcement [
Market moving indicator]
- ECB Announcement [
Market moving indicator]
- International Trade [
Market moving indicator]
- Jobless Claims [
Market moving indicator]
- Charles Plosser speaks
[Philadelphia Federal Reserve Bank President - Speech on the economic outlook to the Society of Business Economists in London.]- Janet Yellen speaks
[Federal Reserve Bank Vice Chair - Speech to the Cleveland Federal Reserve Bank Policy Forum on housing in Cleveland.]
...AND...
Of note in Australia today:- Unemployment Rate s.a. (May) [
Market moving indicator]
[The Unemployment Rate release by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labor force. If the rate hikes, indicates a lack of expansion within the Australian labor market. As a result, a rise leads to weaken the Australian economy. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).]- Employment Change s.a. (May) [
Market moving indicator]
[The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).]
...AND...
Of note elsewhere today/this evening:- United Kingdom - BoE Asset Purchase Facility (Jun 9); and BoE Interest Rate Decision (Jun 9) [
Market moving indicator]
- European Monetary Union - ECB Interest Rate Decision (Jun 9); and ECB Press Conference [
Market moving indicator]
- United Kingdom - Trade Balance; non-EU (Apr) [
Merits extra attention]
- United Kingdom - Goods Trade Balance (Apr) [
Merits extra attention]
- Canada - International Merchandise Trade (Apr) [
Merits extra attention]
- Japan - Tertiary Industry Index (MoM) (Apr) [
Merits extra attention]
[Sources used: bloomberg.com; dailyfx.com; fxstreet.com; nasdaq.com]
_____________________________________________
Gold is currently sitting trading Down $1.50 and is sitting at US$1,536.10oz atm;
Oil (Nymex Crude) is currently trading Up $0.38c atm and is sitting at US$101.12/bbl atm
The Dollar: The AUD is currently trading @ $1.0647c against the US Dollar
[Sources used: kitco.com; bloomberg.com; nasdaq.com & fxstreet.com]
____________________________________________
Have a great day.
Cheers, Tweets
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