Blog

European Market Update 13 Jul 2018

Posted by Tim Sholl on 13-Jul-2018 21:40:04

European investors are pushing up stock indices in a follow up to solid price action in the past few sessions. The US Dollar is also performing well as trade concerns fuels demand. Comments by Trump that the US/UK trade deal may be doomed has put some pressure on the GBP and also the EUR. 

Latest prices show the FTSE at 7682 up 31 , the DAX at 12527 up 34 , the CAC at 5427 up 23 , and the MIB at 21840 up 49 with technology stocks leading the pack. In the FX market the EUR is at 1.1627 down 42 , the GBP is at 1.3127 down 78 , and the JPY is weaker by 7 at 112.59. The DXY is at 94.91 up 34 and looking to make a run up to the 95.20 level where it has found strong resistance over the past few months.

Gold is falling back at 1240.50 down 6.50 under pressure from the strong USD and Brent crude is also weak at 74.18 down 26 with OPEC upping production.

Bond yields are slightly lower with US10 at 2.84 down 1 , the UK 10 at 1.25 down 8 , and the GE10 at 0.33 up 3.

German wholesale prices were 0.5% m/m and 3.9% y/y. Spanish inflation came in at 0.2% m/m and 2.3% y/y.

 Daily Chart - EUR/USD with 1.1500 the key support for the past few months.ScreenShot3402

Topics: Trading, Market News, European Market Update