Afternoon Market Update – 08/02/2017 – by Jazz Singh
February 8, 2017Markets have been relatively quiet this morning as we consolidate moves from yesterday’s session. The dollar index has risen 0.2 percent, extending its gains from earlier this week. With political risk in the form of Dutch, French and German elections being priced into the Eurozone, the euro has pushed lower, declining 0.3 percent for the day. Elsewhere, we see the pound trading in a tight range after a strong rally yesterday off the back of MPC member Harker’s hawkish comments. European bourses are painting a mixed picture with the DAX in the red while the Stoxx Europe 600 has increased 0.6 percent with Rio Tinto stock leading the way. US equity futures are little changed, pointing to a quiet cash open. Crude oil is heading for its 3rd successive day of declines as a likely increase in US shale production shall undermine OPEC cuts. The calendar is threadbare for this afternoon as we await the RBNZ interest rate decision at 20:00 GMT.
