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Daily Market Outlook By PYX Markets
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[QUOTE="PYX Markets London, post: 122253, member: 38730"] [b]Daily Market Outlook 22nd February [/b] [img] http://www.karachiites.com.php56-3.dfw3-2.websitetestlink.com/pyxmarket-new/wp-content/uploads/2017/01/pyx-market-outlook.jpg [/img] Asian stocks rose on Wednesday, joining a record-setting session for global markets as investors cheered upbeat factory activity in Europe and solid earnings on Wall Street. The euro, however, has not followed suit as the currency markets focused more on potential political turbulence in the euro zone. The common currency was up a modest 0.1 percent at $1.0544 after losing more than 0.7 percent the previous day. Polls suggesting improving support for far-right French presidential candidate Marine Le Pen have undermined sentiment and weighed on the common currency. The dollar had risen overnight following hawkish comments from Cleveland and Philadelphia Fed Presidents Loretta Mester and Patrick Harker. Mester expressed comfort at raising rates at this point, while Harker reportedly said a March rate hike was on the table. Financial markets are waiting on the Fed's Jan. 31-Feb. 1 policy meeting minutes due later in the day for fresh hints on the central bank's stance toward interest rates. The focus will be on the Fed's economic assessment in the minutes, which should emphasize a recent uptick in economic data, although the market may still remain skeptical about the chances of a near-term rate hike, said Christopher Wong, senior FX strategist for Maybank. The Mexican currency surged 1.7 percent against the dollar overnight, breaking the psychological level of 20 per dollar or the first time since Donald Trump's November U.S. election victory. Hurt by Trump's threats to impose trade barriers on Mexico and hit by the prospect of higher U.S. rates, the peso weakened to a record low of roughly 22 per dollar in January. The dollar lost ground in Asian trading on Wednesday as investors awaited the minutes of the Federal Reserve's latest meeting for clues as to the pace of interest rate hikes, while Europe's political woes kept a bruised euro under pressure. The Fed minutes due to be released later on Wednesday could either reinforce or undermine recent hawkish comments from central bank policy makers. Cleveland Fed President Loretta Mester said late on Monday in a speech in Singapore that she would be comfortable raising rates at this point if the economy maintained its current performance. Philadelphia Fed President Patrick Harker also told reporters on Monday that he would support an interest rate increase at a mid-March policy meeting as long as inflation, output and other data until then continue to show the U.S. economy is growing. Bank of Japan Governor Haruhiko Kuroda said the chance of the central bank lowering interest rates deeper into negative territory was low for now, backing market expectations that no additional monetary easing would be forthcoming in the near future. Japanese Finance Minister Taro Aso said that Japan was not thinking now of issuing negative rate Japanese government bonds. An Elabe poll showed the lead of centrist Emmanuel Macron and conservative rival Francois Fillon over Le Pen falling to 18 and 12 points respectively, suggesting Le Pen may have more chance of springing a surprise if she can make it through to the second round of the elections in May. But underpinning the single currency, purchasing manager index (PMI) reports showed the euro zone economy expanded much faster and more smoothly than expected. The dollar retreated later during the U.S. session, after market research group Markit said that its flash services Purchasing Managers’ Index (PMI) eased to 53.9 in February, falling short of analysts’ expectation of an increase to 55.8. Despite a strong round of Eurozone manufacturing data, the euro struggled for upside momentum, as concerns over upcoming elections in France and the Netherlands continued to weigh on the single currency. Oil prices held near multi-week highs on Wednesday after OPEC signaled optimism over its deal with other producers to curb output to clear a glut that has weighed on markets since 2014. The data is set to be released on Thursday, a day later than normal, following a U.S. public holiday on Monday. Last week's numbers showed U.S. output helped boost crude and gasoline inventories to record highs, amid faltering demand growth for the motor fuel. That has kept a lid on prices after they climbed following an agreement by the OPEC and other producers to cut output by about 1.8 million bpd. Mohammad Barkindo, OPEC secretary general, told an industry conference in London on Tuesday that January data showed conformity from member countries participating in the output cut had been above 90 percent. Oil inventories would decline further this year, he added. Goldman Sachs, however, noted that a rebound in U.S. drilling activity had exceeded even its own above-consensus expectations. [/QUOTE]
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