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Stock markets experienced some unexpected volatility into the close of the week on Friday as investors looked to assess the latest progress of the budget talks in the US. As market trading volumes slow down into the holiday sessions, economic data is having only a limited impact on prices. Read more…
Equity markets and high yielding currencies finished lower on the week as economic data out of the US showed that the national labor market remains sluggish. The Non Farm Payrolls report for June was the main event and with the monthly addition of 80,000 jobs coming in below analyst estimates, stock markets and high yielding currencies sold off to close at their daily lows. The national Unemployment Rate was another disappointment, as it showed no progress from the previous month at 8.2 percent.
In some cases this sell-off was more extreme than others, and the value of the Euro against the US Dollar fell below the previous lows for the year. The EUR/USD forex pair is now trading at 1.2260 and this latest drop is leading many technical analysts to forecast sub-1.20 lows as a possibility into the end of 2012. Read more…
Commodities saw the biggest declines of the month after economic data out of the US showed that labor markets remain weak and this is helping to generate analyst expectations that this will weigh on consumer demand. Continued debt concerns in Europe are adding to this pressure on materials prices and this is leading energy and metals prices lower for the biggest drop since June 21st and this is being reflected in the S&P GSCI Index (which tracks the prices of 24 different raw materials prices), which is registering declines of nearly 2.5 percent. Read more…
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