{"id":111650,"date":"2017-08-25T07:30:44","date_gmt":"2017-08-25T11:30:44","guid":{"rendered":"http:\/\/countingpips.com\/?p=111650"},"modified":"2017-08-25T06:35:59","modified_gmt":"2017-08-25T10:35:59","slug":"yellen-and-draghi-speeches-awaited","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/08\/yellen-and-draghi-speeches-awaited\/","title":{"rendered":"Yellen and Draghi speeches awaited"},"content":{"rendered":"
August 25, 2017<\/div>
\r\n<\/div><\/div>

By IFCMarkets<\/a><\/p>\n

\n
\n

All three major US stock indices slide in thin trading<\/h2>\n<\/div>\n<\/div>\n

US stocks\u00a0<\/b>ended lower on Thursday in thin trading with investors refraining from big bets as they awaited the start of the central bankers\u2019 symposium at Jackson Hole, Wyoming. The dollar inched higher: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, rose 0.1% to 93.276.\u00a0Dow Jones\u00a0<\/em>industrial average slipped 0.1% closing at 21783.40 with shares of Wall Mart leading the decliners and Cisco shares the largest gainer. The\u00a0S&P 500\u00a0<\/em>fell 0.2% settling at 2438.97 led by consumer staples stocks, down 1.3%. The\u00a0Nasdaq\u00a0<\/a>index ended off 0.1% at 6271.33.<\/p>\n

\n
\n

Stocks were supported by comments of House Speaker Paul Ryan expressing confidence in passing a tax-overhaul law this year and raising the debt ceiling. Trading volume was the lightest year to date, with about 5 billion shares traded, well below the year-to-date average of 6.54 billion. Seasonally low trading volume was also negatively affected by cautious mood as many investors stayed on side lines waiting for more details about expected reduction of Fed\u2019s $4.5 trillion balance sheet and rate hike this year from Fed chair Janet Yellen\u2019s speech today. In an interview about the uncertain impact of shrinking of Fed\u2019s balance sheet Dallas Fed president Kaplan signaled that another rate hike at the end of the year was not a given since the central bank could afford to be \u201cpatient\u201d and see if inflation pressures pick up. Kaplan is a voting member of the Fed policy committee this year. Economic data were mixed: the 2000 rise in jobless claims last week was smaller than expected. new home sales for July were weaker-than-expected and existing-home sales fell to 5.44 million, their lowest level of the year.<\/p>\n<\/div>\n<\/div>\n

\n
\n

European stocks advance<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>edged higher on Thursday.\u00a0Euro\u00a0<\/em>extended losses against the dollar while\u00a0British Pound\u00a0<\/em>inched higher. The Stoxx Europe 600 closed 0.2% higher. Germany\u2019s\u00a0DAX 30\u00a0<\/a>gained 0.1% closing at 12180.83. France\u2019s\u00a0CAC 40<\/em>\u00a0lost 0.04% and UK\u2019s\u00a0FTSE 100<\/em>rose 0.3% at 7407.06. Indices opened 0.1% – 0.2% higher today.<\/p>\n

\n
\n

Today European Central Bank President Mario Draghi and Fed Chair Janet Yellen will speak at Jackson Hole symposium. No details about ECB\u2019s much discussed start of tapering of its bond buying program in light of euro-zone\u2019s improved economic performance is expected. ECB officials have said Draghi will not discuss future monetary policy. In economic news the second estimate of GDP growth in the UK was unchanged from preliminary reading at 0.3%, in line with expectations.<\/p>\n

\"<\/p>\n<\/div>\n<\/div>\n

\n
\n

Asian markets higher<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are higher today.\u00a0Nikkei\u00a0<\/em>gained 0.5% to 19452.61 supported by inflation report Japanese core consumer prices rose for the seventh straight month in July. Positive inflation data lifted yen against the dollar. Chinese stocks are higher: the\u00a0Shanghai Composite Index\u00a0<\/em>is up 1.8% and Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is 1.1% higher. Australia\u2019s All Ordinaries Index is 0.03% higher as the Australian dollar resumed the rise against the greenback.<\/p>\n

\n
\n

Oil advances as US prepares for hurricane approach<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are advancing as production in US Gulf of Mexico area is being shut down after hurricane Harvey intensified approaching the mainland. About 10% of offshore US Gulf of Mexico crude output capacity has been halted. Brent for October settlement fell 1 % to end the session at $52.04 a barrel on the London-based ICE Futures exchange on Wednesday.<\/p>\n

Market Analysis provided by IFCMarkets<\/a><\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets All three major US stock indices slide in thin trading US stocks\u00a0ended lower on Thursday in thin trading with investors refraining from big bets as they awaited the start of the central bankers\u2019 symposium at Jackson Hole, Wyoming. The dollar inched higher: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-111650","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111650","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=111650"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111650\/revisions"}],"predecessor-version":[{"id":111658,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/111650\/revisions\/111658"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=111650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=111650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=111650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}