EU and US Equities Reverse Correlation – 25 Nov 2016

EU and US Equities Reverse Correlation – 25 Nov 2016

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The Market is quite, with low volatility yesterday and today because of thanksgiving holiday. As we mentioned yesterday the USD is in short period correction phase, while U.S futures stock market trading moderately higher.

European equities continue to consolidate and struggling the last ten trading days to move higher and to follow the bullish trend of U.S equities. Crude oil loses strength as it is uncertain if a deal will occur next week in OPEC meeting.

At this stage we see Japanese Yen oversold and we see some high probabilities for some correction in USD/JPY and EUR/JPY from the current levels.


Daily Key points:
• Two year low in French jobseekers
• Jens Weidmann Sees Risks in Ultra-Expansive Monetary Policy and wants Gradual phase out of ECB bond buying
• Monte Paschi at limit down after falling 5.5%
• French consumer confidence sticks at nine-year high
• Turkish lira back to record low after EU vote which suspends European membership talks
• Japan CPI rises for the first time in 8 months


Daily Economic calendar:
Country Event Importance Previous Expectations Follow Times
UK Second Estimate GDP q/q High 0.5 0.5 GBP 12:30
USA Flash Services PMI Medium 54.8 55 USD 17:45


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