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Euro in the spotlight as ECB President set to speak

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US equity markets, with the exception of the Tech-focused Nasdaq, pared early gains to eventually trade in the red.

Accendo Markets Analyst, Mike van Dulken commented – “The S&P 500 traded above 2,400 points for the first time ever, although gave back initial gains alongside the Dow Jones as it was reported North Korea will undertake a further nuclear test. However, this was not enough to hurt the Nasdaq, as it careered to yet another fresh record closing high following a 0.3% rally on the day.”

Sterling’s early growth this morning against both the Euro and the Dollar have hampered the FTSE which has dipped by around 0.1% in early trading.

Spreadex Analyst, Connor Campbell noted – “A smattering of green in the mining sector prevented the FTSE from falling any further, though its oil stocks don’t look quite as perky following Brent Crude’s struggles to keep at $49 per barrel. The Eurozone indices opened in a sorrier state than their UK cousin, the DAX and CAC falling 0.3% apiece. It seems that investors have quickly forgotten about Macron’s election victory, once again leaving the Eurozone without any real direction.”

Direction may come later today in the form of ECB President Mario Draghi who will be speaking on the impact of ECB monetary policy at the Dutch House of Representatives in The Hague. Mike van Dulken suggested – “Any hints about policy – rates, QE tapering – would be most welcome and could influence the Euro with a knock on for European equities.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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