IG Markets - Morning thoughts and opening prices

Good morning
With US markets closed overnight for their Independence Day holiday, all eyes were focused on European markets which themselves had a relatively quiet night ahead of key central bank decisions today from the ECB and BOE.
Having had a strong start to the new financial year, European markets, absent any leads from the US, seemed happy to meander through the session with little purpose or conviction. The drift however was marginal, with the FTSE , the DAX and the CAC all lower by less than 0.2%.

The same lacklustre thematic is set to play out locally. With little in the way of leads, the Australian market is set for a flattish open, around the 4173 level. Trading levels are again expected to be light, with both traders and investors preferring to wait and see the outcome and reaction to the ECB and BoE’s policy decisions. Others are sure to be happy to wait an additional day to see what the US non-farm payrolls report reveals, with another weak number certain to intensify calls for more stimulus measures from the Fed.

Unfortunately, today is set to be described as one of those ‘nothing’ days, where the market essentially treads water in a relatively tight range.

IG Markets provides round-the-clock CFD trading on currencies, indices and commodities. The levels quoted in this email are the latest tradeable price for each market. The net change for each market is referenced from the corresponding tradeable level at yesterday’s close of the ASX. These levels are specifically tailored for the Australian trader and take into account the 24hr nature of global markets.

Please contact IG Markets if you require market commentary or the latest dealing price.

Cameron Peacock
Market Analyst
IG Markets
www.igmarkets.com.au

ENDS

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