Global growth worries continue to dominate as European stocks are again trading lower in what has been a bleak start to the year. With concerns over a global slowdown, oil moved lower towards $36 per barrel while Gold moved up amidst the uncertainty.
Safe haven currencies are again the big winners of the day as USD, JPY & CHF made strong gains whilst riskier currencies suffered. Of the majors, Euro has so far faired the worst as it gave up almost 100 points against the greenback.
Following the FEDs first rike hike for 10 years last month, things have perhaps not gone as expected so far this year as investors have been left scratching their heads as to what might be coming next.
William Hobbs of investment strategy at Barclays PLC’s wealth-management unit in London said, ‘It’s a really messy start to the year, everyone is really on edge. Not much is expected of the world in terms of growth, risk appetite is biased to the downside and weak data from China to the U.S. hasn’t helped at all. Plenty of people out there believe that the next global recession is imminent.
With US Non-Farm Payrolls on Friday, global markets will be waiting in anticipation for data that may provide some clearer direction.
Trading quote of the day: “No profession requires more hard work, intelligence, patience, and mental discipline than successful speculation.” – Robert Rhea
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