Market Snapshot – Markets Wander About With No Direction

Stock Markets Stay Low

The stock markets continued lower around the world though the US stock markets had managed to hold steady yesterday. There was not much going around in terms of fundamental or economic events and so the reactions in the markets were pretty much muted but it was clear for everyone to see that the stock markets and hence the investors were a bit jittery and unable to commit themselves in either direction. The global cues have been mixed this week and this is only to be expected as we enter the final phase of the month when the economic news dry up.

Dollar and Pound Share the Stage

The dollar and the pound continue to be the stars in the market with the euro playing second fiddle to both of them. That the pound has been volatile over the last couple of weeks is only too well known in the markets and this can be seen in the way that the pound has moved up and down based on the incoming news from the UK. The UK has been rocked by both political and economic events that have kept the markets on tenterhooks and this has contributed volatility to the pound which is currently under pressure as the UK leaders head to the Brexit negotiations.

Gold Prices Recover

The gold prices have staged a bit of a recovery over the last 24 hours as the prices moved towards the broken support in the 1248-50 region. This is likely to be a correction of the downtrend rather than a full change in the trend and we expect this bounce to be sold into and the prices to return to a downtrend in the short term.