Market Snapshot – Stock Markets Fall as Risk Off Dominates

Stock Markets Correct

The stock markets fell today as risk off mode dominated the markets. There has not been much fundamentals driving the markets at this point of time as the economic events dry up in the second half of the month but the falling oil prices due to supply concerns are a matter of importance and should worry the traders and investors alike. This is what has been driving the market downwards over the last 24 hours and the Asian and European stock markets have not been an exception to this fall.

Pounds Recovers

The pound continues to trade in a volatile manner and till yesterday, the Queen’s speech had been delayed and that had raised some concerns over the government formation and how stable the new government would be but with things becoming more and more clear, the pound has been able to stabilise and move higher as of today. This has brought some cheer to the pound bulls but now they have to get themselves ready for the volatility that is likely to arrive as the Brexit talks proceed. This is likely to be a long and arduous process and they have to handle this process carefully. The pound is likely to be pulled this way and that in the meantime.

Gold Prices Consolidate

Gold prices have been consolidating near their range lows as the traders digest their losses and the bears begin to take some profits off the table. This has helped the gold prices to stage a minor recovery but the bounce is likely to be very little and met with some strong selling as it moves ahead towards the broken support near the 1248 region.