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Financial markets were all about sentiment this week, with stocks leading the way among stocks traders for most of the time. Uncertainty triggered by Central Banks' leaders, with the FED leaving its rates unchanged the previous week, and ECB's Draghi saying they are not yet considering extending QE, despite the global slowdown, has resulted in quite choppy trading in the EUR/USD.
But nearing the weekend, things are seem to be a bit clearer, as late Thursday, FED's chair, Janet Yellen, pretty much secured a rate hike for this year that will be " followed by a gradual pace of tightening thereafter," according to her own words. The statement brought stability particularly to stocks, with indexes recovering on Friday. Additionally, the final revision of the US Q2 GDP resulted better-than-expected, at 3.9%, which initially supports a rate hike, and higher stocks, as the economy is getting healthier.Still, not all market wounds have healed, and investors maintain a cautious stance. The month is ending, which means next Friday, the US will release once again its monthly employment report. And while it may generate some expectations ahead of the release, the fact is that employment is not really an issue these days. Is not employment which is preventing the US from rising rates, but a subdued inflation and the global probable economic slowdown, which means that even with a strong reading the dollar can continue hesitating. A bad number on the other hand, may trigger a larger reaction against the greenback, but is yet to be seen.
But nearing the weekend, things are seem to be a bit clearer, as late Thursday, FED's chair, Janet Yellen, pretty much secured a rate hike for this year that will be " followed by a gradual pace of tightening thereafter," according to her own words. The statement brought stability particularly to stocks, with indexes recovering on Friday. Additionally, the final revision of the US Q2 GDP resulted better-than-expected, at 3.9%, which initially supports a rate hike, and higher stocks, as the economy is getting healthier.Still, not all market wounds have healed, and investors maintain a cautious stance. The month is ending, which means next Friday, the US will release once again its monthly employment report. And while it may generate some expectations ahead of the release, the fact is that employment is not really an issue these days. Is not employment which is preventing the US from rising rates, but a subdued inflation and the global probable economic slowdown, which means that even with a strong reading the dollar can continue hesitating. A bad number on the other hand, may trigger a larger reaction against the greenback, but is yet to be seen.
