This week’s financial spread betting update is now available and can be read by clicking here.
This week is a shortened trading week in the US due to the Labor Day Holiday. US Markets are therefore closed today. Markets elsewhere though are open as normal. However, just because the US markets are officially closed does not mean that there is no activity! European indexes have continued their declines from last week and are currently sharply lower as are US index futures.
Also so far today we have seen some haven buying with the dollar gaining against most of the majors and pushing both the pound and the Euro lower. Additionally, the riskier commodity based currencies are sharply lower.
At the same time Gold has pushed higher once again and has already been back above the $1900 level and is once again not far from the recent all time highs and it would not be surprising at all to see all time highs hit this week.
As we cover in this week’s update, we’re now in the weakest month of the year for stock indexes on an historical basis and weakness typically really gets underway in the second week of the month, which is next week. If this week continues as it has begun then we could see some big number lower for the stock indexes which may be a strong prompt for a further round of quantitative easing, known as QE3 when the US Federal Reserve meets again later this month. It is also possible that we will see further easing from the Bank of England, and maybe as soon as this week, which if it happens will likely put the pound under further pressure.
This week’s financial spread betting update begins with:
This coming week is a shortened trading week due to the US Labor Day holiday and US markets will therefore be closed. This holiday is often followed by some strength for stock indexes early in the week but that often runs out of steam relatively quickly………continue reading by clicking here