The external conjuncture to today’s trading has been moderately negative. The American markets closed the previous session down, futures on the S&P index fell noticeably. Investors sat up and took notice of the IMF recommending the Federal Reserve to stave off its interest rate hike until 2016 at the very earliest. It’s understandable that such recommendations don’t bear any real weight. However, the market doesn’t take kindly to any indication that changes to interest rates will be put back once again.
The price of oil is down slightly. Brent is now trading at $62.57 (-0.2%). OPEC will make its decision on its quota today.
The euro/dollar has been down since dawn on Friday, but the pair is stabilizing around 1.1260. Another round of negotiations with the Greeks came out inconclusive, but that’s hardly a surprise. Athens, for their part, hasn’t lost optimism and, at the very least, is creating an illusion of progress: for example, they’re clubbing the four IMF payments into one.
The Eurozone is publishing GDP data for the first quarter. The US’ Non-Farm Payroll index and their unemployment level will be out.