Daily Market Comment – Euro slides, Wall Street conquers new heights
- Marios Hadjikyriacos
- US stock markets set new records as Tesla goes into overdrive
- Euro falters ahead of ECB meeting, sterling comes back online
- Iran talks keep a lid on oil prices, gold cruises higher

In the commodity complex, gold continued its under-the-radar comeback yesterday, defying the firmer dollar. Instead, bullion drew strength from the unstoppable rally in inflation expectations and a pullback in real Treasury yields. The outlook for bullion is tricky here.
On the bright side, inflation worries are running rampant and investors are looking for hedges. However, if inflation does stick around, the Fed will try to hammer it back down. Therefore, it's difficult to envision a scenario where gold prospers, outside of a sharp slowdown in growth that makes the Fed hesitant to pull the rate-hike trigger much. Meanwhile, some news that Iran and the European Union will continue top-level talks to revive the nuclear agreement took the wind out of oil prices yesterday. But for now, the burning question is whether OPEC will stabilize the market at next week’s meeting by opening the supply taps wider, something it has resisted so far. As for today, the spotlight will fall on consumer confidence numbers from America as well as earnings results from Google and Microsoft.
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.