Equity markets eventually found some buying interest overnight to halt the recent downside moves that we’ve seen in light of strong US data. Although the end result for markets wasn’t anything to write home about, with the Dow and S&P closing up 0.22% and 0.31% respectively. Investors will take some hope from seeing the major US indices finish the day in the black and the Nasdaq was slightly more perky finishing 0.63% in the black. The dollar dropped some of it’s gains against the majors and Gold managed to bounce off the 1,800 level.
Gold bears have been enjoying a great run over the second half of Q1 and there had been a big move down from the yearly highs up at 1959 at the start of the month. The majority of this move has coincided with the resurgence of the greenback but some bulls will be hoping that the change in expectation for the Fed rates is now priced into the market and that we may find some support around these levels.
Looking ahead at today’s trading sessions and there is not much for the market to get excited about in terms of data releases in the Asian and European sessions, however the US North American session should see some interest with the Canadian GDP data due out followed by the US Consumer Confidence numbers.
