European Markets set to Open Rather Quietly
Markets on the European continent are set for a rather muted opening to start the week. Investors are following Asia’s rather mixed day and eyeing a key speech from Federal Reserve Board (Fed) Chari Janet Yellen later this week at Jackson Hole. This meeting will produce some key insights on the timing of the next Fed rate hike as well as other key monetary policy decisions an decision making processes.
This morning, the US Dollar was higher against most of its trading counterparts, including the yen and the euro, thanks to Fed vice –chair Stanley Fischer who said that the world’s largest economy was on target to meet their two percent inflation target.
European Investors wait on Yellen
On Friday, August 26, Janet Yellen will talk at the Fed’s annual Jackson Hole Monetary Policy Symposium. Markets will watch very closely for any comments on the state of the United States’ economic recovery and when the Fed will raise rates next.
Comments should be a bit more hawkish on the economy which should give support to the almighty Buck. These comments should also show support for US Treasuries and interest rates.
European markets are opening after a rather mixed trading session in the Asian and Pacific Rim financial markets. Oil prices also pulled back this morning.
As far as the economic and corporate calendars are concerned today, during the European trading session, both are rather quiet. There will be no major earning releases scheduled for the first trading day of the week. This could lead to some drifting where price action is concerned.