European equity markets edged higher in today’s trading session, with the exception of DAX which consolidated within the recent range around 9,360. The CAC, IBEX and the London equity benchmark climbed higher between 0.2% and 0.7%, tracking strong gains in the Asian markets.
In the US, we experienced thin trading volumes due to the Veterans Day despite exchanges remaining open. It has been a fairly quiet week so far on the macroeconomic front due to the absence of key macroeconomic indicators from the US, Asia and Europe.
The US dollar index continued its strong upside momentum and tested a high at 88.06 to centre around 87.85 in today’s session, adding some pressure to crude oil and base metal prices. Furthermore, the euro consolidated around 1.242 against the USD, struggling for clear direction in the last few trading sessions following the recent mixed economic data.
Brent front month futures reversed yesterday’s gains and slid lower today towards $81 per barrel, as the stronger USD weighed on market sentiment. WTI front month futures remained under pressure around $77 per barrel.
Gold edged higher towards $1155/ounce in late trading, while silver consolidated around $15.50. Base metal prices were fairly mixed, as Nickel and Zinc rallied towards 15,420 and 2,260, respectively, while copper remained under pressure at $6,650.
Tomorrow, investors will be keeping an eye on the US wholesale inventories data for September as well as the Bank of England’s inflation report and ILO unemployment rate in the UK. In Eurozone, the main focus will turn to industrial production data in September as well as Germany’s wholesale price index.