US futures are trading higher this morning but the volume may remain below the normal average as the FTSE 100 is closed due to the public bank holiday. However, the market action is normal for the rest of the European stocks which is rising once again today despite the gains for the past two weeks.
Traders are bullish about the stock market, especially in Europe, as hopes are high that the central bank’s president could give another push for the stock market by adding more stimulus. The DAX index is up nearly 1.15% followed by the CAC 40 which is also up by 1.16. The FTSE MIB index is also in the green territory with a gain of 1%.
Mr Draghi’s outlook for the European economy is completely in contrast to the Fed officials who have been praising the strong recovery in the job market and speculations are riding high once again that we could see the rate hike very soon. However, Miss Yellen did dampen her hawkish tone by her comments and added that there are still too many Americans out of job.
The economic docket does have some important data to display today. We will kick start this with German IFO number which are due at 08:00 GMT and the forecast is for 107. Later in the day, we also have the new home sakes data which is due at 02:00 GMT and the forecast is for 426K.
Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.