Friday is here - 4 Things to know for today
- by Alexander Jakins
Another trading week is coming to an end.
Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1. Dollar stays near 7-week lows
Though the dollar edged up off seven-week lows on Friday, it was still on track for weekly losses of more than 1% as the dovish read of the Fed meeting minutes pummeled the green back this week.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, hit a low of 94.05 on Thursday, its weakest level since June 23. It was last up 0.36%, at 94.45, by 9:57AM GMT.
2. Global stock market overview
U.S. stock futures are lower and European markets are slipping in early trading.
It looks unlikely that key markets in the States will be able to top the record highs set on Monday.
Meanwhile, Asian markets are closing the week with mixed results.
3. Focus on oil
Crude futures came close to hitting $49 per barrel overnight following a week-long rally that has pushed prices higher by as much as 9%.
But prices have since declined to trade at around $48 per barrel.
Bank of America Merrill Lynch predicted this week that crude will surge to $69 a barrel by next June and upgraded its expectations for energy stocks. Crude was trading below $40 per barrel at the start of August.
Deere (DE), Estee Lauder (EL) and Foot Locker (FL) will all release quarterly earnings before the open on Friday.