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Rising Dollar Helps European Stocks

Rising Dollar Helps European Stocks

Jeremy Naylor,

European indices having a good start to the third quarter. A rebound in oil generating some of the upward move in stocks, oil now has had its longest rally this year. This along with a slightly stronger dollar pushing markets up today.

Euro-Zone manufacturing PMI data coming in, broadly, stronger than expected as the various members of the currency area continue to show expansion. Germany was the outperformer coming in at a better than forecast 59.6 on consensus forecasts of 59.

However, in the UK, the manufacturing PMI came in weaker than forecast at 54.3, economists looking for a 56.3 reading. Anything on these figures above 50 continues to show expansion.

GBPUSD has fallen for the first time in 9 days. The question is whether this is just a retracement or the start of a new direction where the bears take control?

In other news Bank of England governor Mark Carney has been warning of any watering down of reforms to the banking sector. He has also been speaking about the challenges to growth from fintech and the growing threat from cyber security.

In other markets Jeremy highlights the developing double top for gold with an increasingly fragile picture, while oil has has its best rally this year.

in the oil sector the French energy giant Total will finally sign its multi-billion-dollar agreement to develop an Iranian offshore gas field in the biggest foreign deal since sanctions were eased against Iran last year. Total will take a 50.1 percent stake in the 4.8 billion dollar project. China National Petroleum Corporation (CNPC) will own 30 percent and Petropars 19.9 percent. in the oil sector the French energy giant Total will finally sign its multi-billion-dollar agreement to develop an Iranian offshore gas field in the biggest foreign deal since sanctions were eased against Iran last year. Total will take a 50.1 percent stake in the 4.8 billion dollar project. China National Petroleum Corporation (CNPC) will own 30 percent and Petropars 19.9 percent.

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--- Written by Jeremy Naylor, DailyFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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