Summary:
- German inflation data surprises to the upside
- Ripple (XRPUSD on xStation5) marches higher outperforming its peers
- Majority of the European benchmarks finished the last trading day in red
The last trading day of 2017 was calm. German inflation data surprised to the upside. European stocks were under pressure by stronger euro. Following yesterday’s upbeat DoE report oil prices move to the highest levels this year. Copper is traded in red as a reaction to recent gains.
The release of German inflation data was the key market event today. The CPIs surprised to the upside but note that they declined compared to November. Moreover, the inflation figures are still below the ECB’s target, hence the today’s release is not a game changer. However, EURUSD currency pair has continued its recent surge moving towards 1.20 handle.
Almost a week after heavy sell-off on cryptocurrency market it seems that the market steadies ahead of the year-end. Ripple is one exception. The virtual currency resisted the bloodbath yesterday and it has been continuing rally rising almost 100% only this week.
The upbeat mood during yesterday’s session on Wall Street was followed by gains on Asian stock markets. Most benchmarks from the continent increased moderately closing year at the multi-year highs. Stronger euro set most of the European benchmarks for a red opening.
It’s been a great year for global stock markets. When it comes to Asian indices, note that MSCI Asia Pacific Index has increased by almost 29% since the beginning of the year supported by a solid pace of economic expansion and a go-slow approach of major central banks in exiting an extremely loose monetary policy.