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Monday morning opened with more jolt than usual.
- S&P 500 future was down close to 1%, which is now down about just below 0.8%.
Asian market closed in red today, while dollar took larger hit than usual on quiet Monday.
- Shanghai Composite closed down -0.8%, Indian nifty closed down -0.4%. Australian market was down about -1.25%, Nikkei closed about -1.3%.
In the morning, Dollar index, which is value of Dollar against basket of currencies traded as low as 95.6, however recovered from there to trade just below 96 mark as of now.
After massive two day rally, energy pack is down about 2%.
What influence came from Jackson Hole Symposium, a FED organized central bankers meet to discuss policies.
Key highlights -
- According to FED's Fischer, FED is unlikely to wait till inflation rises to 2% and he is confident enough of reflationary scenario going ahead. This probably explains the risk aversion in stocks including S&P 500.
- Bank of England (BOE) governor emphasized that recent turmoil in financial market volatility thanks to weakening China is not enough to deter BOE from consider hiking rates at turn of the year. This probably explains pound's relatively better performance against Dollar.
Though there could be n number of factors, Dollar's move can surely and partially be explained by broad based stock sell offs and pull back led by Pound.
