US pre-open: Stocks set for low open amid Greek focus and stronger dollar
Date: Tuesday 10 Mar 2015
Markets look set for a lower open on Tuesday as focus returns to the drama in Greece and the strengthening dollar amid expectations of an impending hike in US rates.
Price-action on Wall Street has been driven by growing expectations of a sooner than expected rate hike by the Federal Reserve following Friday's strong jobs data together with US markets marking the sixth year of the bull-market on Monday.
However, ahead of Tuesday's open in New York, the focus has shifted back to Greece over concerns it will may hold a referendum on whether to accept its creditors' financial aid terms assuming they win government approval.
IG analyst David Madden added: "Athens is dragging its heels over reforms and patience is running low in Brussels.
"We are expecting the Dow Jones to open lower as the Greek situation is back in the centre stage. US index futures posted a triple-digit loss this morning as tensions arose between Greece and the ECB, as the indebted nation is accused of wasting creditors' time."
Oil prices rose early in the day but the stronger US dollar and downbeat data from China pushed Brent crude down by 1.2% to $57.84 a barrel and WTI to drop by 0.4% to $49.80 a barrel.
Over on COMEX, gold futures were pared earlier losses to move up 0.15% to $1,168.30. In the FX markets, the greenback continued its advance against the pound and the euro but receded against the yen.
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