Positive risk sentiment is characterizing the markets today after Asia performed very strongly overnight. European indices are trading well above 2% and Wall Street also. This has occurred despite the return of China trading after a week of absence following the nation celebrating the Chinese New Year. Oil is elevated today and hovering around 29.50 levels. AS a result USD is stronger again after a sell-off last week. EURUSD is at the lows of the day 1.1130 after President M. Draghi has reiterated once again that the Council could re-assess the current monetary policy stance at its next meeting in March.
After surging to its highest level since January 2015 at $1263 following USD weakness, Gold is falling and looking towards finding support around $1200. The GBPUSD is looking at risk to another week of heavy pressure following the failure of the currency pair to close trading above 1.4550 last week. The stock-market pickup led to a rebound in the USDJPY, a traditional haven asset that had been heavily bought recently. USDJPY advanced to 114.40 after trading 113.29 late Friday night.
The fact that oil prices have recovered slightly and the shares of banking sector in the US and Europe stopped falling is a temporary relief for investors who started speculating that a bottom in stocks has been formed.
- Tuesday: New Zealand retail sales, inflation expectations; RBA minutes; UK inflation; German ZEW; Canada manufacturing sales; US Empire state manufacturing, NAHB housing market index
- Wednesday: Japan machine orders; UK job data; Swiss ZEW; US PPI, new residential construction, industrial production
- Thursday: New Zealand PPI; Australia employment; China CPI; Swiss trade balance; US Philly Fed survey, jobless claims
- Friday: Japan all industry index; UK retail sales; Canada CPI, retail sales; US CPI
Please note: Try our new trading platform www.easymarkets.com and login with your same username and password you use at easy-forex. Experience better user interface with news, Technical Analysis and charts – all in one page.
Important note: These technical and research reports are provided to easyMarkets® as a subscriber of third party providers. They are provided for informative purposes only and in no way can they be considered as a recommendation by easyMarkets® to you to engage in any trade. Hence, easyMarkets® shall not be held responsible for any outcome of trading decisions, in regards with these reports or similar reports. You hereby acknowledge that using the information entailed in these reports is at your sole responsibility and you will have no claims with regards to these reports against easyMarkets®. If you do not agree to this, you are strongly advised not to use these reports.
easyMarkets Pty Ltd (AFSL 246566 ABN 73107184510) makes no recommendations as to the merits of any financial product referred to in this website, emails or its related websites and the information contained does not take into account your personal objectives, financial situation and needs. easyMarkets recommends that you read the Regulation Page, The Product Disclosure Statement, the Terms and Conditions and the Financial Services Guide before making any decision concerning easyMarkets’ products.
