During the early trading session, Asian stocks were slightly up as energy related company shares soared as investors took profits. Rising oil prices pushed up the price of mining and petroleum stocks. The Nikkei share average was up 0.08%, closing at 19,885 point. Following the release of positive Australian data, the AUD/USD reached 0.778, its highest level in 2 weeks. The Employment Change in Australia showed that the number of people employed rose by 37.7K, significantly higher than the expected 15K.
During the European session, the Euro is currently rebounding from yesterday’s decline as traders speculated the European Central Bank Conference. The pair reached a low of 1.062, but is now testing resistance at a weekly high of 0.074 following Draghis remarks. ECB President, Mario Draghi, took an optimistic stance, stating that the stimulus program is already showing signs of helping the economy, with the release of recent positive economic reports.
The price of oil continued to trade close to 4 month highs following the release of yesterday’s report showing that Crude oil Inventories rose by just 1.294M during the previous week. This data indicated less supply in comparison to the ratio of demand. Furthermore, Gasoline Inventories decline by 2.072M. The commodity is currently trading above $55/barrel.
Traders are now awaiting the release of U.S. data, including, the Building Permits, Housing Starts, Initial Jobless Claims and the Philadelphia Fed Manufacturing Index. Worse than expected figures could weaken the Dollar against a basket of major currencies in the short term.
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