April Daily Review - 08/04
- Donald Herison
- English
- MARKETS NEWS
- Hits: 1441
During the early trading session the Yen rose against the Dollar following the Bank of Japan press conference. BoJ officials kept its stimulus program unchanged as board members stated that “Japan’s economy is expected to continue its moderate recovery trend”. Furthermore, the Nikkei share average rose to its highest level in 15 years, closing at 19.789, as the BoJ kept its stance to expand the monetary base at an annual pace of 80 trillion Yen. The Nikkei has so far gained 3% this month, with a majority of investment coming from two new equity investment trusts.
The Euro gained ground against the Dollar following yesterday’s plunge. The previous day the EUR/USD dropped to 1.08 as the deadline for Greece to reach an agreement with their creditors nears, furthermore, positive mixed European PMI data and a positive U.S. JOLTs Job Openings report continued to weigh on the Euro. The pair reached oversold territory and is now rebounding slightly, testing resistance at 1.089.
During early U.S. trade, the Dollar Index declined as market spectators await the FOMC Meeting Minutes taking place later today at 19:00 GMT. Negative sentiment weighs over whether the Fed will wait longer before implementing an interest rate hike. weak Nonfarm Payrolls on Friday highlighted earlier comments made by Fed Chair Janet Yellen that a future rate hike will be based on an improving labor market.
Oil continues to move close to yesterday’s high but with bearish sentiment following a 6% surge in price. The commodity is currently trading above $52/barrel as Saudi Arabia pushed up the price over increased demand from Asia. However, the price could decline following a U.S. API Weekly Crude stock report which showed that inventory levels of US Crude oil rose 12.200M. Later today the U.S. will release another report for Crude oil inventories.
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