During today’s early trading session, Asian markets traded higher as the Yen weakened against a basket of major currencies. Weak data from Japan and a dip in oil prices this morning have contributed to the decline of the JPY and in turn drove investors towards the stock market.
During the European session, the Euro was trading steady against the Dollar and slightly up against the Yen, as important economic data remained unchanged. The German GDP and the European CPI showed as expected figures. European Central Bank President Mario Draghi is currently speaking and therefore we may witness higher volatility as traders listen closely to hints on future monetary policy. European stocks are little changed as investors continue to keep their eye on the current situation in Greece.
During early US trade, the Dollar remains supported against a basket of major currencies, although trading with little volatility as market spectators await Federal Reserve Chair Janet Yellen’s testimony. High volatility in the markets is usually seen during the second part of the assembly, as the committee holds a question and answer session. Traders will scope her words for any clues on future monetary policy. Later this evening the Reserve Bank of New Zealand’s Governor Graeme Wheeler will be speaking about the country’s current economy and future outlook.
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