During today’s early trading session, Asian stocks traded higher as the Yen weakened due to comments made from a BoJ official, board member Koji Ishida indicated that reaching the 2% inflation rate in the near future looks bleak.
During the European session, the Euro dropped sharply against the Dollar despite positive European data. The German Unemployment change fell by 20,000 this month, higher than the expected figure of 10,000. The EUR/USD is currently trading below 1.129 as the U.S. released mixed data, the Core CPI came out positive, but the Core Durable Goods orders showed decreased manufacturing activity for the month of January. European stocks are trading slightly higher after Greece’s debt bailout extension was approved for further 4 months.
During early U.S. trade, the Dollar rallied against a basket of major currencies following the release of a number of important U.S. economic events. Crude oil is trading lower following the strengthening Dollar and also due to concerns of oversupply in the U.S., the commodity is currently trading below $50 a barrel.
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