During today’s early trading session, Asian stocks edged higher as optimism over the Japanese economy boosted sentiment, Bank of Japan’s board member, Takahide Kiuchi, indicated that massive government bond buying is not necessary and called for the policy to be reviewed. Furthermore, the Dollar rallied against the Yen this morning following yesterday’s positive U.S. ISM Non-Manufacturing PMI. The weakening Yen swayed market spectators to the stock market.
During the European session, the Euro continued to trade lower after the pair dropped following weak PMI data from around the Eurozone. The European Central bank press conference is currently taking place where we expect to see high volatility as ECB officials discuss the recent interest rate decision, which was kept the same at 0.05%. Board members will also reveal critical details on the quantitative easing program which was approved last month. It is expected that the Euro will continue to trade lower as stimulus measures are implemented to lift the inflation rates.
During early U.S. trade, the Dollar continued to trade higher against a basket of major currencies as currency traders anticipate the ECB press conference, furthermore the USD remained supported following strong U.S. data indicating improved economic conditions in the service sector, this report could influence the Fed to increase interest rates sooner. The price of oil jumped yesterday after a main storage hub in Oklahoma increased by just 0.5M, however, more data showed that the overall U.S. Crude oil inventories revealed its biggest increase in supplies in 14 years. Traders are now awaiting the release of Fridays Nonfarm Payrolls expected to increase by 240,000, if the released figure is higher, then this could strengthen the Dollar over the short term.
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