During today’s early trading session, Asian stocks traded higher over concerns that the Fed may wait longer before increasing the interest rate. Investors looked to the stock markets after weak Nonfarm Payrolls backed earlier comments made by Chair Janet Yellen that a future rate hike will be based on an improving labour market. The Nikkei share average was up by 1.25%, closing at 19,640, Its highest level in nearly 2 weeks. Following strong data from Australia, the AUD/USD rallied after the Retail sales for the month of February showed a higher than expected reading of 0.7%. The pair reached 0.771 during early trade, its highest level this month.
During the European session the Euro plunged against a basket of major currencies as the deadline over Greece nears, if the nation does not reach an agreement with its creditors by the end of April then the country could go into default. The Euro continued to drop after negative data from the Eurozone showed weaker than expected figures for both the Marki Composite PMI and Services PMI. Furthermore, the British pound strengthened against the weaker Euro following positive data from the UK. The Services Purchasing Managers Index showed a higher reading of 58.9, above the expected figure of 57 indicating expansion in the services sector.
Oil continues to move close to yesterday’s high following a 6% surge in price. USOil is currently trading above $51/barrel as Saudi Arabia pushed up the price over increased demand from Asia. Furthermore, market spectators looked ahead to U.S. inventories reports, it is expected that production will reach its peak during the month of April.
Traders are now awaiting the Bank of Japan press conference tomorrow at 7:30 GMT and the FOMC Meeting Minutes taking place at 19:00 GMT. Officials speaking at these events could provide clues on future monetary policies.
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