During the early trading session, Asian stocks rallied as expectations over positive earnings reports attracted foreign investors. Profits in financials, automakers and other large cap shares pushed up the share average of a number of Indexes. Furthermore, Japan’s Trade Balance showed a surplus of 229B, significantly higher than the expected figure of 50B and the highest increase in over two years. The Nikkei share average was up 1.13%, closing at 20,133, a new 15 year high. Following the release of Australian data, the AUD rallied against the Dollar.

During the European session, the British pound rallied against the Dollar following the BoE vote hike and the BoE Meeting Minutes. Bank of England officials voted to keep the interest the same with a 0-0-9 majority. Furthermore, board members stated at the Meeting minutes that the Central Bank is working on reaching the 2% inflation target, but admitted in order to do so, and increase in wages and prices would be required.

The price of U.S. Oil dropped yesterday following a halt in airstrikes from Saudi Arabia in Yemen. Tensions in the Middles East eased after the month long military operation against Houthi rebels. The commodity is currently trading below $56/barrell. The U.S. is to release the weekly Crude Oil Inventories later today, a rise in Oil stored by firms could lower the price further.

Currency traders are currently awaiting important economic reports from the U.S. and China including the U.S. Existing Home Sales, Crude Oil Inventories and the Chinese HSBC Manufacturing PMI. Better than expected data, could have a positive effect on that particular currency for the short term.

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