Japanese markets are closed till Thursday due to public holidays, however, China stocks are trading lower as concerns over the current economic outlook continues to weigh on sentiment. China released more negative data early this morning showing that the HSBC Services PMI expanded less than expected, with a reading of 52.9, analysts had expected 53.1. The Hang Seng closed 0.41% lower and the Shanghai Composite dropped 0.55%. Despite negative reports from Australia, the AUD rose against the Dollar as traders digest a number of negative reports out of the U.S., The Australian Retail Sales for March showed rose 0.3%, lower than the expected figure of 0.4%.
During the European session, the GBP rallied against the Dollar following positive data from the UK. The ServiceS PMI indicated expansion within that sector with a reading of 59.5. The Euro also rose against the weaker Dollar after a number of mixed European reports and concerns over expectation of a interest rate hike in the United States.
Following a number of negative reports from the U.S., the Dollar is lower against a basket of major currencies. Yesterday, the Trade Balance and the Service PMI both showed worse than expected figures and more reports released today showed that the ADP Nonfarm Employment Change increased less than expected with 169k more employees, analysts had expected 200k. This negative data may course the Fed to further delay an interest rate hike. Fed Chair Janet Yellen is currently speaking and so we may see high volatility in the markets.
U.S. Oil is currently trading at its highest level since December following a report showing that the inventory levels of crude oil fell 1500M, furthermore, the EIA Crude oil inventories also showed a decline with 3.882 less barrels held by US firms, down from an increase of 1.5M the previous week. A decline in stock of the commodity affects supply and thus rises prices.
Binary Options traders are now awaiting the release of the Nonfarm Payrolls this Friday. Analysts expect that the number of people employed during April rose by 224,000, if the actual figure is lower than this could weaken the Dollar further in the short term.
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