During the early trading session, Asian stocks traded higher as traders sought refuge in stocks following China’s rate cut. The People’s Bank of China voted to set the interest rate at 5.10% down from 5.35%, an economic slowdown in the country remains a concern after a number of recent negative data releases from manufacturing and services sectors. The Nikkei share average was up 1.25%, closing at 19,620 points and the Shanghai Composite rallied 3.35%. The AUD and NZD traded lower against a basket of major currencies as currency traders sentiment weighs over China, furthermore, New Zealand released a negative report showing that the number and value of card transactions with merchants had declined 0.7%, analysts had expected an increase of 0.5%.
During the European session, currencies are trading with little movement as economic reports from the Eurozone are today scarce. The British Pound is trading with Bullish sentiment against the Dollar as the Bank of England kept its monetary policy unchanged, traders are now awaiting the release of Wednesday inflation report to determine the state and growth of the economy. Currency traders also remain cautious ahead of talks between Greece and its creditors, the countries finance ministers need to lay out reforms in order to reach an agreement over the current debt bailout. If an agreement is not reached, then the country could go into default.
During early U.S. trade, stocks continued to trade higher after Friday’s rally. Wall Street remained supported following Fridays Nonfarm Payrolls. The economic report showed that 223,000 more people were employed during the previous month, only slightly down than the expected figure of 224,000 and up from the previous month, indicating growth in the jobs sector.
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