The dollar traded at a lower level today following the release of negative data from the U.S., as the Retail Sales data was lower than expected yesterday, weakening the currency against major currencies; the EUR/USD traded as high as 1.070, while the USD/JPY tested its support at 119.10. U.S. indices, on the other hand, had a positive trading session with the energy sector supported by the latest increase in oil prices. The S&P 500 added 0.2% and the Dow Jones added 0.3%.

Despite positive statements from Mario Draghi, the ECB press conference went relatively unnoticed in the currency markets today. Moving in a small range against most currencies, the euro was not boosted by the positive outlook for the economy in the Eurozone. Stocks did manage to benefit slightly; the FTSE 100 gained 0.37% in today’s trading session, while the German DAX went up by 0.03%, marking an overall positive trading session.

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During the Asian session, stocks in Hong Kong dropped for the first time in 8 trading days. We should remember that the HSI previously finished at its highest level since December 2007 and exceeded the psychological level of 28,000. Today the price returned down and erased 1.62%. This can be attributed to profit taking. On the other hand, the Shanghai index continued to climb and added 0.34%. This was supported by higher Chinese New Loans data. If we look at the Australian market, we can see how negative data for copper and iron hurt the stock market.

During the European session we should watch for a possible price correction on the EUR/USD as the price slightly climbed yesterday but with no fundamental causes. European Industrial Production, which is another way how to measure economic output, grew at a higher rate than estimated. However, the recent ongoing crisis over Greek debt pushed the single currency down.

During the U.S. session, we should pay attention to the U.S. Retail Sales data which is expected to be the strongest in one year. In addition, the earnings report period has started and today we watch Johnson&Johnson, Intel, Wells Fargo and JPMorgan Chase. If figures are strong, these stocks should rally.

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The recent lower-than-expected release of Chinese import and export data had a negative impact on the country’s economy, as both results dwindled, raising concerns about the Chinese economy. The Asian session was not fruitful for the Japanese stocks as well, starting with stocks such as Panasonic Corp., which dropped during the last session. In addition, the Asian session was also negative for the Japanese Nikkei which despite it being close to a record level of 20,000, dropped by 0.01%.

The dollar is still supported by the expectations of an earlier-than-expected increase of the interest rates, shaking off the latest drop caused by the Nonfarm Payrolls negative release at the beginning of the current month. The dollar also gained ground against multiple currencies, such as the euro and the yen. Indices such as the Dow Jones, S&P 500, and Nasdaq are at record levels, yet they are still prone to dropping should the effect of the recent expectations for the interest rate reach the stock market.

After the closure of the markets during Easter at the beginning of last week, the euro, in addition to the British pound, were both lower against the U.S. dollar this week. In addition, multiple releases were negative from the Eurozone, including the Services PMI which dropped to 54.2, the German Trade Balance which dropped to 19.7 billion, and the Retail Sales data which were released as expected. The bearish sentiment that was seen last week remains unchanged and still lingers during this week, as the European currencies remain weaker against the dollar.

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During the early trading session the Yen rose against the Dollar following the Bank of Japan press conference. BoJ officials kept its stimulus program unchanged as board members stated that “Japan’s economy is expected to continue its moderate recovery trend”. Furthermore, the Nikkei share average rose to its highest level in 15 years, closing at 19.789, as the BoJ kept its stance to expand the monetary base at an annual pace of 80 trillion Yen. The Nikkei has so far gained 3% this month, with a majority of investment coming from two new equity investment trusts.

The Euro gained ground against the Dollar following yesterday’s plunge. The previous day the EUR/USD dropped to 1.08 as the deadline for Greece to reach an agreement with their creditors nears, furthermore, positive mixed European PMI data and a positive U.S. JOLTs Job Openings report continued to weigh on the Euro. The pair reached oversold territory and is now rebounding slightly, testing resistance at 1.089.

During early U.S. trade, the Dollar Index declined as market spectators await the FOMC Meeting Minutes taking place later today at 19:00 GMT. Negative sentiment weighs over whether the Fed will wait longer before implementing an interest rate hike. weak Nonfarm Payrolls on Friday highlighted earlier comments made by Fed Chair Janet Yellen that a future rate hike will be based on an improving labor market.

Oil continues to move close to yesterday’s high but with bearish sentiment following a 6% surge in price. The commodity is currently trading above $52/barrel as Saudi Arabia pushed up the price over increased demand from Asia. However, the price could decline following a U.S. API Weekly Crude stock report which showed that inventory levels of US Crude oil rose 12.200M. Later today the U.S. will release another report for Crude oil inventories.

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