During today’s early trading session, Asian stocks traded lower after Saudi Arabia and its allies launched airstrikes in Yemen creating cautiousness amongst market spectators. Furthermore, following the news of air strikes in Yemen, the price of oil rallied 6% over concerns of supplies from the oil rich region. Later today, Japan is to release a number of economic reports including the yearly household spending and the National Core CPI.

During the European session, the British pound dropped against the Dollar despite positive data. Positive sentiment for the Dollar continued after the U.S. released data showing that the Initial Jobless Claims showed a reading of 282,000, below the expected figure 290,000, this data supports past remarks made by Janet Yellen that an interest rate hike will be based on an improving labour market.

ECB President Draghi is currently speaking, currency traders will listen closely for any clues on future monetary policy and his comments may cause short term volatility in the markets.

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During today’s early trading session, Asian stocks traded slightly up as Japanese shareholders are expected to receive higher returns on dividends later this week, however, gains were limited as Indices traded close to 15 year highs.

During the European session, the Euro traded higher against a basket of major currencies following positive German data. The German Ifo Business Climate Index showed a reading of 107.9, higher than the expected figure of 107.3. Traders are now awaiting a number of important economic events taking place tomorrow, including the Retail sales and Core retail sales, negative data could weaken the GBP in the short term.

During early U.S. trade, the Dollar weakened against a basket of major currencies following the release of negative data. The Core Durable Goods orders for the month of February showed a 1.4% decline, new orders were expected to rise by 0.3%, furthermore, the price of US Oil rose off the back of the weaker Dollar.

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During today’s early trading session, Asian stocks traded lower following weak data from China, however, losses were limited as Japanese shareholders are expected to receive higher returns. China’s HSBC Manufacturing PMI report indicated that the manufacturing economy is declining with a reading of 49.2, below the expected figure of 50.6.

During the European session, the Euro traded higher against a basket of major currencies following positive European data. The German Manufacturing PMI showed a higher than expected reading of 55.3 and the Manufacturing PMI from the Eurozone released a higher reading of 51.9. The British Pound dropped against the Dollar after weak UK data showed that the yearly CPI remained unchanged.

During early U.S. trade, the Dollar rebounded from early morning losses after the U.S. released a number of positive reports. The monthly and yearly core CPI came beat analysts’ expectations growing 0.2% and 1.7%, furthermore, the New Home sales and Manufacturing PMI showed significantly better than expected figures. This positive data adds the possibility the Fed will raise interest rates sooner, rate hikes may lower the price of Gold and keep the Dollar supported.

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European markets declined today as Greece came back in the spotlight. Declines came ahead of meeting between Greek Prime Minister Alexis Tsipras and German Chancellor Angela Merkel in Berlin to discuss Greece’s debt problems. In addition, Draghi was also in focus as he spoke in Brussels. Draghi commented on Greece and stated that the country should benefit from the quantitative easing program and should get normal access to bank funds. The Euro, however, did not react strongly and is trading around $1.0934.

U.S stocks declined on Friday following two dovish speeches from FOMC members Lockhart and Evans. Today, stocks are edging higher as traders react to weaker than expected Home Sales data which came out at 4.88 million and showed a monthly increase of just 1.2%. The data is bullish for stocks as it adds to the argument for a later interest rate hike.  A June Interest rate hike remained in focus, however, as St. Louis Federal Reserve President, James Bullard, told CNBC Monday that the dovish statement from last week may have misplaced investor expectations about the first hike. Fed Vice, Stanley Fisher, will be speaking at 4.20PM (GMT). San Francisco Fed President, John Williams, will also speak in Sydney, Australia.

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EUR/USD fell to 1.0655 earlier following the release of the German Producer Price Index (MoM). The index, which measures the change in the price of goods sold by manufacturers, came lower (0.1%) than expectations. Traders should focus on the European Currency Account data and the EU Economic Summit. European officials are to discuss the Greek debt crisis and whether new bailout would be introduced. In the long term, the currency pair could weaken due to the stimulus program introduced by the European Central Bank. The program, which includes massive asset purchases, has a bearish impact on the euro and may weaken the currency pair.

AUD/USD rose to 0.7693 earlier following Reserve Bank of Australia Governor Steven’s speech. Stevens said that the economic recovery in the U.S. has a positive impact on Australia and added that the Australia’s current interest rates do not restrict economic growth. The AUD/USD reached its lowest level since 2009 earlier this month. The currency pair may weaken in the long term due to the looming interest rate hike in the U.S. The Federal Reserve opened the door for interest rate hikes by removing the word “patience” from its policy statement. This could strengthen the U.S. dollar and have a bearish impact on the currency pair. Traders should focus on FOMC Member Dennis Lockhart’s speech later today. Lockhart may indicate when U.S. interest rates would increase.

Oil is traded at 45.30 after having reached its lowest level (42.01) since March 2009 on Thursday. The prospect of an agreement between the West and Iran means that prices could decline in the long run. Such agreement would allow Iran to export approximately a million barrels per day.  Also, the price of the commodity could decline due to the massive supplies by OPEC members. U.S. oil production rose significantly while Saudi Arabia oversupplies the market.

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