During today’s early trading session, Asian stocks edged higher as optimism over the Japanese economy boosted sentiment, Bank of Japan’s board member, Takahide Kiuchi, indicated that massive government bond buying is not necessary and called for the policy to be reviewed. Furthermore, the Dollar rallied against the Yen this morning following yesterday’s positive U.S. ISM Non-Manufacturing PMI. The weakening Yen swayed market spectators to the stock market.
During the European session, the Euro continued to trade lower after the pair dropped following weak PMI data from around the Eurozone. The European Central bank press conference is currently taking place where we expect to see high volatility as ECB officials discuss the recent interest rate decision, which was kept the same at 0.05%. Board members will also reveal critical details on the quantitative easing program which was approved last month. It is expected that the Euro will continue to trade lower as stimulus measures are implemented to lift the inflation rates.
During early U.S. trade, the Dollar continued to trade higher against a basket of major currencies as currency traders anticipate the ECB press conference, furthermore the USD remained supported following strong U.S. data indicating improved economic conditions in the service sector, this report could influence the Fed to increase interest rates sooner. The price of oil jumped yesterday after a main storage hub in Oklahoma increased by just 0.5M, however, more data showed that the overall U.S. Crude oil inventories revealed its biggest increase in supplies in 14 years. Traders are now awaiting the release of Fridays Nonfarm Payrolls expected to increase by 240,000, if the released figure is higher, then this could strengthen the Dollar over the short term.
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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1) China Cuts Growth Target
China has set a target for about 7% economic growth in 2015, lower than its goal of 7.5% for 2014.
China's parliament began its annual meeting Thursday, providing an overview of China's policy priorities in the year ahead. The meetings also give outsiders a rare insight into the workings of Chinese politics.
Over the course of the day, both the Shanghai Composite index and the Hang Seng in Hong Kong declined by about 1%.
2) Stock Markets Steady
U.S. stock futures are relatively steady heading into Thursday.
Shares in AbbVie (ABBV) are popping up premarket after the drugmaker said it was paying $21 billion to buy Pharmacyclics (PCYC), giving it more access to drugs that treat cancer.
Watch out for potential moves from Costco (COST) and Kroger (KR), which are both reporting earnings ahead of the open.
There could also be some market reaction when the Department of Labor posts weekly jobless claims at 8:30 a.m. ET.
3) European Economics
The European Central Bank is in the spotlight Thursday as it issues its latest rate decision at 7:45 a.m. ET and holds a press conference at 8:30 a.m. Rates won't change but ECB President Mario Draghi is expected to provide more details of the bank's €1.1 trillion stimulus program for the region and discuss the latest situation in Greece.
European markets are mostly moving up in early trading.
4) Brazil Hikes Rates
The Brazilian central bank raised interest rates last night by 50 basis points to try to rein in rampant inflation.
"The economy is still in a rut, but inflation remains the primary concern and the continuing effects of regulated price increases will keep it above ... its target range for most of this year," said Neil Shearing, chief emerging markets economist at Capital Economics.
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What is it? It checks the level of a diffusion index based on surveyed purchasing managers.
It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.
When? March 5th at 10:00am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.
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What is it? It checks the number of individuals who filed for unemployment insurance for the first time during the past week
Although it's generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country's monetary policy.
When? March 5th at 8:30am Eastern Time.
Trading Tip: If the actual number is lower than the forecast, you can expect the USD to rise.
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What is it? It's the primary method the ECB uses to communicate with investors regarding monetary policy. It covers in detail the factors that affected the most recent interest rate and other policy decisions, such as the overall economic outlook and inflation. Most importantly, it provides clues regarding future monetary policy.
When? March 5th at 8:30am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the EUR to rise.
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What is it? It checks the interest rate on the main refinancing operations that provide the bulk of liquidity to the banking system.
Short term interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future.
When? March 5th at 7:45am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the EUR to rise.
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What is it? It checks the interest rate at which the BOE lends to financial institutions overnight.
It's among the primary tools the MPC uses to communicate with investors about monetary policy. It contains the outcome of their vote on interest rates and other policy measures, along with commentary about the economic conditions that influenced their votes. Most importantly, it discusses the economic outlook and offers clues on the outcome of future votes.
When? March 5th - Tentative.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the GBP to rise.
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What is it? It checks the interest rate at which the BOE lends to financial institutions overnight.
Short term interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future.
When? March 5th at 7:00am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the GBP to rise.
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During today’s early trading session, Asian stocks continued to trade lower off the back of yesterday’s declining U.S. stock market, losses on Wall Street prompted investors to take profits in Tokyo.
During the European session, the Euro dropped against the Dollar following weak European data. The Spanish and Italian Services PMI showed worse than expected figures and more importantly the European Market Composite PMI, Services PMI and the German Services PMI came out negative. The GBP also declined against the Dollar after a week Services PMI during the month of February and is currently trading around 1.530, its lowest level in 3 weeks.
Traders are now awaiting Thursdays ECB Press conference, it is expected that ECB officials will announce the plans of its quantitative easing program. Implementing further stimulus could weaken the Euro against a basket of major currencies over the long term.
During early U.S. trade, The Dollar Index rallied to its highest level in nearly 3 weeks following U.S. economic reports, despite the ADP Nonfarm Employment change showing a lower than expected figure, the ISM Non Manufacturing PMI came out stronger indicating improved economic conditions for the Composite index. Traders are now awaiting the release of Fridays Nonfarm Payrolls expected to increase by 240,000, if the released figure is higher, then this could strengthen the Dollar over the short term. Recent and possible near future positive reports from the U.S. could influence the Fed to increase interest rates in the coming FOMC meetings.
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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1) India Cuts Rates Again
The Reserve Bank of India unexpectedly cut key lending rates yet again on Wednesday, just days after the government unveiled a new budget.
The central bank was not scheduled to issue a rate decision, and the move took economists and analysts by surprise.
"India has jumped on the bandwagon and joined 19 other central banks in deciding to cut interest rates," said IG market analyst Alastair McCaig. "The clamor for central bankers to stimulate markets through cuts leaves the U.S....looking increasingly isolated."
Stocks in Mumbai jumped after the decision, before moving back down.
2) Watching the Fed
The U.S. Federal Reserve may also cause waves Wednesday when it publishes its Beige Book at 2 p.m. ET. The publication offers anecdotal information on the state of the economy.
Paul Donovan, senior global economist at UBS, said the details about how oil prices are influencing inflation will be of particular interest.
Some are also expecting analysis of the effect of the West Coast port shutdown.
3) Stocks Dip
U.S. stock futures are edging lower, alongside most European markets.
Asian stock markets mostly ended the day with losses.
On Tuesday, the Dow Jones industrial average lost 85 points, while the S&P 500 slid 0.5% and the Nasdaq fell 0.6%.
The slide comes after the Dow and S&P 500 hit all-time highs on Monday. The Nasdaq also closed on Monday at a 15-year high.
4) Earnings Updates
Abercrombie and Fitch (ANF), American Eagle (AEO), PetSmart (PETM) and the maker of Jack Daniel's whiskey, Brown-Forman (BFA), will report ahead of the open.
H&R Block (HRB) is among the main companies reporting after the close.
Shares in Standard Chartered (SCBFF) are jumping by about 4% in London after the British bank reported full-year results.
The bank reported a sharp drop in profits, but investors bid shares higher as they were relieved the bank didn't announce plans to raise more capital.
The bank recently announced it was bringing in a new CEO.
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What is it? It checks the difference in value between imported and exported goods and services during the reported month.
Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers.
When? March 4th at 7:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the AUD to rise.
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What is it? It checks the change in the total value of sales at the retail level.
It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity.
When? March 4th at 7:30am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the AUD to rise.
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What is it? It checks the level of a diffusion index based on surveyed purchasing managers, excluding the manufacturing industry.
It's a leading indicator of economic health - businesses react quickly to market conditions, and their purchasing managers hold perhaps the most current and relevant insight into the company's view of the economy.
When? March 4th at 10:00am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.
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What is it? It checks the interest rate at which major financial institutions borrow and lend overnight funds between themselves.
Short term interest rates are the paramount factor in currency valuation - traders look at most other indicators merely to predict how rates will change in the future.
When? March 4th at 10:00am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the CAD to rise.
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What is it? It's the primary tool the BOC uses to communicate with investors about monetary policy. It contains the outcome of their decision on interest rates and commentary about the economic conditions that influenced their decision. Most importantly, it discusses the economic outlook and offers clues on the outcome of future decisions.
When? March 4th at 10:00am Eastern Time.
Trading Tip: If the announcement will hint towards higher interest rates, you can expect the CAD to rise.
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What is it? It checks the estimated change in the number of employed people during the previous month, excluding the farming industry and government.
Job creation is an important leading indicator of consumer spending, which accounts for a majority of overall economic activity.
When? March 4th at 8:15am Eastern Time.
Trading Tip: If the actual number is higher than the forecast, you can expect the USD to rise.
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During today’s early trading session, Asian stocks edged lower as investors made gains from recent profits. Following the RBA announcement that they are to maintain the current interest rate, the AUD jumped 0.88% against the Dollar, market spectators had expected the rate to be brought down from 2.25% to 2%, furthermore, other positive reports showed that the Australian Building Approvals and Current accounts showed better than expected data. Tomorrow morning Australia will release the fourth quarterly and yearly Gross Domestic Product figures.
During the European session, the Euro traded lower despite positive data showing that the German Retail sales during the month of January had increased significantly to 2.9%. Traders are cautious before Thursday’s European Central Bank Press conference and the Interest rate decision. It is expected that ECB officials will announce the plans of its quantitative easing program and a detailed outlook of the economy and inflation. Implementing further stimulus could weaken the Euro against a basket of major currencies over the long term.
During early U.S. trade, the Dollar dropped sharply against the CAD following the release of strong data from Canada.
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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:
1) Slipping from all-time Highs?
US stock futures are slipping lower, indicating markets could see a modest retreat at the open.
2) International Markets Overview
European markets seemed to be tracking U.S. gains into Tuesday. All major indexes were edging higher.
Asian markets mostly closed with losses. The typically volatile Shanghai Composite was the biggest loser for the day. It fell by 2.2%.
3) Earnings
Best Buy (BBY), Dick's Sporting Goods (DKS), and Kate Spade (KATE) are reporting ahead of the open.
In London, shares in Barclays (BCS) and Glencore (GLNCY) are both declining by about 2% after the firms reported annual results.
4) Aussie Dollar Surges
The Australian currency got a big boost Tuesday after the country's central bank unexpectedly held its key rate at 2.25%.
A wide range of countries around the world have been cutting interest rates over the past few months, which has pushed their currencies lower.
China joined the fray and cut rates over the weekend as concerns about low inflation intensified.
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