Bullet Report: Oil on the Move | Watch for ADP Figures Today

The Japanese Yen continues to weaken after more talk of monetary easing, Central Bank of Japan aims to increase consumer and business spending in order to reverse the current deflationary situation. USDJPY reaches 1-month high of 103.20. US consumer confidence released 101.1 vs expectation of 97.2 yesterday, the positive result boosted the dollar index to hit a 3-week high. Data to watch today, Euro Zone core CPI flash, US will release ADP employment, Chicago PMI and pending home sales. Crude oil inventory due at GMT 14:30.

Currencies: EUR/USD hit a low of 1.1132 from 1.1165. Cable rose 30 pips early in the Europe session but finished the day at 1.3077. USD/CAD rallied as well as oil prices continue to give back the recent rally. The pair touched 1.3100 after starting near 1.3040. The high was the best level in three weeks. AUD/USD also took a hit, falling to 0.7508 from 0.7550. It’s testing the 100-day moving average at 0.7498.

Stocks: U.S. stocks dropped Tuesday as the dollar strengthened on expectations that the Federal Reserve was moving closer to raising interest rates. The S&P 500 closed -0.20% or down 4.26 points at 2,176.12. The Dow Jones Industrial Average fell 48.69 points, or 0.3%, to 18454.30.

Oil and Gold: Brent crude fell 1.83% to $48.36 per barrel. WTI crude was down 1.34% at $46.35 a barrel. Gold held near two-month lows with the dollar strengthening after upbeat U.S. data and as investors waited for NFP numbers later this week for clues on the timing of a Federal Reserve rate hike.

The post Bullet Report: Oil on the Move | Watch for ADP Figures Today appeared first on Forex.Info.

Source:: Bullet Report: Oil on the Move | Watch for ADP Figures Today

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