Bullet Report US | stocks hit all time high, USDJPY. Sterling Recovers

Overall sentiment has turned positive as can be seen from the SP500 setting a new all-time high record. The positive sentiment is mainly stemming from Japans Nikkei as the country’s PM has vowed to add new stimulus packages that will weaken the JPY. A weak JPY is good for exports, hence stock markets took this news as very encouraging. The financial calendar doesn’t include any big market movers although the minutes from the last BOE meeting at 0830 GMT are due. Besides that BOE’s Carney will speak again.

Currencies: The USD gained 2.3% versus the JPY bringing it to 103.27 highs. Japanese Prime Minister Shinzo Abe said on Monday that he will instruct Economy Minister on Tuesday to start work on compiling a fiscal stimulus package, but did not mention how much the size of spending will be. Another focus in coming weeks is whether the Bank of Japan will expand monetary stimulus at its policy meeting in late July. GBPUSD rose 0.6% to $1.3078 pulling away from a 31-year low of $1.2798 struck last week. The gains came as Interior Minister Theresa May was set to become Britain’s prime minister on Wednesday.

Stocks: Asian stocks rose to a 2-1/2-month peak on Tuesday, a day after Wall Street shares hit a record high thanks to a combination of upbeat U.S. data and expectations of more stimulus from global policymakers. On Wall Street, the S&P 500 index (SPX) on Monday broke a new record high, its first in more than a year, extending its gain after Friday’s job figures reduced worries about slowdown in employment.

Oil and Gold: Brent crude oil futures were trading at $46.39 per barrel at 0320 GMT, up 14 cents from their last close but still near the Friday’s low of $45.90.U.S. West Texas Intermediate (WTI) crude was up 11 cents at $44.87 a barrel. The market last week slumped nearly 8 percent in its biggest weekly losses in six months and already hit a two-month low on Thursday after disappointing drawdowns in U.S. crude and gasoline inventories pointed toward weak demand. Gold prices retreated on Monday after the release of strong U.S. NFP data at the end of last week controlled fears about the state of the country’s economy.

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