EU Bullet Report | Crude oil and Dow Jones hit 2016 highs

Posted On 14 Apr 2016

• Today’s focus will be on the Bank of England meeting where they are expected to hold rates at current levels, and the final inflation data for EU. In the US, CPI will be released and a few FED speeches will also take place.

• Stocks: There is a continuation in the positive sentiment in stock markets, as indices are boosted from better than expected China trade data but also some banks in US beating expectations in their earnings reports. Positive sentiment was also boosted form the fact that Singapore unexpectedly eased their monetary policy overnight (Something that is always welcomed by stock markets) and the weaker JPY which led Nikkei to another solid day with 3.2% gains. Elsewhere, Australia’s S&P/ASX200 rose 1.1%, Korea’s Kospi 1.55% and Hong Kong’s Hang Seng Index rose 0.77%. In the US Dow Jones rose 1.06% hitting its highest level since November.

• Currencies: Although not the most popular pair among our traders, USDJPY is responsible for most market movement these days so we have to give it some respect. USDJPY was last trading 109.37 after touching as low as 107 this week. A strong Yen pressures profits of Japanese companies by making their exports more expensive. EURUSD fell to 1.1254, its lowest since March 29, before slightly bouncing up. GBPUSD is also under renewed pressure after it failed at 1.4350 resistance. The pair is currently trading at fresh lows just above 1.4120.

• Oil and GOLD: Crude oil prices had an impressive 8 day run, however prices retreated from their highs at $42.38 and headed lower suppressed by worries of an expanding supply glut after OPEC warned that demand growth could slow. Yesterday, OIL surged to the highest levels in 2016 following the news that Russia and Saudi will agree on an output freeze. GOLD also retreated after a 4 day rally, as investors turned into stock markets after better economic news out of China.

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