EU Bullet Report | Oil recovers, GOLD sinks as stock markets bounce globally

Many markets are heading for their biggest two gaining sessions since 2010 as yesterday’s European and American positive market sentiment has spilled over to Asia. Chinese stocks are up 3% after data showed credit growth was very strong in January. This sentiment helps boost further the recovery in Oil prices as BRT is just below $35 per barrel from last week’s lows. Prices are also boosted by remarks that Saudi Oil minister will meet soon with other counterparts from Venezuela, Russia and Qatar today in order to discuss cuts in production. The reversal in sentiment has hurt gold, which dropped $70 since Friday ($1190 lows from $1263), the day stocks started recovering and has caught many Gold bulls by surprise.

EURUSD has dropped also as a result of stocks recovering, but also because yesterday Mario Draghi has pledged his full commitment to tackle any threats to EU economy from the negative economic global developments. The market now prices in a full 0.10% rate cut in its March meeting. USDJPY extended gains overnight and led to broad USD strength in markets. The pair started the new trading day around 114.40 and rose to a high of 114.87 as equities rallied. Today will feature the German ZEW expectations for January as well as Inflation data rom the UK.

Quote of the day: My approach works not by making valid predictions but by allowing me to correct false ones. (George Soros)

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