EU Bullet Report | US Stocks recover, EUR Drops, OIL Stable

US stocks: Staged a strong rally, on first day of March, with DJ up 2.11% and SP 2.39%. Asian stocks, followed with Nikkei, up 4% and China 2.6%.

AUDUSD: leads the way higher today as stronger than expected GDP data 0.6% versus 0.4$ expected was released earlier today.

EURUSD: continues to trade on a weak note, following much better than expected US manufacturing data.

OIL: prices have stabilized after a string of US data beat expectations, alleviating fears of US entering recession. Prices have also been helped that ECB and China will provide further stimulus to ease concerns. The lift in oil prices, has helped stock markets sentiment and vice versa.

There are also speculations that BoJ would expand easing in March meeting too. Meanwhile, there is practically no chance for Fed to raise interest rate in March and markets are only pricing in 34% of hike in June.

GOLD: As the yellow metal moves inversely with stocks, it lost $24 of its value, dropping to $1224 from $1248

GBPUSD: Trades higher on the day, even passed 1.40 yesterday after touching 1.3836 lows last week, with the technical outlook still remaining bearish, despite significant technical bounce to 1.3977 so far.

Today’s key data will be UK PMI as well as US ADP ahead of NFP Friday.

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