EU Bullet Report | USDJPY at 2 year lows, OIL jumps

  • The market does not have any significant data releases today with the exception of US jobless claims this afternoon. Most likely trading will be based on speculation following last night’s FOMC minutes which failed to ignite any significant market reaction. Usually the minutes are highly anticipated as it shows a deeper insight in to the views among the FED members however, many of the members had already voiced their opinions in speeches after the meeting and thus we already knew the different positions before last night’s release. As a result currencies were fairly muted, with the exception of the USDJPY.
  • Currencies: The JPY appreciation has continued, forcing the USDJPY to post a new low since 2014 raising expectations for the Bank of Japan to intervene in the market in order to depreciate the JPY which at current levels hurts the exports of the country. Overall, USD was weak once again with EURUSD establishing a base over 1.1400 and positing highs of 1.1431. GBPUSD also attempted a bounce with the pair jumping from 1.4010 area to 1.4170.
  • Oil and GOLD: Oil prices have soared in the last two days as data showed that inventories declined for the first time in two months and on news that Kuweit could join an output freeze, even if Iran refuses to join. Bullish sentiment was also supported by the FOMC minutes which seem to have confirmed that no rate hike will take place in April. Same picture also with the yellow metal which advanced to $1232 from $1216 lows earlier in the day.
  • Stocks: Wall Street climbed higher with DJIA and S&P 500 indices rising +0.64% and +1.05% respectively. Nasdaq rose +1.63% for the day. Reasons for the rally was a boost in OIL prices and of course, 0 possibility of a rate hike in April
  • Today, ECB would release it minutes for its March meeting. Renewed weakness in euro may result should policymakers hinted more easing likely. In the US, initial jobless claims probably fell to 271 the week ended April 2 from 276K a week ago.

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