Oil bounces to $32, yen weakens on weak data

Markets started the new trading week with a little bit of more risk appetite. Oil prices move higher to pass the $32 mark.

Equity markets closed up. Markets in Japan, China and Australia have ended the first session of the week in positive territory, extending a global equities rally that kicked off towards the end of last week.

The yen was flat at Y118.82, weakening at the end of last week as improved risk appetite saw investors retreat from haven assets.

The yen surrendered early gains in the wake of data showing a larger-than-expected contraction in imports and exports during December, figures which meant the country’s trade surplus is at the highest level since last March.

AUD/USD opened in Asia at 0.6995, moved up to 0.7031 supported by the gain in commodities this morning.

EUR/USD was up with EUR/JPY, from 1.0789 to 1.0816. EUR/JPY peaked at 128.48.

Gold was 0.2 per cent higher at $1,100.67 an ounce, recouping a decline on Friday.

Investors will be looking ahead to some key data and events this week.

The FOMC meeting Tuesday and ending Wednesday but no rate hike is expected.

In contrast to the FOMC, the BOJ’s 2-day meeting ending Friday will be eyed closely, especially given recent press on debate within the BOJ to ease more. Even if the BOJ does nothing at this meeting, expectations for fresh action into March will likely remain alive.

Meanwhile, the RBNZ’s decision on policy early Thursday should not see any change to its OCR despite expectations in some quarters of a reversal and ease.

The post Oil bounces to $32, yen weakens on weak data appeared first on FXTM Blog.

Source:: Oil bounces to $32, yen weakens on weak data

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