During today’s early trading session, Asian stocks traded traded higher following data from Japan’s Central Bank showing that it bought 35.2 billion Yen in exchange traded funds. This report boosted hopes for future bonds and stocks buying, pushing investors towards the stock market. The Nikkei share average was up by 1.46%, closing at 19,312 points, its biggest daily gain in 6 weeks.
During the European session the GBP dropped against the Dollar following negative data. The UK Construction PMI showed a reading of 57.8, below the expected figure of 59.5 pushing the pair down to 1.47, the pair has since as the Dollar weakened and is now testing resistance at 1.48. The Euro is currently rallying against the Dollar and is up by 1% as traders looked back on comments made by ECB policy makers in their March meeting. Despite officials agreeing not to reduce quantitative easing measures, they pointed out that the economy is improving. Traders are now speculating less bond buying in the near future.
Traders are now awaiting the release of the Nonfarm Payrolls on Friday, analysts expect the number of people employed during the previous month would have risen by 240,000. The market tends to react with high volatility in accordance to the actual figure released. Higher than expected could push the Dollar up in the short term.
During today’s early trading session, Asian stocks traded traded higher following data from Japan’s Central Bank showing that it bought 35.2 billion Yen in exchange traded funds. This report boosted hopes for future bonds and stocks buying, pushing investors towards the stock market. The Nikkei share average was up by 1.46%, closing at 19,312 points, its biggest daily gain in 6 weeks.
During the European session the GBP dropped against the Dollar following negative data. The UK Construction PMI showed a reading of 57.8, below the expected figure of 59.5 pushing the pair down to 1.47, the pair has since as the Dollar weakened and is now testing resistance at 1.48. The Euro is currently rallying against the Dollar and is up by 1% as traders looked back on comments made by ECB policy makers in their March meeting. Despite officials agreeing not to reduce quantitative easing measures, they pointed out that the economy is improving. Traders are now speculating less bond buying in the near future.
Traders are now awaiting the release of the Nonfarm Payrolls on Friday, analysts expect the number of people employed during the previous month would have risen by 240,000. The market tends to react with high volatility in accordance to the actual figure released. Higher than expected could push the Dollar up in the short term.
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