During today’s early trading session, Asian markets traded higher after the Bank of Japan’s Monetary policy meeting minutes. Members agreed that the Japanese economy is recovering at a moderate pace and exports are on the rise due to the global economy and the weaker Yen, however, reaching the 2% inflation target may be affected by declining oil prices. The Nikkei share average hit a new 15 year high, closing at 18,466 and was up by 0.73%.
During the European session, stocks are trading higher after the European Union approved a 4 month extension on the current €240 billion bailout, however, the Greek nation must draft a list of resolutions by Monday in order to secure a long-term agreement with its creditors. DAX is up by 0.42% and France’s CAC 40 is up by 0.21%. Following the release of weak European reports, the EUR/USD is down 0.56%. The German Business Expectations, Current Assessment and the German IFO Business Climate Index all showed lower than expected figures, adding concerns to the economic outlook of the Eurozone.
During early U.S. trade, the Dollar remains supported against a basket of major currencies as negative sentiment continued to weigh over Greece’s debt situation, as Athens have to meet the conditions of the bailout agreement by Monday. Oil again continued to trade lower as the Dollar holds over the weaker Euro, supply and demand in North America is also affecting the price of crude as “inventories keep piling up” according to the Bank of America.
Currency traders are now awaiting the release of a number of economic reports including the U.S. Existing Home sales later today and tomorrow the German GDP, European CPI and speeches by Mario Draghi and Janet Yellen.
Todays Main Events
9:00 GMT – EUR – German Business Expectations
9:00 GMT – EUR – German Current Assessment
9:00 GMT – EUR – German Ifo Business Climate Index
February 23, 2015- Daily Market News
During today’s early trading session, Asian markets traded higher after the Bank of Japan’s Monetary policy meeting minutes. Members agreed that the Japanese economy is recovering at a moderate pace and exports are on the rise due to the global economy and the weaker Yen, however, reaching the 2% inflation target may be affected by declining oil prices. The Nikkei share average hit a new 15 year high, closing at 18,466 and was up by 0.73%.
During the European session, stocks are trading higher after the European Union approved a 4 month extension on the current €240 billion bailout, however, the Greek nation must draft a list of resolutions by Monday in order to secure a long-term agreement with its creditors. DAX is up by 0.42% and France’s CAC 40 is up by 0.21%. Following the release of weak European reports, the EUR/USD is down 0.56%. The German Business Expectations, Current Assessment and the German IFO Business Climate Index all showed lower than expected figures, adding concerns to the economic outlook of the Eurozone.
During early U.S. trade, the Dollar remains supported against a basket of major currencies as negative sentiment continued to weigh over Greece’s debt situation, as Athens have to meet the conditions of the bailout agreement by Monday. Oil again continued to trade lower as the Dollar holds over the weaker Euro, supply and demand in North America is also affecting the price of crude as “inventories keep piling up” according to the Bank of America.
Currency traders are now awaiting the release of a number of economic reports including the U.S. Existing Home sales later today and tomorrow the German GDP, European CPI and speeches by Mario Draghi and Janet Yellen.
Todays Main Events
9:00 GMT – EUR – German Business Expectations
9:00 GMT – EUR – German Current Assessment
9:00 GMT – EUR – German Ifo Business Climate Index
15:00 GMT – USD – Existing Home Sales
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