During today’s early trading session, Asian stocks traded higher as the Yen weakened after Japanese data showed that the fourth quarterly Capital spending rose by just 2.8% over the past year, below the expected figure of 4.1%. The Nikkei share average reached a new 15 year high and was up by 0.15%, closing at 18,826. Following the release positive Chinese data, gold traded higher and reached $1,223/ounce by the close of the Asian session. The Manufacturing PMI and the HSBC Manufacturing PMI both showed slightly stronger figures.
During the European session, the EUR/USD is trading with bullish sentiment but continued to trade lower after the pair dropped sharply as the Dollar strengthened due to comments made by FOMC member James Bullard last week, he stated on CNBC that if Fed officials “drop the word “patient”, then they can move to increase interest rates at any of the meetings during the summer”. Positive European data released today showed that the German CPI rose to 51.1 and the overall European CPI showed a better than expected figure of -0.3%.
During early U.S. trade, the Dollar remains supported after positive U.S. data on Friday. The fourth quarterly GDP, Michigan Consumer Expectations and Sentiment all reported stronger numbers, however, the monthly Pending Home sales grew by just 1.7%, below the forecasted 2%. Currency traders are now awaiting the release of the ISM Manufacturing PMI, later today. Crude oil remains below $50 a barrel, as concerns regarding oversupply continues to weigh.The number of Drilling oil rigs fell last week, which could be a sign that surplus will eventually come under control.
March 2, 2015- Daily Market News
During today’s early trading session, Asian stocks traded higher as the Yen weakened after Japanese data showed that the fourth quarterly Capital spending rose by just 2.8% over the past year, below the expected figure of 4.1%. The Nikkei share average reached a new 15 year high and was up by 0.15%, closing at 18,826. Following the release positive Chinese data, gold traded higher and reached $1,223/ounce by the close of the Asian session. The Manufacturing PMI and the HSBC Manufacturing PMI both showed slightly stronger figures.
During the European session, the EUR/USD is trading with bullish sentiment but continued to trade lower after the pair dropped sharply as the Dollar strengthened due to comments made by FOMC member James Bullard last week, he stated on CNBC that if Fed officials “drop the word “patient”, then they can move to increase interest rates at any of the meetings during the summer”. Positive European data released today showed that the German CPI rose to 51.1 and the overall European CPI showed a better than expected figure of -0.3%.
During early U.S. trade, the Dollar remains supported after positive U.S. data on Friday. The fourth quarterly GDP, Michigan Consumer Expectations and Sentiment all reported stronger numbers, however, the monthly Pending Home sales grew by just 1.7%, below the forecasted 2%. Currency traders are now awaiting the release of the ISM Manufacturing PMI, later today. Crude oil remains below $50 a barrel, as concerns regarding oversupply continues to weigh.The number of Drilling oil rigs fell last week, which could be a sign that surplus will eventually come under control.
Todays Main Events
8:55 GMT – EUR – German Manufacturing PMI
9:00 GMT – EUR – Manufacturing PMI
9:30 GMT – GBP – Manufacturing PMI
10:00 GMT – EUR – CPI
13:30 GMT – USD – Personal Spending
14:45 GMT – USD – Manufacturing PMI
15:00 GMT – USD – ISM Manufacturing employment
15:00 GMT – USD – ISM Manufacturing PMI
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