News from the region comes in the form of:
- AUS RBA Deputy Gov due to speak
- AUS NAB Business Confidence previously at 2
- JPY Current account exp. 1.66T
- JPY Final GDP q/q exp. -0.4%
- CNY Trade Balance exp. 329B
US stocks surged last week as US data begins to impress and further easing from the ECB and BOJ is priced in. Friday saw mixed trading as the DJIA finish up 0.37%, the S&P 500 finished up 0.33% and the NASDAQ finished down 0.07%. You can use this data to place a successful bit on opteck.com platform
Data out of the US on Friday was mixed, with initial strength in the USD due to exceptional NFP figures (242k vs 195K) being outweighed by the sharp decline in Average Hourly Earnings m/m which posted a decrease of 0.1% vs the expected increase of 0.2%. Earnings is now considered the new measure for the health of the economy as it is linked to inflation, a consistent increase in earning implies that the labor slack is being taken in at higher prices, indicating a true increase in the demand of labor.
Today’s data out of the US is limited with the Speeches from FOMC members Brainard and Fischer the highlights out of the area.
EUR bears were frustrated in Friday trade after a short squeeze occurred in early trade as markets realized that the pricing in of this week’s ECB`s measure might have been too aggressive. Respite came, though short lived, after mixed US data which saw the EURUSD make new daily lows before being pushed higher in later trade. Currently, EUR traders are readjusting their positions in anticipation of this week’s ECB meeting which promises to see the ECB loosing their purses further as they try to prop up a lacklustre Eurozone. The big question, is of course, how much losing will there be? One thing is for sure, markets will be watching any and all data or comments out of the area to try and decipher just this.
Crude oil continued to rise in Asian trade after better than expected NFP figures saw oil extend gains to just short of 38 USD per barrel as it trades 35% higher from its recent lows.