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YEN drops heavily, hits fresh 2.5 year loww
Asia: Yen retreats
US: S&P 500 posts best start since 1997
Forex: US Non-Farm payrolls due this afternoon
Overnight rates and Indices:
EUR/USD 1.3544 1.3584 -0.07 %
USD/CHF 0.9088 0.9118 -0.08 %
GBP/USD 1.5792 1.5835 0.16 %
USD/JPY 90.75 91.15 0.23 %
EUR/CHF 1.2336 1.23704 -0.01 %
EUR/JPY 122.99 123.72 0.30 %
Dow Jones 13896.95 13966.13 -0.31 %
Nasdaq 2732.05 2757.09 -0.17 %
S&P 500 1500.11 1509.94 -0.38 %
Nikkei 225 11007.77 11145.38 0.22 %
Shanghai 2371.23 2391.82 0.12 %
Gold spot 1673.03 1680.85 0.05 %
Crude Oil 97.67 98.04 -0.04 %
The No. 1 story in the Forex-Market this morning is the Yen’s weakness and the rallies in the Yen related pairs. The Japanese currency drops to fresh 2 ˝ year lows amid speculation that the Prime Minister Abe will select a new head for the Bank of Japan; who is then expected to boost monetary stimulus in order to create inflation. EUR/JPY traded as high as 125.82 this morning, this was more than 250 pips higher than 24 hours ago. USD/JPY hit 92.30 this morning.
Producer Prices in Australia came in slightly lower than expected overnight, supporting the latest weakness in the Aussie Dollar which trades at the weakest level since August 2011 against the neighbouring New Zealand Dollar.
US Equity markets in January posted their best start into the year for more than a decade. The 5.2% increase in the S&P 500 marks the best start into a year since 1997.
The focus of the financial markets today is on the most widely watched economic data of the month - US Non-Farm payrolls published at 14.30 cet. Furthermore, University of Michigan Confidence data at 15.55 cet and ISM Manufactoring data are on the agenda as well.
Henry Philippson - Junior Trader - RTFX Ltd