14.05.14

Good morning,

Japanese wholesale prices rose 4.1% year on year much in line with expectations. USDJPY was trading at 102.13 at time of writing and ahead of GDP figures due to be released at the start of tomorrow’s Asian session. New Zealand retail sales came in slightly below expectations although the NZD has recovered any negative effect of the retail sales figures announcement and is now trading at 0.8655, also Reserve Bank of New Zealand Governor Graeme Wheeler has spoken about the possibility the bank could intervene should the kiwi continue to climb while export commodity prices were falling.

The NIKKEI was trading at 14405.76 down 19.68 points a drop of 0.14%

European markets saw German Consumer Price Index figures come out in line with expectations, while French and Spanish CPI figures are also due to be released this morning. The British unemployment rate is expected to drop from 6.9% to 6.8% when announced today, and an hour after the unemployment data is released we will see the quarterly inflation report from the Bank of England, and Governor Mark Carney’s speech. CABLE was trading at 1.6863 at time of writing, with EURGBP at the lowest level since January 2013 trading at 0.8136

The FTSE100 closed 6873.08 up 21.33 points or 0.31% while the DAX closed at 9754.43 up 51.97 points an increase of 0.54%

The US and Canada have no notable data due for release today, with MBA Mortgage Applications figures and Producer Price Index data due out. OIL traders are awaiting the EIA Crude Oil Stocks change which is expected to be published at -0.400M from -1.781M previously. However these figures have been wide of the expectation mark in recent times. USOIL was trading at $102 per barrel. EURUSD was trading at 1.3716

The DOW closed at 16715.44 up 19.97 points or 0.12%

Hope you all have a good day.