28.05.14

Good morning,

Chinese data lifted Asian markets as industry profits rose by 9.6% in April. The JPY gained against both the EUR and the USD overnight, with USDJPY trading at 101.94 with EURJPY currently trading at 138.91 Bank of Japan Governor Kuroda spoke on monetary easing and low interest rates in Tokyo last night at a conference. Australian and New Zealand currencies took a drop overnight, with NZD in particular suffering, dropping 70 pips against the USD to currently trade at 0.8504

The NIKKEI is trading at 14670.95 up 34.43 points or 0.24%

The GBP has been selling off the past two days, losing 100 pips against the USD since yesterday before data releases including British mortgage approvals showing below expectations, and positive durable goods figures out of the US combining to see the GBPUSD currently trading at 1.6774 off a high of 1.6882 yesterday. German unemployment data is expected to be the main influence on the Euro today if expectations are missed, 6.7% unchanged is the expected figure. Tomorrow sees a holiday in Germany, France and Switzerland.

The FTSE100 closed at 6844.94 up 29.19 points, an increase of 0.43% while the DAX closed at 9940.82 up 48.00 points, or 0.49%

A quiet day in the US regards scheduled data releases, the Red Book Index and MBA Mortgage Application figures. Thursday should see more data including the annual GDP figures released along with jobless figures. EIA GAS and OIL figures are also due tomorrow. Currently USOIL is trading at $104.20 per barrel. GOLD dropped from $1290 to $1265 per ounce since yesterday’s open.

The DOW closed at 16675.50 up 69.23 points or 0.42%

Hope you all have a good day.