Good morning,

US indices closed off their intraday lows thanks to technical supports that triggered buy orders.  The DJIA closed down 249.28 points at 15,766 (-1.56%) and the Nasdaq Composite lost 5.26 points at 4,471.69 (-0.12%).

In the FX market EurUsd is flat at 1.0878 (-0.05%) and UsdJpy is up 42 pips at 117.36 (+0.36%). UsdJpy did not close below the last August low and market sentiment may turn positive on the pair in the short term because the Bank of Japan is closely monitoring the level of the Yen.  In Tokyo the Nikkei225 is up 30 points at 16,771 (+2.21%) and in China the A50 index is at 9,239.3 (+1.75%).

Crude Oil is up 35 cents at 28.7$/barrel (+1.23%), the first positive session after three consecutive losses. Gold tested its 2016 top when equities were sold across the board today. When risk appetite came back the shiny metal started to lose ground and now is trading below the psychological level 1,100$/oz at 1,099.7 (-0.59%).

Today the most relevant event in the economic calendar will be the European Central Bank Monetary Policy statement and press conference that will be held at 13:30 GMT.  Crude Oil traders should also pay attention to EIA Stocks Change at 16:00 GMT.

(3:35 GMT)