Eurozone unemployment rate falls
News from Asia weigh on Bitcoin prices
Oil traders stay focused ahead of weekly API report
With today’s calendar being almost empty markets set for another calm day. Global equity markets continue to rise throughout another day. Yen strengthens after BoJ cuts bond purchases. The greenback continues to recover against euro. WTI breaks above $62 handle.
Although wage pressure across the European economy keeps moving below ECB’s expectations, the labour market continues improving on the back of strong economic momentum. Even as the jobless rate sticks to its downward trend the single currency did not take advantage of the reading.
A start to 2018 was great for Bitcoin as prices surged towards $17000 mark after hovering around $13000 for a short while. However this zone proved to be too tough to crack and the market reversed lower with a help from news from Asia, most notably South Korea.
Global equity markets have gained a lot since the beginning of the year mainly on the back of tepid inflationary pressures in conjunction with robust global economic performance. This seems to be a perfect mix for stocks and therefore nobody should be taken off-guard seeing fresh records across the pond almost day after day.
The Japanese currency decisively stole the show overnight as it spiked immediately after the Bank of Japan chose to cut its bond purchases to some extent. Even as the move was just a minor tweak the Japan’s currency spiked quite substantially against the US dollar.
Today’s economic calendar seems empty though we still have some releases ahead of us. In the early afternoon hours data concerning Canadian housing starts may spur increased volatility on CAD tied FX pairs. In the evening investors may want to focus on a weekly API report on US oil inventories as a hint ahead of tomorrow’s government data.
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