Spreadex Market Update
Asian equities have a positive start to the week
Asian equities have had a positive start to the week, from a torrid couple of weeks, the Asian markets have bucked the downward trend and regained some much needed investor confidence. The Nikkei has now breached the 15000 mark and trading at 15115 this morning with reports that the Government Pension Investment Fund will lift its domestic shareholding to 25%. This positive news has led to the yen to appreciating against the dollar trading at around 107 yen to the dollar.
European looked to open up this morning having bounced back on Friday from a very volatile week; the DAX has seen a turn from the buy side to the sell side this morning as current account data was announced showing that actual (18.9B) was much below the forecasted surplus (21.3B). The lack of confidence in European markets has created uneasy tension around data announcement had hence created large volatility consequently affecting the UK with the FTSE down 30 points since the open at 6272.
A brief look at currencies, sterling bounce has continued into today from the lows of $1.59 last week. GBP/USD is trading pretty flat this morning and now trading through the 1.61 level up 27 points this morning. However Eurodollar may see bearish investors put a stop on its surge against the dollar, now down 20 points on the day, with $1.27 level being the level to stay above.
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