Spreadex Market Update
The NASDAQ composite index closes above 4000
The euro swung to fresh highs against the yen and the US dollar after a rise in short term market rates helped the currency. The euro interbank lending rates rose on Tuesday after the amount of extra money in the financial system fell to its lowest level in more than two years. Investors also tested the upside of the single currency ahead of this week’s US holiday.
Bank of Japan Board member, Sayuri Shirai said that Japan may not achieve the 2 percent consumer inflation target due to uncertainty over whether wages and inflation expectations will improve enough in a country caught up in deflation. Shirai stuck to the BOJ’s view that the Japanese economy is recovering but the outlook remained unwelcoming given the delay in pickup in exports and global growth.
WTI crude continues to fall for a fourth day after an industry report showed crude supplies rose for a ninth week. The American Petroleum Institute said yesterday than crude inventories climbed by 6.9 million barrels last week.
US unemployment claims will be announced today, a day early due to the Thanksgiving US holiday. Analysts are expecting a rise in claims from the previous week to 331,000.
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