Spreadex Market Update
Asian stocks dropped overnight
Asian stocks dropped overnight, with the regional index retreating from a one-month high as investors felt little reason to add to positions. On this data heavy Thursday, investors might be reluctant to add to risk until they have been given further clues on how well the global economy is performing. The Yen traded slightly softer overnight after the Bank of Japan maintained record stimulus to help inflation and boost economic momentum that’s been haltered by the higher sales tax. The BOJ is likely to increase the monetary base at an annual pace of 60 trillion yen to 70 trillion yen.
European futures are indicating a cautious start for Europe, ahead of the rate decision by the European Central Bank and the Bank of England. We may find investors reluctant to add to positions ahead of the key US jobs data tomorrow. The FTSE is indicating an unchanged open at 6875.
The US dollar traded just 0.5% from the strongest level in almost eight months against the yen, ahead of a bulk of data from the US which could show a pickup in US employment, supporting a strong case for the Federal Reserve to raise interest rates.
Gold advanced for a second day after the price dropped towards the lowest level since June as investors continued to keep a close eye on tensions in Ukraine. WTI fell for the second time in three days after industry data showed fuel inventories increase in the US.
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