Spreadex Market Update
Asian stocks held steady overnight
Asian stocks held steady overnight, providing little reaction to the European Central Bank’s latest stimulus package. Both the Dow and S&P closed at record highs yesterday evening with the S&P finishing at a highest level five times in the past six sessions. With the market fuelled on stimulus hopes yesterday, attention will soon be shifted to the US payrolls report due later today. The average estimate is for a solid job gain of 214,000 whilst analysts estimate a range from as little as 110,000 to 325,000.
Treasuries are on track for their biggest weekly decline since March following the ECB announcement and ahead of payroll data which could add enough jobs to allow the Federal Reserve to keep reducing bond purchases.
The dollar is heading for its biggest weekly gain since April versus the yen. The euro remained little changed today after experiencing big moves yesterday following the ECB unprecedented efforts to weaken the single currency.
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