Yen firm on risk aversion as AUD and NZD take a hit on weak commodity prices
Today’s Economic Data:
Later:
The markets opened today on a quiet note in the Asian trading session. There were no economic releases scheduled during the session as the Asian equity markets trading mixed. The Nikkei 225 index was down -1.32% while the Shanghai and the Hang Seng Index closed with modest gains of 0.28% and 0.43% respectively. The Aussie and the Kiwi were the weakest currencies of the day losing -0.42% and -0.62% respectively against the US Dollar. Commodities saw another slump today with Crude Oil, Gold, Iron Ore, Copper trading lower for the day. On the other hand, the Japanese Yen was trading stronger today posting gains of 0.24% across the board.
The European session got underway with most of the equities trading lower. The German DAX was down -1.38%, while the FTSE100 was down -1.65%. Volkswagen, which has been plagued by the recent revelations of emissions cheating continued to trade lower alongside shares in Glencore which was down on account of the weak commodity prices. Together, the European equities were dragged lower as well.
The Euro was also weak today, losing -0.30% against the Greenback. Prices are however trading above the 1.11 psychological level and remains range bound within Friday’s high and close. Over the weekend, Spain’s regional elections saw the parties supporting the Pro-Independence for Catalonia claim power with a clear majority. It is likely that further talks of Catalonian independence are likely to dominate the news wires in the coming weeks.
The British Pound was attempting modest recovery today after posting two straight weeks of declines. GBPUSD was trading flat for the day. Lack of any data from Europe saw the markets focus on the main theme.
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