- The JPY continues to have a quiet week, as USDJPY trades at 112.30 in the European session. The currency has enjoyed a spectacular month of February, surging 8 percent against the greenback however since yesterday it is showing weakness. USDJPY trades at 113 almost from 111 yesterday.
- US stocks opened slightly higher shrugging off Chinas sinking index which dropped -6% overnight. European indices opened lower, only to recover and trade over 1% now.
- GBPUSD managed to recover from 7 year lows yesterday, bouncing from 1.3877 yesterday to almost 1.40. The Cable trades at 1.3915 now.
- Gold is having a rollercoaster ride as the positive/negative sentiment in stocks is shifting direction quite frequently today. GOLD moves opposite from Stocks so the metal is hovering around $1230 however there are +/- $10 swings quite often.
- A surprisingly strong reading on January US durable goods orders lifted the USD. The biggest move was against the euro which dropped briefly below 1.10 to 1.0985 from 1.1040.
- OIL is also feeling the pressure once again today after China’s collapse and better than expected US durable goods data. Oil is trading at 31.45 after hitting $34 last week.
Report prepared by Nicolas Shamtanis.