Gold reached a fresh one year high at 1260.60 as stock market turmoil encouraged safe haven assets buying. The same time crude oil prices are moving after comments by an OPEC energy minister sparked hopes of a coordinated production cut. Brent crude traded at near 31.70 per barrel while U.S. WTI crude futures were trading near 27.70 per barre after a reaching 26.05.
EURUSD is trading now near 1.1270 levels, after making a high of 1.1333 earlier in the Asian session. During the night, the pair came under renewed selling pressure and ignored the continuing risk-aversion set off by the Japanese stocks. Fed Chair Yellen in her testimony noted that the central bank is likely to hike rates gradually this year as the labour market and economy continue to improve.
USDJPY recovered from fresh low of 110.98 and now of writhing is near 112.55. Also Japan finance minister Taro Aso warned investors about the strength in JPY and describe the recent rise as rough movements. Furthermore he said that Japan will take appropriate action if needed.
In regards the economic release we had so far the Australia Home loans rose by 2.6%. German Prelim GDP q/q meet expectation of 0.3, German Final CPI m/m at -0.8% and German WPI m/m came in at -0.4%. French Prelim Non-Farm Payrolls q/q came in at 0.2%.
Eurozone Flash GDP q/q will be among highlights of the day. Man event would be the US Retail Sales data and Prelim UoM Consumer Sentiment.
View our full economic calendar for a daily roundup of major economic events.
Data releases to monitor:
GBP: Construction Output m/m
EUR: Flash GDP q/q, Industrial Production m/m, ECOFIN Meetings
USD: Core Retail Sales m/m, Retail Sales m/m, Import Prices m/m, Prelim UoM Consumer Sentiment
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