Binary Options News : April 11, 2013
Asian stocks were higher trading higher again in overnight markets, making the winning streak 4 day as Japanese stimulus brought in last week and now US stimulus pledges made yesterday, kept investors hungry for riskier assets.
In Japan, economic data released by the Bank of Japan showed that Japan’s M2 Money Stock increased 3% last month after a 2.9% increase recorded in February. This was after analysts had been expecting an increase of 2.9% for March. Also released in Japan in Asian trading yesterday was a report by the Economic and Social Research Institute, who reported that Japan’s core machinery orders increased 7.5% for March after a 13.1% drop recorded in February. This after analysts had been expecting an increase of 6.8% for March.
Asian markets were also reacting to the news yesterday that President Obama unveiled a $3.77 trillion budget that offers fresh taxes on the wealthy as well as cuts to benefit programmes. However, the markets priced in already the fact that the Obama plan is viewed as having no chance of being implemented in its entirety by a Congress in deadlock.
Japan’s Nikkei 225 Stock Average rose 1.27% as the Yen continued to near the 100 mark against the USD. Hong Kong’s Hang Seng increased 0.84% and the Shanghai Composite of China edged up by a moderate 0.02%. Elsewhere in Asia, Australia’s S&P/ASX 200 increased by almost 1% following on from the release of official data showing Australia’s unemployment rate increased to 5.6% in March from 5.4% reported for February.
In a very quiet trading session in the forex markets, the only real movement of any note was in the AUD/USD which fell 0.23% on the back of the disappointing unemployment data in Australia – the world’s 12th largest economy. The general movement to riskier equities by investors meant the major pairs except the AUD/USD saw movement under 0.04% in the quiet currency markets.
Thankfully there was a higher volume of trading in the commodity markets as profit takers ensured the prices of the precious metals were lower with Gold down 0.03% and Silver falling 0,81%, wiping out yesterday’s gains. Figures released from Opec showed production was down in Oil, but lingering concerns over global economic recovery, meant Crude Oil fell 0,27% in Asian trading.
German and French CPI dominate the European economic calendar this morning, Attention then switches to the US and initial jobless data to drive the US trading session.
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