Binary Options News : April 30, 2013
The Nikkei traded sluggishly in a low volume trading session in Asia overnight, the release of a raft of economic data from Japan – the world’s third largest economy – kept investors on the sidelines awaiting central bank stimulus. Today, the Fed Reserve in the US are meeting, whilst talk of an ECB rate cut has been gathering momentum.
As the Asian regional benchmark index headed towards its highest close since 2008, Japan’s Statistics Bureau announced the unemployment rate dropped to 4.1% in March from 4.3% in February. This came after analysts had been expecting reading of 4.3% for March. Japanese household spending also gained, climbing 5.2% in March after an 0.8% gain in February, whilst industrial production increased 0.2% in March after a 0.6% gain in the previous month after economists had been expecting a 0.4% increase. Finally, In a separate report, the Ministry of Economy Trade and Industry reported that retail sales dropped 0.3% in March from the previous year after analysts had been expecting a 0.6% increase.
Australia’s S&P/ASX 200 gained 0.78% aided by strong profit reports from the Australia & New Zealand Banking Group, the third largest bank in Australia. The Shanghai Composite of China remains closed for another day of national holiday, but Hong Kong’s Hang Seng Index (HSI) reopened after a day of holiday and was 0.67% higher. Japan’s Nikkei dropped 0.43% following the release of the economic data, before rallying to be 0.09% down.
In a very quiet trading session, the currency markets saw little movement and little investment as traders stopped fleeing the safe haven of the USD and sat on the sidelines waiting for potential central bank moves. The greenback reversed some of the losses of yesterday and was generally moderately higher against most major currencies, with the largest gains made against the EUR – down 0.16% against the USD. The USD/JPY was down 0.04%.
In a mixed trading session, the wait and see policy adopted by traders, meant Gold fell 0.26% and Silver was down 0.07% as investors cashed in on recent gains. Natural Gas continues its slide, down 0.18% – as the warm Spring weather means reduced demand. Crude Oil was 0,24% lower on continuing global growth concerns.
Unemployment figures dominate European trading in the morning and should there be higher unemployment figures, this will add pressure to the EUR, especially against the USD. Gas and Oil supply data is released in the US later in the day before evening traders turn their attention to Chinese Manufacturing PMI, making today a potentially stronger day of trading that what was seen in Asia overnight.
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