Morning Update – 06/02/15 – 09:14:15

February 6, 2015 by

Morning all.. Stocks surged everywhere with Wall St up 1.2% (US markets are in fact now back in positive territory YTD. The S&P 500 is now +0.18% for 2015 after a +3.4% rally in February so far) and Asia followed even with the threat of the US data in front of us today. Nikkei closed up 0.8% higher and oil continues to rise underpinning risk sentiment. However FX majors mostly treaded water ahead of today’s NFP. AUD popped higher to 0.7859 initially post the RBA statement on monetary policy (Australia’s central bank lowered its GDP forecast slightly, noting that GDP is expected to remain a bit below trend over the course of this year before picking up to an above-trend pace in the latter part of the forecast period. Meanwhile, headline inflation is expected to remain low for a time, before picking up a bit to be consistent with the inflation target at the end of the forecast period) before moderating to 0.7820. We still await new information on Greece negotiations. It was a continuation of the themes we’ve seen for most of the week yesterday, with Greece dominating the headlines and another 5% handle move in oil markets. With much of the focus this week having been on Greece, data has largely taken a backseat. Today’s US payrolls print however should put some of the focus back on the US. Before we get to that we have the French Trade Balance, Spanish industrial output, Swiss retail sales, Norway Industrial production and UK Trade balance.. Good luck..