Morning Update – 03/03/16 – by Arjun Lakhanpal
March 3, 2016Morning all.. Wall St had a choppy but rather quiet session but finally managed to close up 0.4% but Asia had a stronger session as oil rallied even after solid gains in inventories yesterday and the Nikkei finished up 1.28%. However China and HK are a tad lower as China PMI services came in weaker. The rally in the Nikkei took the USDJPY all the way back above 114.00 after a steep fall in NY. AUD also extended gains seen all day yesterday and made a high of .7324. Demand for AUD after the strong GDP data and a decent yield. BoJ’s Kuroda: reiterates will not hesitate to adjust policy if needed; will strengthen communication about neg rate policy; expects neg rates to have positive effect on economy & prices. This also helped USDJPY sentiment. Today we have some tier1 data from the US so markets my calm down into those but we also have Swedish PMI, and services PMI for France, Germany and the UK.. We also get EU Retail sales data..Good luck
