Equities markets trade mixed overnight and NZD hit by bad data

Published date: 07/02/2019

Equity markets traded mixed overnight as the ASX was still positive following the RBA's comments in the last session. Despite good earnings data from the likes of SoftBank and Mazda the Nikkei was hit by FX movements in the JPY. In the US markets traded mixed and the Nasdaq was the underperformer down 0.36%.

In FX markets the NZD was rocked by a negative employment reading and fell around 1%. There are lots of key events that will affect the currency markets today including the BoE rate decision. 

In commodities markets, copper is still stealing the show after the recent positive rhetoric from the US-China trade talks. Copper is still holding above $2.80/lb despite rejecting $2.83/lb overnight.

Oil markets are slightly positive since last evening as the latest DoE report produced a smaller build than expected. WTI now trades $53.51/bll after the $53/bbl level support held overnight.

Gold has still managed to creep lower despite the risk theme tilting in the US. The precious metal now trades at $1304/oz and there is a key support level coming into play at $1295/oz on the daily charts.

Today we are on the lookout for the latest BoE interest rate decision, comments from EU's Tusk, Fed's Powell. the BoE. Fed;s Clarida, ECB's Mersch and we also get the latest ECB economic bulletin, Japanese household spending and current account.


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