Feb. 3: MARKET OVERVIEW
EUR/USD is above 1.1300. The single currency is supported by hopes for a deal on Greek debt and lower than expected US economic data.
According to the figures released on Monday, American consumer spending fell and construction spending rose less than expected in December, while ISM Manufacturing PMI slid from 55.5 to 53.5 in January. Asian stocks sagged amid ongoing growth concerns. USD/JPY returned below 117.00.
AUD/USD hit 0.7650, the lowest level since March 2009, as the Reserve Bank of Australia cut its benchmark rate by 25 bps to 2.25% in order to encourage the nation’s economic growth. New Zealand’s solar was also hit by this move: NZD/USD slid to a 4-year low at 0.7190.
US crude oil rose to $49.88 a barrel. Some investors think that this commodity has finally hit the bottom. Canadian dollar is trading a bit on the downside after correcting up on Monday.
Here are the main events to watch for today: