Market Overview
With the US on Presidents Day public holiday yesterday and therefore little steer from US investors, Asian markets were fairly muted overnight. That is with one significant exception, Japan. In its monetary policy statement that concluded a two day meeting, the Bank of Japan decided to continue its easy monetary policy, whilst also opting to extend a special lending programme to support the economy which had disappointed in its Q4 GDP data previously released. This announcement has weakened the yen, pulling Dollar/Yen higher and subsequently boosting Japanese equities significantly, with over 3% gains for the Nikkei. The European traders will be quickly looking forward to two pieces of data announced this morning. An uplift in UK CPI data released at 09:30GMT would further support sterling and help cable regain the initiative after yesterday’s correction. The euro bulls will be looking for a strong German ZEW number out at 10:00GMT.Full Article
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