LATEST STOCK MARKET NEWS

FX markets start the week directionless and scant motivation to pick a direction. EURUSD has already retraced gains achieved on Friday. Friday weak headlines payroll (164k vs. 190k consensus estimate), while unemployment rate fell to 3.9%, encouraged equity traders yet gained to excite USD bulls. The subdued wage growth lowered the risk of quicker rate hikes at the Fed. General risk on sentiment pressured the front-end of the US treasuries, which supported tech and financial sectors. Commodities have latched on the positive feeling to drive up oil prices (wti $70.69 high) and commodity currencies. Overall, market are waiting for new direction, willing to wait for fundamental guidance. The BoE and RBNZ are expected to hold rates while BoJ and Riksbanks will released policy meeting minutes. Perhaps the most meaningful data will be inflation from the US and Switzerland.

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