Market News

The dollar continued its upward climb on Wednesday, reaching towards 14-year highs against the yen and sending Asian shares broadly higher, with Japanese shares enjoying the strongest gains thus far.

The Pound Sterling touched a 2-week peak versus the common currency Euro on the latest economic news which showed a PMI manufacturing reading of 56.1 for December, against expectations of a decline to 53.0.

Oil prices started the year higher on hopes that the agreement between OPEC members and non-OPEC states to cut production would, in fact, reduce the global supply surplus.

There will be a much more significant news schedule this week compared to last week, due to the end of the Christmas and New Year holiday season affecting many global financial centers and major economies.

With most global markets closed on Monday in celebration of the New Year, the open markets in South Korea and India found little to celebrate, trading slightly lower or flat on Monday.

The Euro surged against the US Dollar to a 3-week peak in thin holiday trade, however it is still expected to close out the year lower.

The US Dollar skidded to a 2-week trough versus the Japanese Yen after the release of disappointing economic data put the greenback under pressure and boosted demand for safe haven currencies.

Asian stock prices struggled to end up after profit-taking during Wednesday’s U.S. session caused major U.S. indices to dip.

The Aussie and Kiwi Dollars edged higher against the greenback, recouping earlier losses and helped by upbeat sentiment in global equity and commodity markets.

U.S. stocks rose slightly on Tuesday following positive consumer and housing data, and Asian stocks were eager to follow suit on Wednesday.

The US Dollar edged up versus the Japanese Yen in light FX trade as a result of holidays throughout Asia and Europe.

The European Central Bank has told Italy’s beleaguered Monte dei Paschi that it must come up with 8.8 billion euros ($9.2 billion), a sum significantly higher than the original 5 billion euros that the bank was expecting.

Though many markets will be closed on Monday as a legal celebration of Sunday’s Christmas holiday, Asian markets opened to thin trading volumes.

There will be an extremely light news schedule this week compared to last week, due to the Christmas and New Year holiday season affecting many global financial centers and major economies. There is almost nothing of any high importance scheduled, just a few items of U.S. economic data.

The U.S. dollar continue its upswing on Wednesday, hovering near 14-year highs despite some profit taking.