Morning Market Update – Quiet Morning

The morning has been mostly silent so far as we don’t have any major news today. The Hong Kong Press stated that the South China Morning Post mentioned unnamed sources well informed about the People’s Bank of China (PBOC) policy changes. The PBOC set the Yuan reference rate at 6.8664 versus yesterday’s fix of 6.8849.

Moving on for the day, we have the Euro’s Consumer Price Index and Trade Balance which is expected to be positive for the Euro.  We should keep a close watch over the Consumer Price Index as it remains the same when compared to the previous data release and continues to hold the grip.  When compared to the previous data release which was seen at a negative 0.6B, the trade balance is forecasted to be at 16.2B. This should boost the trade balance strongly for the day.

We have a couple of news for the greenback starting off with The EIA Crude Oil stockpiles report. The crude oil stockpiles were forecasted at a negative 1.5M when compared to the previous data release which was seen at a negative 2.166M and this shows some sign of improvement. With oil reports dropping around the world, the drop in the oil stocks was overshadowed by a 1.4 million barrel rise in the gasoline stocks. The API data showed a drop in the oil inventory levels and The Joint Organizations Data Initiative (JODI) data showed Saudi Arabia’s crude oil exports in February at 6.957 million barrels per day.
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