Morning Update – 18/03/16 – by Arjun Lakhanpal

March 18, 2016 by

Morning all.. Wall St rallied after the EU close and it seems investors were selling DAX and buying S&P and S&P finally closed up 0.66% after a weak close for the DAX. Traders feel DAX weakness due to a strong EUR.. In Asia the Nikkei underperformed the region again with the Nikkei closing down 1.26% on the back of further JPY strength. However USDJPY has rallied off the session lows..The US Dollar has tumbled in a fairly impressive fashion since the FOMC on Wednesday with the Dollar spot index now down the most over a two-day period since 2009. It is emerging market currencies which have been the biggest beneficiaries of that, while yesterday also marked a landmark day for Oil as we saw WTI (+4.52%) close above $40/bbl for the first time in 2016. It’s now up a fairly remarkable +54% from the intraday lows of last month. EUR is off its highs this morning after comments from ECB’s Praet saying they can cut deposit rate further if needed.. EUR remains on session lows. Elsewhere, Oil is continuing to hold those big gains made yesterday. Looking at the day ahead now and what is a slightly lighter calendar relative to that of recent days. Nothing of note in Europe but Canada CPI later and University of Michigaan sentiment from the US.. Good luck..