- U.S. stocks bounced slightly on the increased U.S. small business stimulus
- Oil prices holding levels, slightly firmer amid stabilization mode
- Breaking: CNN: Iran has successfully launched a military satellite into orbit for the first time
Bias: Position adjustment
US stocks put in a decent pop overnight, supported by some stability in Crude Oil prices and by news that U.S. Senators have passed another $500bln stimulus package for small business.
The Big Dollar was slightly firmer across most partners, as traders sought to buy back recent shorts. GBP drifted firmer over the session amid a stabilization in oil prices. The USD/JPY continued to post light gains over the session.
Crude prices bounced slightly as bargain hunters emerged, while gold rose after a Bank of America report raising its 18-month target on the yellow metal to $3,000.
After an overnight session of consolidation, expect a quiet day in Asia today. PMI data out of Australia, Japan and Europe will largely be shrugged off, with the market focusing on U.S. Initial Claims numbers. Any number below 5mln will be seen as market supportive.