Key Points

Bias: Consolidation

Commentary

A very quiet session on U.S. equities overnight, with many players taking a step back and taking stock of the recent market volatility. The DJIA eked out small gains, while the broader and tech indexes were slightly weaker.

Currencies were tightly mixed overnight, with the EUR/USD slightly weaker amid a lack of formal details on the next Euro-zone stimulus plan. U.S. Initial Claims were slightly better than expected. In other news the Brazilian Real has hit an all time low.

Production cuts and increased tensions in the Middle East have helped support oil prices slightly overnight, Gold was also slightly firmer overnight, but there wasn’t much in it.

Bias

Expect a very quiet session today, with focus being on the Tokyo and London Fixes. Data today sees Japanese CPI, U.K. Retail Sales and U.S. Durable Goods and Michigan Sentiment.

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