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    MORNING BELL: Wall street down on stronger dollar

    The British pound was up versus the euro following the PMI data that indicated strong growth in the UK’s services sector. The risk of the upcoming election next month however prevents the sterling from making significant gains, especially against the dollar. While Euro zone yields are falling, affected by the surprisingly weak non-farm payroll data on Friday, the ECB announced yesterday that it reached its first month money-printing target, surpassing the commitment of 60 billion euros of assets per month.

    The Asian markets were up early on Wednesday based on more stimulus expectations from China and Japan, and a delayed policy tightening from the US. The Japanese Nikkei index (Japan225) has been very bullish, trading close to fifteen year highs. The Reserve Bank of Australia decided to keep rates on hold on Tuesday, but the focus for the expected cut just moves to the May meeting.

    Wall Street shares closed the day lower, with the S&P500 (USA500) ending down by 1.1%. The US dollar recovered from earlier losses, reaching session highs by late afternoon; trading steady around 120.30 against the Japanese yen and 1.08 against the euro. The rising dollar took a hit on gold, pushing it back down to the $1,208 area. The Federal Reserve is scheduled to release its FOMC Meeting Minutes at 18:00 GMT today.

     

     

     

     

     

     

     

     

     


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