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    MORNING BELL: Australian employment data; oil recovers; ECB rates

    Asian stocks took cues from a global surge in equities and rose on Thursday, while the dollar was on the defensive after weak U.S. economic data. Meanwhile, the Australian dollar spiked 0.5%, to $0.7770 against the U.S. dollar, marking a one-week high, as the local currency recovered from yesterday's tumble following China's Q1 GDP data. Furthermore, the country added 37,700 new jobs, far above expectations for a 15,000 increase; that brought the unemployment rate down to 6.1%.

    Wall Street shares posted sizeable gains overnight on several strong corporate earnings results. USD lurched lower against EUR and JPY after dropping the previous day on weak U.S. industrial output. The market will look to U.S. housing data later in the day for further dollar incentives. The Canadian dollar stood a head taller than its peers, jumping to a three-month high of C$1.2280 per USD, after the Bank of Canada surprised the markets by indicating no further easing was imminent.

    Oil prices rallied and U.S. crude jumped nearly 6% to a 2015 peak on Wednesday, after government data showed crude oil inventories in the United States rose less than expected last week. Oil traders are monitoring OPEC talks with other producers. Russia has been holding "unprecedentedly active" consultations with OPEC and Latin American countries, a senior Russian official said Wednesday. Global oil market may take longer to tighten than expected due to a surge in OPEC output and a potential rise in Iranian exports, the International Energy Agency said in a report on Wednesday.

    The pound (GBP) fell a third of a percent against a broadly stronger dollar on Wednesday, as questions continue about the impact of elections next month. Later the same day, the ECB announced that they have no plans to curb or curtail its money-printing. Moreover, the ECB kept the main refinancing rate as low as 0.05% and deposit rate at -0.2%.




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