Today's Major Economic Events
There was a massive rally in American and European stocks yesterday. This all came following the slide in Asian equities. Traders decided to long European shares due to the ECB saying that they are fully committed to QE for the Eurozone. This process is likely to lead to the revival of the Eurozone economy. There was a vital rally in US shares after days we saw assets in America go lower. It was great to see a return of risk appetite, but the reality is that the US economy is growing at a steady pace and the data published seems to be fairly positive. The Dow Jones was able to surge ahead yesterday, while there were impressive gains for a number of European indexes too. Positive global data is needed in the hours ahead in order to give European and American shares the much needed boost. Therefore, start opening your positions now!
Until the inflation numbers at 8:30 in the a.m. shows advanced inflation because of rising oil and food. And the ES, and YN are both looking top heavy. Ill tell you one thing though while I was trading last night around 10pm I saw some trader hit the market to buy 550 euro futures. I don't have my calculator but that was obviously a large short covering over 60million$$ worth of euros.