Optimism in the tech sector pushed US indices higher over the last two sessions, the Nasdaq Composite in particular was up almost one percent after the closing bell on Wednesday. The S&P 500 hit a historical milestone, touching 5,000 points for the first time ever. The Dow Jones has also gained during the mid-week, although somewhat less dramatically. Another contributing factor to market buoyancy was the slight decile in jobless claims observed in the US labour market, the official figures published on Thursday revealed 218k claims for the first week of February versus 220k expected.
Not too much movement in currencies to speak of so far this week, with the exception of the Japanese Yen. Bank of Japan Deputy Shinichi Uchida spoke on Thursday, explaining that “even if the BOJ were to end [its] negative interest rate policy, it's hard to imagine a path in which it would then keep raising the interest rate rapidly”. Typically one of the more cautious members of the board, Uchida’s remarks indicate a potential hawkish shift for the central bank. The remarks prompted aggressive selling of the Yen, pushing USDJPY 0.75% higher following the conference. Coupled with the recent strength seen in the Dollar, the pair now sits just under the psychological 150 level once again.
Crude oil prices rose yesterday after Israel rejected a ceasefire offer from Hamas. Diplomatic efforts are set to continue in Cairo but tensions remain high throughout the region. Crude prices were further bolstered by news that the US Energy Department is forecasting slower than expected domestic crude production this year, easing fears of oversupply in oil markets.
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