Crude futures prices staged minor recovery in Wednesday Asian session after tumbling off local highs on news that Saudis and Russia decided to freeze production on January levels. WTI went below $29 at close of Tuesday session but then managed to rebound by 0.62% from session close to $29.22 level. Brent added 1.15% rising to $32.55.
US stocks closed Tuesday with gains indicating that investors still show signs of risk appetite even falling Oil prices couldn’t deny that. Dow Jones added 1.39% rising to 16,196.41,S&P posted gains of 1.65% to 1,895.58, Nasdaq advanced by 2.27% to 4,435.96.
US Dollar index showing the weight of Dollar against the bask of 6 overseas major peers declined by 0.06% and is trading at 96.83 level.
NZD dairy Auction for Milk powder showed decrease of the price by $62, dropping from $1,952 to $1,1890. NZD priced in this change with more than 0.4% decrease, sending NZD/USD as low as 0.6558 level.
Gold futures gained 0.12% rising to 1,210 level, in case of further deterioration in Oil market gold may start heading highs again together with Yen and other safe heaven assets.
Eurozone Zew Survey Sentiment report posted 13.6 points indicating that less analysts expect improvement in economic situation in Europe comparing to the January reading (22.7).
GBP CPI report released numbers that were in line with expectations – 0.3%. After short a short rally GBP turned back to bearish movement, GBP/USD is at 1,4293 (-0.08%).