Market Update

Soft CPI reading has AUD tumbling overnight spilling over into carry trades which also reversed strongly.

JPY rising firmly as BoJ’s Fukui supports higher interest rates.

March 07 Crude touching $55/bbl shortly after the Energy Secretary Bodman said that the US government will begin increasing their strategic oil reserves.

Stocks tried lower early on yesterday but recovered strongly as the US opened.
Markets continue to consolidate and we could be in for more downside soon