Global equity markets regained lost ground, with US equities exploding into positive territory ahead of the Fed rate decision. The Israel war seemed to calm markets, as Israeli forces seemed much more controlled in their response to Hamas terrorist attacks, than was originally expected. Oil prices went south and market sentiment went north. In Europe economic conditions looked to be settling, with growth rates in Germany remaining negative, but not as dramatically as expected. The recessionary conditions in Germany is killing inflationary pressures and this consequently gave some cause for optimism. The USD was softer, allowing the EUR to break back above 1.0600, while the GBP hit 1.2150.
Commodity currencies were beneficiaries of the weaker reserve, with the AUD spiking above 0.6350, while the NZD holds above 0.5800. Markets will focus on the Israeli situation and Central Bank action. The Bank of Japan announce today and they will be followed by the Federal Reserve and the Bank of England.
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