European Market Update

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Summary

European Market Update – Key move yesterday was President’s Trump announcement to pull the U.S. out of the Paris climate accord. This caused Stock Markets to closed at Record highs., while Oil prices slumped below the $48.00 area from about $49.20. Today, Yen weakness has been the main show in town so far. USDJPY rallied to an eight-day peak at 111.71, with the Japanese currency under-performing as a risk-on vibe coursed through global markets following a round of solid PMI reports and a stronger than expected U.S. ADP report, which points to upside risks to today’s payrolls report.