The BOJ releases their policy announcement tomorrow, and the market is expecting no new stimulus from the BOJ, which is perhaps why the Yen is rallying. The Pound is also rallying on more specific policy guidance from Carney and the BOE.
The energy markets are really moving today, with AUG13 crude oil now trading up $1.31 to $107.80. We believe this market could quickly approach $110. Heating oil is another related market that has been on fire recently.
U.S. stocks fluctuated between gains and losses, with the Standard & Poor’s 500 Index trading near a record high, as a rise in consumer confidence offset a drop in business activity and investors weighed earnings data.