European equity and bonds markets started the day lower due to uncertainty regarding today’s Finance Ministers meeting’s outcome. However, significant moves are currently taking place on the currency front. The EURGBP has reached new lows at 0.7396; a descent that might have been exacerbated by concerns of a Greek exit and an overall more hawkish stance by the BOE. The Euro is also losing ground against the US Dollar but finding some support at the $1.13 level.
Japanese markets closed today in observance of National Foundation Day while the Yen continued to weaken against the USD and currently trades at Y119.60.
Oil futures dipped as the EIA stated that crude stocks increased 1.6 million barrels last week. WTI futures dropped below $50 on the news.