FOREX IN REVIEW

Most European stocks continued to rally in yesterday's session following the revelation that the German Government led by Angela Merkel has authorized the ECB's newest bond purchasing facility. This is one of the first major concessions made by the Germans and will facilitate a quicker rescue of indebted nations as the short end of the yield curves rises dramatically. The two nations garnering the most support from the program, Spain and Italy saw equities climb furiously with the Spanish IBEX soaring 4.41% and the Italian MIB adding 1.54%. The Euro Stoxx 50 was marginally higher, adding 1.13% while the Swedish OMX was slightly weaker, falling -0.43%. EURUSD is hovering directly on the 1.24 handle as GBPUSD is slightly lower, ticking down to 1.5591.

Asian stocks are carrying over the excitement from Europe, rising slightly as more clarification of the ECB bond program boosts positive sentiment. Meanwhile markets around Asia are awaiting the comments of Central Bankers who are largely expected to keep policies unchanged from Australia to Japan. The Japanese will kick off Bank of Japan meeting tomorrow which will likely address inflation and a strong Yen while no change is expected in the Reserve Bank of Australia's interest rate policy. Major indices are ticking higher, led by the 0.60% rise in the Nikkei. The Hang Seng and Australian ASX are also stronger, gaining 0.50% and 0.40% respectively. NZDUSD has ticked 0.13% higher while AUDUSD is up 0.11% to 1.0581.

As earnings season comes to a close, American shares have shown year-over-year declines in revenues with only 51% of companies beating earnings estimates so far. Even still, equity indices are trading near the highest multiples of 2012 as companies taper off new investment. Index gains were led by the Nasdaq which added 0.74% followed by a 0.23% increase in the S&P 500 and 0.16% ascent in the Dow Jones. Commodities which pulled back earlier in yesterday's session managed a turnaround with WTI crude oil climbing back above the $92 handle to $92.11 per barrel. Corn futures moved firmly above the $800/bushel level to $808.75 while coffee rose 0.98%. Sugar was slightly weaker, declining -0.77%. The dollar index continues to melt lower, sliding to 82.261

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