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Dollar and European Stocks Hit Highs

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European shares hit fresh 5-1/2 year highs on Tuesday, boosted by easier Chinese money markets and a strong performance from Unilever, while the dollar rose on a report the Federal Reserve would again trim its bond buying next week.

Chinese money market rates fell after the central bank added more than 255 billion yuan ($42 billion) into the financial system, easing concerns another credit crunch was underway less than a month after a late December squeeze.

In Europe, a fourth-quarter recovery in emerging markets sales boosted consumer goods maker Unilever (ULVR.L) s 2013 results and sent its shares up nearly 4 percent.

European shares .FTEU3 hit 5-1/2 year highs, although world stocks .MIWD000000PUS were steady overall.

U.S. stock futures were also pointing higher, with the S&P 500 up 0.26 percent and the Dow up 0.5 percent.

The euro fell towards Monday’s two-month troughs after the ZEW indicator of German economic sentiment for January unexpectedly fell to 61.7 after surging to 62.0 in December.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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