Posted by
BettyBoop on November 19, 2009 |
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Global Equity Markets All Mixed Up by GoLearn Forex
Global Equity Markets were mixed across the board yesterday. In the U.S, the DJIA recovered most of its losses after losing nearly 100 points following the poorer than expect housing data numbers. Housing Starts came in at 529k versus expectations of 600k. Building Permits printed at 552k versus expectations of 580k. The housing market was the first in the U.S economy to show signs of a bottom. Fear of further weakness sent the equity markets on a roller coaster ride.
Additionally, CPI came in slightly higher than expected, however, not high enough to draw much concern at this time. Gold still continues to make new highs after touching an intraday high of 1,152 before closing at 1,144.30. Oil continues to hold firm just under $80 a barrel. In the Agriculture space, Corn, Wheat, and Soybeans gave up some of their gains from earlier in the week.
The Dollar Index continued to hold firm at just above 75. The Pound was the big loser on the day giving up nearly a half a percent to the Greenback while the EUR gained almost 6/10th of a percent. Currencies continue to hold at pivotal levels as momentum to break key Support and Resistance levels has been inconsistent.
Thursday will have a few key data releases that the markets will be watching. In the U.K, Retails Sales are set to print. Traders will pay special attention to this release as they look for Global consistency in consumer spending. In the U.S, Continuing Claims will be published. Investors want to know on a week by week basis are thing looking up in the labor markets. In the U.S and Canada, Leading Indicators will print. We will have to see how the markets react following yesterday’s CPI data.
Upcoming Forex Events for November 18, 2009
GBP Retail Sales (MoM) Forecast 0.60% Previous 0.00%
USD Initial Jobless Claims Forecast 502.00K Previous 502.00K
EUR ECB President Trichet Speaks
JPY Interest Rate Decision Forecast 0.10% Previous 0.10%
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Analysis by http://www.golearnforex.net
Tags: daily forex analysis, forex analysis
Posted by
NigelGee on November 19, 2009 |
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USD Dollar (USD)
The Dollar strengthened against most majors after weaker housing Data. Building Permits came out at 0.55M vs. 0.59M forecast and Housing Starts came out 0.53M versus 0.61M expected. The cost of living in the U.S. rose more than forecast in October as Americans paid more for fuel, while so-called core prices held at a pace that supports the Federal Reserve’s forecast for tame inflation, core CPI came out at 0.2% vs. 0.1% forecast. NASDAQ and Dow Jones declined by -0.48% and -0.11% respectively, Crude oil has risen for three days in a row closing at 79.58% a barrel, Gold (XAU) continued to rise trading above 1140$ level and closed at 1141.2$ an ounce. Today, Unemployment Claims are expected at 503K vs. 502K prior. Philly Fed Manufacturing Index is expected with 12.3 versus 11.5.
EURO (EUR)
The Euro advanced against the Dollar as Federal Reserve Bank of St. Louis President James Bullard said past experience indicates policy makers may not start to raise interest rates until early 2012. Current account came out worse than expected with -5.4B vs. 0.6B forecast. EUR/USD traded with a low of 1.4857 and with a high of 1.4990. Today, ECB president Trichet will speak at the Euro50 Group Conference in Paris.
EUR/USD – Last: 1.4921
|
Resistance
|
1.4966
|
1.4993
|
1.5016
|
|
Support
|
1.4912
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1.4824
|
|
British Pound (GBP)
The Pound slid from almost a 2 month high against the Euro and declined versus the Dollar after MPC Meeting Minutes of this month’s Bank of England meeting showed the vote to increase the bond-purchase program by 25 billion pounds ($42 billion) wasn’t unanimous. Overall, GBP/USD traded with a low of 1.6714 and with a high of 1.6845. Today, Retail Sales are expected with 0.6% vs. 0.0% prior.
GBP/USD – Last: 1.6697
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Resistance
|
1.6747
|
1.6845
|
1.6873
|
|
Support
|
1.6668
|
1.6624
|
1.6515
|
Japanese Yen (JPY)
The Yen weakened against the Dollar trading with a low of 89 and with a high of 89.48. In addition, Japanese stocks fell, led by real- estate companies on concern sales of new equity will dilute earnings per share and after investment ratings were cut. Today, Bank of Japan will release its Interest Decision expected to remain at 0.1%.
USD/JPY-Last: 89.09
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Resistance
|
89.46
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89.72
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90.41
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|
Support
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89
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88.73
|
|
Canadian dollar (CAD)
The Canadian Dollar fell for a second day versus the Dollar as CPI figures came out worse than expected at -0.1% vs. 0.2% forecast and stocks declined decreasing demand for higher yielding assets. Overall, USD/CAD traded with a low of 1.0449 and with a high of 1.0582. Today, Leading Index is expected at 0.8% vs. 1.1% prior, Wholesale Sales are expected at 0.6% vs. -1.4% prior. Bank of Canada Governor Carney will speak in New York about the monetary system.
CAD/USD – Last: 1.0579
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Resistance
|
1.0618
|
|
|
|
Support
|
1.054
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1.0502
|
1.0437
|
Research by http://www.ufxbank.com
Tags: Daily Forex Review, forex review
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