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Hello, it’s Tuesday, 18 June 2013, and I’m Martin Smith, financial analyst at UFXMarkets Trading Support Center with your daily trading outlook.
Wall Street finished the trading day in the green as investors estimate that the Federal Reserve is about to ease its massive stimulus program, which indicates that the economy may stand on its own. Indices also were supported by better than expected economic data from the U.S. The S&P 500 rose by 0.76%, closing at 1,641; the Dow Jones climbed by 109.67 points, closing at 15,200; and the NASDAQ rose by 0.83%, closing at 2,974.
The US Dollar traded mixed against most of the major currencies yesterday after Empire State Manufacturing Index came out much better than expected at 7.8 vs. 0.4. Investors are waiting for the Federal Reserve’s meeting this week before turning to the safe haven of the greenback. Today, the Building Permits is expected at 0.98 vs. -1.02 previously, and Core CPI at 0.2% vs. 0.1% previously. High volatility is expected in the greenback.
Gold fell by 0.50% closing at $1,384 an ounce while Crude Oil gained by 0.20%, closing at $98.12 a barrel as concerns that a U.S. decision to send armaments to the Syrian rebel forces may escalate into a regional conflict.
The Euro gained slightly versus the US Dollar on Monday as investors preferred not to take action before the Federal Reserve’s policy statement on Wednesday. Technically, according to the daily chart, the EUR/USD trend is strongly bullish as long as the pair maintains its support level of 1.3240 which is expected to complete the “W” pattern and keep rising towards 1.3440.
The Pound declined slightly versus the US Continue reading