Wall Street finished trading in the red despite a positive start to the day. The market has been rising continuously over the past five years with a yield of 170%. This long term bullish trend is worrying investors. The S&P 500 declined by 0.51%, the NASDAQ by 0.40%, and the Dow Jones by 0.41%. The US Dollar remained almost unchanged versus most of its major counterparts despite the JOLTS Job Openings report coming out worse than expected at 3.97M vs. 4.02M forecast, which should have weakened the Dollar. Today’s fall in the U.S market should have caused the US Dollar to rise. Investors are waiting for the Unemployment Claims report, which is due to be released tomorrow. Apple rose by 0.97% after an analyst at Pacific Crest Securities bank upgraded his share price to $635 per share. Gold rose by 0.54%, closing at $1,347 an ounce, while Crude Oil fell by 1.45%, closing at $99.47 a barrel. The euro weakened slightly versus the US Dollar after the German Trade Balance report came out worse than expected at 17.2B vs. 19.3B forecast. The EUR/USD is trading in an ascending channel close to the strong resistance level of 1.3900. Breaching this resistance could lead the pair to around 1.4000. Today, the Industrial Production report is forecast at 0.6% vs. -0.7% previously.
The Pound dropped versus the US Dollar despite the Manufacturing Production report coming out better than expected at 0.4% vs. 0.3% forecast. The GBP/USD is trading close to the support level of 1.6594 and is expected to rise towards 1.6700 again. However, crossing below the support level may lead the pair to 1.6500 areas soon.
Wall Street finished trading in the red over concerns about the rising tension in Ukraine, and the release of the Unemployment Rate, which rose by 6.7%, also adding to investor’s anxiety. The US Dollar closed almost unchanged versus most of its major counterparts as investors await new economic data. The JOLTS Job Openings report is expected at 4.03M vs. 3.99M later today, and the Retail Sales report on Thursday should strengthen the US Dollar against the other majors. Gold rose by 0.13%, closing at $1,340 an ounce. Crude Oil fell by 1.46%, closing at $100.92 a barrel. The euro weakened slightly versus the US Dollar after the Sentix Investor Confidence report came out worse than expected at 13.9 vs. 14.3 forecast. The EUR/USD has been trying to breach the strong resistance level of 1.3910 with little success. Succeeding in this should push the pair to around 1.4000 or higher. The Pound dropped versus the US Dollar after Bank of England Deputy Governor Charlie Bean said that he would like to see a drop in sterling to help UK exports. As long as the GBP/USD is trading above the key support level of 1.6610 the pair’s momentum is bullish and it should continue to rise to around 1.6800. Today, the Manufacturing Production report is forecast at 0.3% vs. 0.3% previously.
For more currency & commodity news & info, visit http://ufx.co/UFXM-youtube Hello, it’s Monday, March 10 2014, and I’m Martin Smith, financial analyst at UFXMarkets Trading Support Center with your daily trading outlook. Wall Street finished trading mixed after the Non-Farm Payrolls report came out better than expected at 175K vs. 151K forecast. The S&P 500 rose by 0.05%, the NASDAQ fell by 0.47% and the Dow Jones increased by 0.19%. The US Dollar strengthened versus most of its major counterparts after the Unemployment Rate report came out worse than expected at 6.7% vs. 6.6% forecast. Tension from a possible escalation of the conflict in the Ukraine is also leading investors to buy into the safe haven of the US Dollar. Gold dropped by 0.73% to close at $1,340 an ounce. Crude Oil rose by 0.82% to close at $102.64 a barrel. The euro rose versus the US Dollar after the German Industrial Production report came out better than expected at 0.8% vs. 0.7% forecast. The EUR/USD has created a Double Top pattern. Failing to breach the resistance level of 1.3895 may cause the pair to drop to 1.3700 areas once again. The pair has also hit the upper band of Bollinger Bands indicator, which signals a possible fall to the lower band. The Pound dropped slightly versus the US Dollar as investors speculate that the Bank of England will keep their monetary policy in order to reach the 2% inflation target for 2014. The GBP/USD is trading between the support level of 1.6600 and the resistance level of 1.6784. A further fall towards the support level is likely. The US Dollar strengthened versus the Canadian Dollar after the Employment Change report came out worse than expected at -7.0K vs. 16.9K forecast, while the Unemployment Rate Continue reading →
The US Dollar rallied last week, posting a 6-week high against the Japanese Yen, in response to a better than expected Non-Farm Payrolls report. According to the Labor Department, Non-Farm Payrolls increased by 175,000 for the month of February.
The Canadian Dollar posted its steepest decline against the US Dollar in over 2 weeks as a result of an unexpected drop in jobs for February, reviving speculation among investors that the central bank might cut interest rates in order to boost the Canadian economy. According to Statistics Canada, employment declined by 7,000 jobs. In the United States, Canada’s largest trading partner, there was a gain of 175,000 jobs during the same month.
The Canadian Dollar was last trading against the US Dollar at the level of 1.082, an increase of 0.89%.
The Pound hit a 1-month low against the euro after European Central Bank President Mario Draghi refrained from adding stimulus measures to the economy. On the other hand, better than expected data regarding British manufacturing, mortgage approvals, and services for February caused the Pound to hit a nearly 3-week high against the US Dollar.
The Pound was last trading against the US Dollar at the level of 1.6719, a decrease of 0.11%.
The positive economic data from the US bolstered WTI crude oil, which had dropped earlier in the week amid fears that the presence of Russian military in the Crimean Peninsula would disrupt energy supplies. Better than expected German industrial output also contributed to the rise of crude oil. According to the Energy Information Administration, US supplies of crude oil rose to 363.8 million barrels last week, the highest since December. WTI Crude Oil was last trading at the Continue reading →
US indices were mixed after the release of the ADP Non-Farm Employment Change and the Beige Book. The NASDAQ rose by 0.20%, and the Dow Jones lost 0.22% from its value. The German DAX 30 index rose sharply to close the gap at the 9,600 resistance level. Today, the interest rate decision is likely to cause high volatility and a rise to around 9,670. Breaching this level could lead to a further rise to 9,750. Gold closed unchanged at $1,336. Gold is trading in an ascending channel with the support level at 1,325. Crude Oil has fallen sharply in the last two days following the release of the Crude Oil Inventories which came out higher than anticipated. The EUR/USD traded almost unchanged despite the Retail Sales report coming out better than expected. According to 1-hour chart, the pair has created a symmetrical triangle. Over the next few hours, the pair may break either above or below this pattern. It really depends on how the European markets react to the US data and the Minimum Bid Rate, which is expected today. The Pound rose against most of the major currencies as the Services PMI came out higher than expected. The GBP/USD failed to cross below the support level at 1.6600 and this is a strong signal for a continuation in the pair’s bullish momentum. Today the official Bank Rate is expected at 0.50% and the Asset Purchase Facility expected unchanged at 375B. Any change may cause high volatility. The Canadian Dollar rose against the other majors with the Overnight Rate coming out as expected at 1.00%. The USD/CAD finished the trading day around the 1.1030 support level. Breaking the 1.1000 may lead the pair to 1.0900. However, any change in momentum could lead to a Continue reading →
Wall Street finished in the green with the S&P 500 hitting another record high. The Dow Jones rose by 1.41% and the NASDAQ added 1.41% to its value. The S&P 500 rose by 1.53% to reach a new record at 1,873. The US Dollar remained almost unchanged against its major counterparts with the release of no significant economic data. This Friday the Labor Department will release its February jobs report which is expected at 151k vs. 113K previously. Today, the Beige Book is due for release at 19:00 GMT. Gold dropped by 1.07% closing at $1,336 an ounce. Crude Oil fell by 1.28% to close at $103.32 a barrel. The Euro rose slightly against the US Dollar after the Spanish Unemployment Change report which came out better than expected at -1.9K vs. 74.2K forecast. The EUR/USD has created a descending triangle pattern, with the support at 1.3720 and resistance at 1.3760. Breaching the resistance level may take the pair back to around 1.3800 areas again. Today, the Retail Sales report is expected at 0.9% vs. -1.6% previously. The Pound remained unchanged against the US Dollar even the Construction PMI report came out worse than expected at 62.6 vs. 63.6 forecast. The GBP/USD is trading in a Symmetrical Triangle. Should the pair breach above the resistance of 1.6700, it may continue rising towards 1.6760. If it crosses below the support level of 1.6630, we expect it to fall to around 1.6550. Today, the Services PMI report is expected at 09:30 GMT. The Japanese Yen fell against the US Dollar as the Average Cash Earnings report came out worse than predicted at -0.2% vs. 0.3% forecast. Technically, according to the 1-hour chart, the USD/JPY is meeting strong resistance at 102.26 and from this point the pair is starting Continue reading →
Wall Street finished trading in the red due to rising tensions in Ukraine. The S&P 500 fell by 0.74%, the Dow Jones by 0.94%, and the NASDAQ lost 0.75% from its value. The US Dollar rose against its major counterparts after the release of positive economic data. The Personal Spending report came out at 0.4% vs. 0.2% forecast, and the ISM Manufacturing PMI report at 53.2 vs. 52.3. The Federal Reserve continues to monitor the economy to determine the need to continue the reduction in bond purchases and whether to begin to raise the interest rate. This Friday sees the release of the Non-Farm Payrolls. Gold rose by 0.94% closing at $1,350 an ounce. Crude Oil rose slightly by 0.17% to close at $104.66 a barrel. The Euro fell against the US Dollar after the release of the Spanish Manufacturing report which came out worse than expected at 52.5 vs. 53.2 the forecast. The EUR/USD is moving in a negative momentum, and is moving towards the support of 1.3710. If the pair succeeds in breaking the support, it may continue dropping towards 1.3640. The Pound fell against the US Dollar as the Net Lending to Individuals report came out worse than expected at 2.1B vs. 2.5B forecast. The GBP/USD is trading below the resistance level of 1.6766. The pair has created a double top pattern which may cause a drop in price to around 1.6400. This may happen should the pair breach the support level of 1.6580. The RSI indicator points to a negative momentum. The Australian Dollar rose against the US Dollar after the ANZ Job Advertisements revealed a rise of 5.1%. The AUD/USD has been trading below the strong resistance level of 0.8970 since December 2013. As long as the pair continues to maintain Continue reading →
Wall Street finished the trading session mixed last Friday after the GDP report came out lower than estimated. The S&P 500 rose by 0.28%, the Dow Jones by 0.30%, and the NASDAQ lost 0.10% from its value. The US Dollar fell against the other major currencies after the GDP report came out worse than predicted at -0.5% vs. -0.2% forecast, and the Pending Home Sales report also worse at 0.1% vs. 2.9% forecast. Today, the Personal Spending report is expected, and the ISM Manufacturing PMI at 52.3 vs. 51.3. Gold fell by 0.40% closing at $1,326 an ounce as investors prefer to seek gains in equities. Crude Oil rose 0.69% to close at $102.67 a barrel. The Euro rose against the US Dollar after the CPI Flash Estimate came out better than predicted, and German Retail Sales at 2.5% vs. 1.2%. The EUR/USD has created a Triple Top pattern at the resistance level of 1.3817, which is a strong position on the weekly chart that might cause a further heavy drop. If the EUR/USD holds this condition, it may fall to around 1.3600 again. Today, the Spanish Manufacturing PMI report is expected at 53.2 vs. 52.2, and European Central Bank President Mario Draghi will speak at 14:00 GMT. The Pound rose against the US Dollar as the Nationwide HPI report came out unchanged at 0.6%. The GBP/USD is trading below the resistance level of 1.6761, and is expected to continue in this negative momentum supported by the RSI indicator. If the pair crosses below the support of 1.6695, it may fall to around 1.6620 again. However, if it breaches the resistance level, it may rise to 1.6800. The Australian Dollar fell against the US Dollar after the Private Sector Credit report came out worse than expected at Continue reading →