Wall Street ended Tuesday session slightly higher on better than expected consumer confidence and Bernanke's nomination.
- US consumer confidence index beat economists' expectation and Case-Shiller home price index rose for a second consecutive month in June, adding more evidence to a US economic recovery.
- Crude Oil collapsed over 4% after failing to break through $75 a barrel earlier in the US trading session.Â Energy shares dragged heavy on the markets with Exxon Mobil's stock shedding 0.9% and Murphy Oil Corp losing 2.6%.
- The EURUSD eased off from yesterday's high at 1.4364 opening the Asian session at 1.4295 after the steep fall in crude oil prices.Â The euro is gaining against the sterling, approaching the strongest level in 11 weeks; on speculation business sentiment in Germany will post strong results today.
- The Ifo Institute's business climate index is expected to post an increase to 88.9 from 87.3 in July based on a survey of 7,000 executives.
- Asian stocks climbed higher with the MSCI Asia Pacific Index at two-week high, as Chinese companies increased earnings and better than expected US data spur optimism in the East.
- It's expected to be a big day for the stock market today with some key economic data due on the financial calendar today.
Currency to watch out for: EURUSD & GBPUSD
- The EURUSD pivot point is at 1.4260 with a preference to enter into long positions at 1.4270
- The GBPUSD pivot point is at 1.6270 with a preference to enter into long positions at 1.6280
Today's calendar and market movers:
- German Ifo Business Climate expected to rise to 88.9
- US Core Durable Goods Orders month on month expected to rise to 3.1%
- US New Home Sales expected to rise to 393,000
- US Crude Oil Inventories expected to show a -2.1 million change in the number of barrels held in inventory during the past week.
- Wall Street closed Tuesday trading session slightly higher with the Dow and NASDAQ up 0.3%, and the S&P higher by 0.2%.
- As of 06:10 GMT the Nikkei is trading at 1.36% and the Hang Seng at 0.46%