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Hi all koalas.
How are you doing this Thursday?
I am now on-board a ship for the night but my dedication to you koalas remains
Yesterday we saw the US ADP Non-Farm Employment Change turn out worst than expected. As the unemployment situation in US is critical, folks were dismayed and a mad rush to sell off their US Dollar holdings probably happened.
Now it is time to look at the EUR/USD.
Bouncing off the resistance of 1.3550, the currency pair heads towards the support of 1.3455.
The S&P 500 is not open at the moment but it closed at 1169.43. The US economy seems pretty resilient for now. Investors are apparently pleased with the US economy and sentiments remains positive.
Oil is currently at $83+. As oil can be a clue to the global economy, it seems to suggest that the global economy may be in a new phrase of recovery.
Gold is at $1116.
The US unemployment claim was announced moments ago. Coming in close to estimates, the market moves on. I will like to remind everyone that the main event of the week, crazy margin call US Non Farm Payroll is due to indicate a positive increase in jobs. Should this data fall short or even goes towards the negative region, investors may be worried and risk aversion may develop.
Over at the Euro Zone, trouble seems to be brewing again. Greece bond yields have increased, indicating that the market is demanding more of a premium to hold her debts. I said many times the Greece deficit crisis is beyond a simple fix and hence watch out for adverse developments.
We have more important data coming up next including the US ISM Manufacturing PMI and tomorrow’s NFP.
Bullish momentum may bring us back to 1.3550.
Any bearish attack may take us back to 1.3400.
Ok koala buddies i need to sign off now. Enjoy your Thursday and i’ll see you tomorrow!
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