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Yes and the ranging goes on…
The EUR/USD tested 1.3455 again and bounced off. While we are still ranging, this frequent test of 1.3455 suggests that folks want to take this pair lower.
An interesting point to note is the S&P 500 continues to be bullish and is currently testing 1120.
Oil is currently $77+.
Gold is now valued at $1120+. This is despite US Dollar strength and it indicates demand.
Sentiments are apparently good today as EU officials stated that they expect more deficit cutting measures to be coming from Greece. While this is good news, i will like to remind you that having a plan and executing it is different! Opposition and strikes may hinder the plan. ( Remember only yesterday folks were worried about the Germany Budget’s lack of consideration for Greece ? Sentiments and hence price action are fickle. Don’t be taken for a ride with it! )
Lately, i have been reading more and more reports on Britain being the next target of the deficit monster. With the GBP’s current performance, they may be some truth in it and hence be careful of “spill overs” affecting the Euro.
Over in the US, while the wall street folks are happy and positive for various reasons, sending up the S&P 500 in the meanwhile, the fact remains that we have troubled zones all over the world. They are in a middle of a big one! Unemployment, record deficit, foreclosures, etc. Being positive is good. Being over positive suggests denial!
Tomorrow brings us a few important releases. Euro Zone and German Retail Sales, US ADP Non-Farm Employment Change and ISM Non-Manufacturing PMI.
Bullish pressure may test 1.3600/80.
Further bearish sentiments may see us testing 1.3455/00.
Hey folks, how was your day? While we are so engrossed with our daily lives and forex, i think we should be empathetic towards to the world in whole too. My heart goes out to the disaster in Chile. I hope there can be as little suffering and misery as possible. Hunger is still rampant in the world too and many kids are not full. I donate to the UN World Food Programme on a regular basis and maybe you can consider this too. Do you know with 25cents, the UN WFP will be able to give one child a regular school meal?
Read more Forex Articles and Views by The Koala at www.thegeekknows.com