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Good day to all!
We left yesterday with an apparently positive sentiment. Economic data were looking good and the EUR/USD was bullish.
After topping out at around 1.3740, the currency pair crashed and is currently back at the strong line 1.3600.
The S&P 500 remains rather resilient, and this is reminiscent of the bullish run before the current correction.
Oil remains at around $78+.
Gold is currently trading at $1128+, facing pressure from the US Dollar.
While the Greece government came up with measures to reduce the deficit, strikes broke out again and threaten to hamper the action plan. The Greek Finance Minister commented on the need for the Euro Zone to display a clear sign of support by deciding on the specific details of aid. He felt that this is crucial in the stabilizing of the markets.
Over at the US, the Unemployment Claims fell compared to the previous release. While this is comforting, i feel that tomorrow’s Non Farm Payroll will be crucial. More clues will be given with regards to the US job market.
Unfortunately, US Pending Home Sales fell sharply. The poor job outlook may have a hand in this and this is not beneficial to the economy at all. Home Sales stimulates the economy with the various business activities associated with a home sales and hence the lack of it may have a dampening effect.
As mentioned, tomorrow brings us the US Non Farm Payroll and all eyes will be on it. Extreme caution to be advised. Other important releases include the German Factory Orders and the US Unemployment Rate.
A bullish comeback may see the currency pair testing 1.3680/740.
Further bearish developments may see us at 1.3550/455.
Yay the weekends are coming again! I look forward to spend more time reading on articles and staring at charts. By the way, is anyone playing Star Trek online here? I would love to do so so much but i know i will end up paying the subscription fee and not having the time to play. Sigh. Is it fun?
Anyway i hope you are enjoying this humble website of mine. If you know of friends who is in need of some koala guidance, share with them this website
Read more Forex Articles and Views by The Koala at www.thegeekknows.com