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Second day of the week and i hope your harvest have been good so far
Yesterday, we saw disappointment when the meet up of Greece and the officials from the European Union, ECB and IMF was delayed due to the suspension of air travel in Europe due to the volcanic ash from Iceland. Over in the US, i mentioned that the economy remains resilient as negative sentiments are being shrugged off as we can see from the momentum of the S&P 500.
While it is not clearly seen on the H4, The EUR/USD was hovering around the strong line of 1.3455 earlier and seem to be heading for another test of the 1.3400 region.
The American economy shows it’s resilient again as it resumes it’s climb towards the top.
Oil remains in the region and is currently around $85.
Gold is trading around $1139+.
An interesting point to note. While the German ZEW Economic Sentiment clocked in better than expected, the Euro currency did not strengthen. This suggests that the concerns over the Euro Zone and in particular the Greek deficit crisis remains high and the investors are just not ready to open up their money purse to the Euro.
The postponed meet up between Greece and the officials from the European Union, ECB and IMF will take place tomorrow and investors will be watching closely. Fear ranges from the threat of more strikes in Greece to the threat of a spill over effect of the crisis to other European countries.
In the US, around 80 percent of the companies in S&P 500 companies topped earning estimates so far in the 1st quarter reporting period. Sentiments are high with positivity and the belief of the American dream is strong. Having said so it is my humble koala duty to remind you that problems such as foreclosures, bank failures and unemployment still threatens to derail the recovery.
We are scheduled to be light on economic data tomorrow but pay attention to the global developments. Nonetheless, Fed Chairman Bernanke is scheduled to appear in public tomorrow and hence plan your trades well.
Bullish comeback may test 1.3455/550.
A successful breach of the 1.3400 line may see 1.3360 next.
A DLC update for Left 4 Dead 2 is due to be released soon. If you are a fan of this game, i am sure you are excited too! The survivors from L4D2 will get to meet the folks from L4D1 ! Have you ever wondered what will you do if this zombie craziness happened in real life?
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