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Good day to all.
We had a pretty quiet trading session so far. Bounded within a range of a 100 pips.
After the EUR/USD’s failed attempt to test the 1.4000 line days earlier, the determined bears aim for a second try.
The S&P 500 continues it’s breakdown. Slowly but surely.
Oil remains around $72+.
Gold drifts further from the $1100 mark, valuing at $1091+ at the moment.
Risk aversion seems to continue on as the main cause of the current correction.
Reports by analysts about a possible future break up of the Eurozone simply adds on to the “flight to safety” party! Views have been given on the severity of Greece’s problem and about Spain being the probable next.
In a report by the IMF, it is stated that the global financial system remains “fragile,” with sovereign debt posing a risk to markets.
The US New Home Sales came in earlier lower than expected. I always believe that home sales is important to an economy and investors will probably see this in a negative light.
The US federal funds rate will be announced later. While it is most likely that the rate stays the same, investors will be paying close attention to the statement given by the FOMC as they attempt to decipher clues to future policies. Spikes may happen if an unexpected comment is made.
We have more important releases due from the US and Eurozone tomorrow including the US Unemployment Claims.
Bulls may need to overcome 1.4080 first before targeting 1.4150.
A successful breech of the 1.4000 line may open 1.3940 up next.
It is mid week and how are you folks surviving? I am very exhausted and i am probably going to try to turn in early. The koala in me is calling out. Bed time!
Trade safety and no margin calls!
Read more Forex Articles and Views by The Koala at www.thegeekknows.com