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Good Friday to all!
Well it is the end of another week. Time for the weekends to come and go just as fast !
The woes of Dubai continues as traders, speculators rush to cash out early due to risk aversion or beer money on the friday! Hey nothing is worse than losing the money to buy beer right?
The S&P 500 dipped at the start but has since recovered close to 1100.
While sentiments are not as strong as before, the slow climb up suggests that the risk seekers may not be ready to give up as of now.
Oil is back at around $76, ranging for the longest of time. This suggests that the economy is not picking as quickly as hoped since demand for oil is not pushing up the price.
Gold our winner of the pack eases off to $1170+ now.
Notice the doji to today’s EUR/USD, the market may be uncertain now as we have a mix of bullish and bearish folks. Therefore it is important for us to pay attention to the developments of the Dubai problem. Bloomberg reports that the Bank Of America feels that the issue may worsen to become a ” major sovereign default”. If the problems do escalate, tighten your money management seat belts and keep an open mind to trade the charts.
Bullish endeavors should target 1.5000 while bearish folks may aim for 1.4910+
Hey koalas, i know i seem off the track these days and indeed my cough / cold has not recovered. I wonder if the Kangaroos are up to no good!! Am taking the chance to rest this week but no worries i will still be working off my furry koala *ss for you! Expect the EUR/USD Weekly Review and a forex education article this weekend!
Enjoy the Friday and drink safely!
Read more Forex Articles and Views by The Koala at www.thegeekknows.com