Majors gains

By IBTimes Staff Reporter | October 15 2007 5:00 AM

pure technical moves are dominating the markets without any major fundamentals since the morning; with some expectations that this calmness will continue till the release of the NY feds index later today in the US session. Whereas majors kept inclining against the US dollar; the Euro reached 1.42 levels; the British pound reached 2.0370 levels and finally the Japanese Yen continued trading in the same levels against the US dollar, the pair settled near 117.70 levels.

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The Euro recorded a low of 1.4160 in calm trading in the early session as it gathered some momentum to incline gradually recording a high of 1.4235.

The British pound started a calm trading to record a low of 2.0318 then inclined back again to record a high of 2.0392.

The Japanese Yen us still fluctuating against the US dollar in narrow ranges; as the pair recorded a high of 117.81 and low of 117.50.

We waiting for the NY feds index for the month of October with some expectations that it will decline to 13.1 from the previous 14.7.

Markets are still waiting for more assurances about the future benchmark rates from the United States; especially after the decline in the Producer Price Index that was released on Friday to reach between the feds comfort zone. As markets are waiting for the Consumer Price Index and the housing sector data later this week; were investors' are trying to benefit from this data to predict the future move that feds might take.