The Big Picture
The British Pound has resumed its downhill course, losing 17% against the USD since the start of the year. The largest losses were seen after the Brexit vote. Since deciding to leave the EU at the end of June, the Pound has lost 18.86%, much to the delight of tourist´s wallets. Established southern European countries are viewing this development with worry, as such the British air carrier Easyjet has announced a drop in passengers traveling to southern Europe. Naturally the weak Pound also puts pressure on German export industries, as the UK is a major trading partner. Hedge funds continue to bet on a further drop of the Pound, selling 95572 contracts. This amount is an all-time high.
The DAX is in a sideways trend. Resistance is at 10820, support at 10250.
Euro / USD
The Euro is in a large sideways trend against the Dollar. Support is at 1.0822, resistance at 1.1429.
USD / JPY
The USD is in an upward trend.
Gold is in a downward trend.
WTI Oil is in an upward trend
German stocks managed to trade up off their lows, yet still lost 1.04% on the day. Losing 4.08% , Commerzbank was the largest loser of the day. Vonovia rose 1.33% on the day. Weak trade balance data out of China gave rise to skepticism in regard to international growth and so put pressure on markets. Initial US Jobless Claims dropped, this had no effect on the market. Losses of the first half hour of trading were retraced, leaving the S%P 500 to close down 0.31%. In tech stocks the bio-tech sector saw a light rebound, closing at +0.37%. Asian markets are mainly higher. The USD gains on the Euro and Yen. Gold trades lighter and WTI Oil gains.
14:30 USA: PPI and Retail Sales
16:00 USA: University of Michigan
RoboForex Analytical Department
USA: JP Morgan,Wells Fargo, Citigroup
Without authorization, you can view no more than two reviews per day and no more than 10 per month. To continue reading analytical reviews, register or login to your Members Area.