The Big Picture:
The DAX gained 0.28% on Wednesday. The stronger USD supporting the up move. Favorite stocks of the day were Deutsche Bank and Commerzbank. In the following days, markets will look to Jackson Hole, Wyoming, here, in the Rocky Mountains, the elite of the Fed meets annually, to discuss future interest police. The absolute highlight of this three day event is Fed President Janet Yellen´s appearance on Friday. Investors are hoping to gain information on the Fed´s future interest rate policy. Her predecessor, Ben Bernanke, often used this meeting to signal a change in interest rates to the market. Latest US economic data has been mixed, it will be interesting to see how Janet Yellen will interpret these numbers and which course of action will be taken.
Pre-Market direction of US Futures (07.00 CET)
The S&P is trading up 0.10%
The DAX is in an upward trend. Next resistance is seen at 10860, the support at 10500 has been successfully tested.
Euro / USD
The Euro is trading sideways in a large trend. Support is at 1,0822, resistance at 1,1429.
JPY / USD
The USD is in the process of forming a bottom. Support will be found at 100.31 on a closing level.
Gold mid term, is now trending upwards, short term we are seeing a sideways move. The next major resistance is at 1375, support at 1300. Gold is showing some short term weakness.
Oil is trending upwards, running into key resistance. WTI Oil is tending toward term weakness.
Prices on Wall Street dropped. The market is awaiting Friday´s Janet Yellen speech at the Fed Symposium in Jackson Hole. There are differing views on interest rate direction within the Fed.
Express, the clothing manufacturer, lost 25% after reducing their profit forecast. Stocks in Asia traded varied.Losses in Hong Kong and Japan stoop opposite gains in Indonesia and Thailand. The Euro trending slightly higher against theUSD. The Yen is unchanged against the USD. WTI Oil and Gold are trending slightly higher.
Today´s numbers (CET)
10:00 Germany: IFO Business Climate
14:30 USA: Durable Goods Orders
15:45 USA: Services PMO
Company news :
USA: Quarterly Earnings: Tiffany, amongst others
RoboForex Analytical Department
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.