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Euro Reaches a New 23-Months Low, The US Dollar Roars

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Currencies

  • The euro (EUR) commenced this week’s trading with a drop to 1.2665, recording a new 23-month low, against the US dollar (USD). The single currency remains under pressure as the German monthly Preliminary CPI will be announced today and is expected to drop by 0.1%.
  • The US dollar (USD) reached a new six-year high against the Japanese yen (JPY) at 109.65 earlier in the morning. The greenback carries on strengthening as US economy seems to recovering faster. Today, the monthly US Pending Home Sales will be announced and they are expected to drop by 0.4%.

Equities

  • US equities dropped on Friday as investors snapped up profits before third quarter closes. The US 500 (SPI) fell to 1970; the US 30 (DOW) went to 16983 and the US Tech (NDQ) to 4037.

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Euro Fell Below 1.28; Kiwi Trades Below 80 Cents

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Currencies

  • The euro (EUR) dropped down to its 14-month low at 1.2763 against the US dollar (USD). The single currency fell below 1.28 as German Business Confidence declined more than expected amid speculation that the ECB may add further stimulus measures.
  • The US dollar (USD) climbed all the way up to 109.33 from 108.48 against the Japanese yen (JPY). The yen depreciated further as Japan’s target is to increase inflation up to 2%, while at the moment it failed to boost export volumes.

Equities

  • The US indices rallied as the US New Home Sales came out better than expected, adding to the US economic growth. The US 500 (SPI) climbed from 1970 up to 1992 and the US Tech (NDQ) rose from 4032 up to 4089.

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Gold Rises as US Conducts Airstrikes Against Syria

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Currencies

  • The euro (EUR) failed to break above its resistance at 1.2900 and retraced back to 1.2838 against the US dollar (USD). The single currency rebounded from its yearly low as there are signals of uneven US economic recovery, adding speculation that the Fed may not rise interest rates until mid of 2015.
  • The US dollar (USD) slashed down to 108.24 against the Japanese yen (JPY). The yen gains as US conducts the first airstrikes against Syria and US home sales came out worse than expected yesterday. Thus, demand for safe haven assets rises.

Equities

  • The European indices dropped significantly as health care companies fell and any additional American tax rules may erode their takeover. Highlighting the major European indices, with the Germany 30 (DAX) dropped down to 9571, the UK 100 (FTS) declined to 6618 and the EU Stocks 50 (ESX) tumbled to 3188.

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Russian Rouble Falls to Record Lows

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Currencies

  • The euro (EUR) declined down to 1.2815 against the US dollar (USD) while its resistance lies at 1.2870. Mario Draghi stated yesterday that the ECB will control closely the balance sheet in order to prevent deflation. The European Flash Services PMI are due at 08:00 GMT and expectations are at 53.2.
  • The US dollar (USD) climbed up to 38.8350 against the Russian Rouble (RUB). The rouble fell to record low as the Oil prices are falling and on prospects that Fed may raise interest rates in the near term. The two events have a direct impact on the currency.

Equities

  • The US 100 (FTS) dropped down to its monthly low at 6731, as Tesco reported 250 Million Pounds overstated profits in its first half reports.

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