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Currency and Stock Markets Weekly Outlook
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Still on earning reports
Mon, Apr 21 2008, 10:29 GMT
by Przemysław Kwiecień
While on the macroeconomic front this week will be much more relaxed, investors still remain focused on earnings reports published by global corporations. Those include today’s Bank of America (expected eps 0,41 USD), tomorrow’s Yahoo (0,09 USD) and AT&T (0,74 USD), Glaxosmithkline and Boeing (1,35) on Wednesday, Microsoft (0,44) and Credit Suisse on Thursday and Ericsson (0,28) on Friday to name only the hottest. Among macroeconomic reports one should stay vigilant before the US homes sales (used on Tuesday and new on Thursday), as well as durable orders (also on Thursday).
The situation is still far from clear on major currency pairs. The euro is failing to record another wave of appreciation, despite the record scored last week. On the USDJPY a support on 102,60 has been conquered last week sparking a sharp rise but today the Japanese currency is on the rise. The situation on the GBPUSD is increasingly mysterious. The British pound not only broke its positive correlation with other European currencies but seems to stepping in the negative correlation territory. It is still too early to judge if it’s a new phenomenon or just a side effect of the resistance slightly above 2,0.
After the “better-than-expected” earning results last week (at least on average) the S&P500 is just under a significant resistance (at 1395 points) and it will take another wave of good news to go through it. So far, investors in Europe seem to doubt in such prospects and cash their profits.
Published on Mon, Apr 21 2008, 10:30 GMT
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