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Market Opinion
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A down day for equity markets.
Mon, Dec 15 2008, 23:40 GMT
by James Whyte
Market View for December 16, 2008
U.S. Markets finished fractionally lower in today’s NY session. The focus today was the manufacturing index data out of the U.S, which came out negative to forecast. There were also downgrades among today’s news; with Goldman Sachs downgrading Apple to neutral and JP Morgan getting downgraded due to the slow down in the banking sector. Also in today’s market, many firms as well as investors are realizing the impact and the continued pain from the $50B wall street Ponzi scheme by Wall Street’s money manager-Bernard Madoff. Today the dollar took a heavy hit against the major currencies on speculation the fed will cut by another .25% in tomorrow’s meeting.
Our Focus Today:
USD/JPY: The USD/JPY has been trading relatively tight, since last week’s sell off during the Asian Markets to a low of 88.55. Soon after, the USD/JPY traded back to 91.55. The trend continues to be bearish. We currently have a resistance trendline coming in at 90.72, this trend begun from the highs of Dec. 10 and 11. The next visible resistance comes in at 90.98.
EUR/USD: The Euro has definitely changed its course since the beginning of this month, and regaining almost 1,100 points since then. Today’s ranges have been quite wide, with a low of 1.3426 and high of 1.3702. Next resistance is 1.3779, which are previous highs from October 9 and 14. In focus today is the manufacturing data out of the Euro Zone.
GBP/USD: With the Empire State manufacturing index coming in lower than expected and showing signs the economy is worsening, the dollar took a substantial hit against the pound and the euro. Cable gained over 350 points after this announcement and capping out at 1.5374. From here we should see a retest to the 23.6% Fibonacci from the high of September 25 and the low of Nov 4. There should be plenty of resistance at 1.5520-30 level.
Published on Mon, Dec 15 2008, 23:41 GMT
Archive
- Euro falls following Trichet's comments.
Published On Fri, Mar 6 2009, 04:59 GMT - U.S. Dollar advances vs. Yen.
Published On Thu, Mar 5 2009, 04:54 GMT - Dow dips to 12-year lows.
Published On Tue, Mar 3 2009, 06:29 GMT - Dollar index climbs to new highs.
Published On Sat, Feb 28 2009, 00:49 GMT - Dollar near 3-month highs.
Published On Mon, Feb 23 2009, 22:50 GMT
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