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Market Opinion
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Market View Jan. 26
Tue, Jan 27 2009, 05:17 GMT
by James Whyte
In the news: Last week was a time of change with the historic inauguration of the 44th President Barack Obama, in the United States. We begin a new week of trading and the last week of January 2009. Today the Asian markets seem a bit quiet with Australia out for a bank holiday. The Nikkei began trading higher at the open and reaching a high of 7,807 at midday, however it was not able to retain its gains ending the day -63.11 to close at 7,682. The British Pound opened lower (1.3735) and after the first hour of trading it traded at the low of 1.3549. The pound has been feeling the pressure after Friday’s Preliminary GDP numbers. European markets end the day on a positive note as its gets a boost by financials. Barclays reassured investors by saying it would work on reporting profits as the price of commodities and precious metals continues to climb. U.S. markets moving higher as December Existing Home Sales rose 6.5% from the previous month. This unexpected rise was due to decrease in inventories. Dow Jones currently trading up; +117.17(10:52am EST).
GBP/USD: The pound recovered after opening lower in Asian markets and touching a low of 1.3542 in London trading. The pound bounce as the FTSE moved higher on news from Barclays' letter to investors, reassuring them that the bank will produce healthy profits in the coming months. This news also pushed financials stocks higher. This news comes in well taken after the pound touched a low of 1.3500 on Friday and as it tried to retest that level in yesterday’s trading. This bit of confidence should bring some support for the pound. However, there is resistance at 1.4020/30 level which is 30 points away from the 100% Fibonacci retracement from the high of 1.3935 on Jan. 20 and the low of 1.3500 on Jan. 23,2009.
Published on Tue, Jan 27 2009, 05:22 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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