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Market Opinion
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Lawmakers agree on a stimulus plan.
Thu, Feb 12 2009, 01:24 GMT
by James Whyte
Markets for February 11, 2009 by James Whyte
In the news: Today’s U.S. Markets were quiet as the Bank CEOS appeared before the house financial services committee. Also lawmakers agreed on a $789 billion stimulus plan today as President Barack Obama noted it was urgent to keep the U.S. Economy from heading into a deeper depression. At the closing bell the Dow posted modest gains of 50.65 or .64 percent. Oil settled below $36 a barrel as inventories increased and demand decline is felt across the country.
Euro vs. Dollar: The dollar is poised to gain versus most major currencies in the coming weeks. We have seen the trend in Eur/Usd since the middle of December last year. The Dollar will continue to gain vs. the Euro as investors gear away from higher-yielding currencies on a continued slowing of the global economy. It is speculated the U.S. domestic product will contract 1.6 percent in 2009 and the Euro zone will also decline an estimated 2 percent. Looking at a 4 hour chart we have several key levels to keep in mind. Currently trading at 1.2870 (6:27pm est.) the next visible support from a rising trend line comes in at 1.2775/85 a break of this level will take the pair to 1.2690/1.2700 (previous lows from February 2, 2009). Currently resistance is seen at 1.3020/30 from a downtrend resistance line.
Published on Thu, Feb 12 2009, 01:27 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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