SubscribeDaily Futures Commentary for September 18, 2009
Friday, September 18, 2009
The U.S. Dollar is expected to open better this morning. With little economic data to move the market, profit-taking may dominate the trade today.
The December Euro could give back some of its gains this week, but should still finish better for the week. The December Canadian Dollar is still up for the week, but in a position to give up all of its gains. The December Japanese Yen is in a position to post a closing price reversal top. Finally, the weakest currency, the December British Pound should close near its low.
Pessimism about the strength of the global economic recovery is weighing on the markets overnight. This could spillover to the day session which would weaken stocks and higher yielding currencies. The markets could also begin to see position squaring ahead of next week’s Federal Open Market Committee meeting.
Yesterday’s U.S. economic data indicated that the economy was improving. This news somewhat confirmed earlier comments by Fed Chairman Bernanke that the U.S. recession was likely over.
The improved economic data along with the oversold U.S. Dollar is beginning to …
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