SubscribeDaily Futures Commentary October 13, 2009
Tuesday, October 13, 2009
Trading is returning to normal today following yesterday’s U.S. bank holiday. Overnight, the Dollar initially stated to show strength, but that quickly disappeared as demand for higher yielding assets showed no let up in Asia and Europe. Without any major U.S. economic reports today, look for the trend toward a weaker Dollar to continue. Earnings surprises could move the markets today.
The December Euro is expected to open higher despite a weaker German consumer confidence number. Overnight it was reported that the German ZEW Survey fell to 56.0 from 58.8. This report, which showed the first decline in 4 months, surprised traders which led to initial weakness in the Euro. Investors ignored the news and the market’s reaction and quickly bought the weakness to turn the market around.
Recent economic reports suggest the Euro should be breaking but traders continue to push it higher. Investors are acting as if the economic data is aged and that better times are ahead.
The trend turned down in the December British Pound overnight when this currency pair broke through 1.5853. This action also helped form a new swing top at …
Read More …
Loading ...
