Wednesday, June 30, 2010

Forex day trading Europe open

Forex day trading With no major news releases of note, there won't be much to trigger further selloffs, however the weakness should continue in the buildup to Europe's opening. The markets continue to be weak through the Asian trading session this morning following a dismal US trading session in which the Dow shed 265 pts during trading last night. The markets have failed to find any inspiration or support from relief buying after a day in which worldwide markets experienced sharp selloffs on signs the global economic recovery was running out of steam, triggered first by China's downward revised leading economic index and then couple with the largely uninspiring US consumer confidence number released last night, which came out at 52.96, much lower than analysts expected (62.5). Asian equity markets extended their weakness into trading this morning; the Nikkei 225 broke an important support level of 9350, posting a seven month low of 9347 whilst the Shanghai Composite crashed through 2400, a level not seen since mid 2009. Turning to the currency markets, the Yen continued to benefit and bask in its 'safe-haven' status and was trading firmly around 88.50 levels. AUDUSD was marginally higher this morning after breaking below 0.8490 levels last night. Data from Australia this morning showed that housing prices increased and bank lending continued to be higher for a sixth straight month. For a nation that was one of the flag bearers in increasing rates and tightening cycles (due to inflationary concerns largely inspired by a robust housing market) the figures represent that the housing market down under is holding up rather well despite dampening demand as a result of potential future rate hikes.

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