East London’s technology hub is established well beyond start-up status: Thousands of new web firms now work in the offices around Old Street and on any given day the area’s coffee shops buzz with young hopefuls meeting advisers and investors. Britain’s government has christened the area “Tech City” and makes no secret of its hope that the entrepreneurial ventures being dreamed up there can spearhead an economic boost to lift the country out of a long recession. …
The Federal Reserve said Americans spent $19.6 billion more using credit in May than in April, the largest rise since May 2012.
Hedge fund investors were recently borrowing aggressively to fund stock bets relative to their strategies since the financial crisis, a Federal Reserve survey showed on Monday. The Fed’s Senior Credit Officer Survey showed one in five respondents reported hedge fund client’s leverage, a measure of the amount of debt used to make financial bets, was near its highest level for equity-oriented funds since a pre-crisis peak.
Ahead of its five-year anniversary, Apple’s App Store has started offering several popular applications, including Infinity Blade II and Tiny Wings, for free.
With fresh promises from Greece to redouble its reform efforts to keep international financial aid flowing, euro zone finance ministers are meeting to decide if Athens gets the cash it needs all at once or by drip feed. Sonia Legg reports
Lloyds Banking Group shares jumped to a 2-1/2 year high as overseas investors stepped up their interest in buying part of the bank and media reports suggested some may want half the government’s stake. Former Standard Chartered chief executive Mervyn Davies is talking to others about forming a consortium to be an “anchor” or cornerstone investor in part-nationalized Lloyds- which the government is planning to sell.
Rick Reagan has advice on how to spend and save wisely.
Even as the Indian rupee breached the 61 mark against the U.S. dollar for the first time ever on Monday, finance expert Akash Jindal has highlighted the dire consequences of the event on the lives of people.
Wal-Mart’s India expansion is stalled. When India announced last September that it would allow foreign supermarket chains to take majority ownership of their Indian operations, it marked a victory for Wal-Mart Stores Inc (WMT), which had spearheaded efforts to open the market and said its first retail store would open within two years.
EURUSD: The euro fell for a third consecutive week last week against the US dollar and dropped through the major 1.3000 support and resistance level, also breaking below a supportive trendline. Looking out for this week, the 1.2750 level shapes up to be a very important level for this currency pair. A drop below this level will likely accelerate the downward price action and bringing up a possible test of 1.2500 in the near future.
Meanwhile, if prices can consolidate and stay above the 1.2750 level, we could see the bulls pushing the pair up for a new test at the 1.3000 level again. Near term resistance this week looks to be at the 1.2850 level while the downtrend must overcome the 1.2800 threshold before the 1.2750 test becomes a reality.
Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis
