{"id":3972,"date":"2009-09-23T07:48:45","date_gmt":"2009-09-23T12:48:45","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=3972"},"modified":"2009-09-23T07:48:45","modified_gmt":"2009-09-23T12:48:45","slug":"etoro-daily-market-review-sep-23-09","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/09\/23\/etoro-daily-market-review-sep-23-09\/","title":{"rendered":"eToro Daily Market Review sep 23, 09"},"content":{"rendered":"
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Investors Were Optimistic Ahead of the Fed\u2019s Decision<\/strong><\/p>\n

Wall Street continued to climb during yesterday\u2019s session, boosted by better than expected data and inclining commodity prices. Even though the start of the session was characterized by high volatility, the major indices found support just off their open and climbed throughout the trading day. The S&P500 finished the session, with a 0.66% gain, while the Nasdaq closed higher by 0.39%.<\/p>\n

Economic data also had an influence on the trading day as home prices rose by a seasonally adjusted 0.3% in July. One must note that even though the figure was under expectations it still had a positive effect on the trading day climbing compared to June\u2019s figure. June\u2019s price increase was revised lower to a 0.1% gain, down from 0.5% previously reported. In addition, the Richmond Manufacturing index came out lower than expected but showed a no change situation, compared to its previous result.<\/p>\n

Bank of America also grabbed the spot light yesterday, failing to stand up to the government\u2019s deadline, regarding providing information about its Merrill Lynch & Co buy out. According to the SEC the bank broke securities laws by failing to disclose complete and accurate information about the bonuses paid to Merrill Lynch\u2019s employees.<\/p>\n

Today Will Be the End of a Two Day Discussion<\/p>\n

The Dollar continued to lose ground during yesterday\u2019s trading day, pushed lower by a higher equity and commodity market. Crude oil jumped back to above $71 per barrel, while Gold jumped above the $1000 mark. From a technical point of view, and as shown on previous reports, Gold bounced off its minor trend line to climb higher. The Fed\u2019s outlook today should determine Future price action.<\/p>\n

Gold – Daily Chart<\/p>\n

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Even though investors are currently pricing in a no-change scenario, many will be scrutinizing the speech that follows the decision. If the tone of today\u2019s speech is more upbeat, it could be initially positive for the U.S Dollar. So far the Fed has recognized that the U.S economy is improving but has failed to hint about any future rate hikes. Will this time round be any different? According to some, the Fed will only slow the pace of its purchasing program, but will not completely bail out on its recent stimulus.<\/p>\n

The NZD\/USD surged higher during morning hours after New Zealand\u2019s GDP result showed an impressive figure. The QoQ figure showed that New Zealand\u2019s economy improved in the second quarter by 0.1%. The NZD\/USD jumped, following the release touching a new high for 2009. From a technical point of view the pair climbed above resistance, but has yet to form a whole candlestick above the critical level.<\/p>\n

NZD\/USD- Daily Chart<\/p>\n

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Market Data to Watch Out For<\/strong><\/p>\n

Even though a wave of data is coming out today, starting with Germany and France\u2019s PMI results, the main event will be the rate decision. The intraday session should be slightly volatile today, but should receive a clear direction following the FOMC result.<\/p>\n

Market Analysis provided by eToro<\/span><\/a><\/strong><\/p>\n

Disclaimer: Trading in the Foreign Exchange market might carry potential rewards, but also potential risks. You must be aware of the risks and are willing to accept them in order to trade in the foreign exchange market. Don\u2019t trade with money you can\u2019t afford to lose.<\/p>\n

\u00a9 2009 eToro Blog.<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By eToro – Wall Street continued to climb during yesterday\u2019s session, boosted by better than expected data and inclining commodity prices…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-3972","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3972","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=3972"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/3972\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=3972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=3972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=3972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}