{"id":4856,"date":"2009-11-17T08:02:00","date_gmt":"2009-11-17T13:02:00","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4856"},"modified":"2009-11-17T08:02:00","modified_gmt":"2009-11-17T13:02:00","slug":"forex-daily-market-review-17-11","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/11\/17\/forex-daily-market-review-17-11\/","title":{"rendered":"Forex Daily Market Review 17.11"},"content":{"rendered":"

Market Movers of the Day<\/strong><\/p>\n

<\/strong><\/p>\n

Europe<\/strong><\/p>\n

*EU Consumer Price Index worse than expected at 0.2%<\/strong><\/p>\n

*EU Core Consumer Price Index at 1.2%<\/strong>, in line with market estimations<\/p>\n

Americas<\/strong> <\/strong><\/p>\n

*US Retail Sales at 1.4%<\/strong>, better than forecasted<\/p>\n

*US Retail Sales ex. Autos below expectations at 0.2%<\/strong><\/p>\n

*US Empire State Manufacturing Survey worse than expected at 23.5<\/strong><\/p>\n

*US Fed\u2019s Chairman Bernanke speech<\/p>\n

The Overall Sentiment<\/strong> <\/strong><\/p>\n

<\/strong><\/p>\n

<\/strong><\/p>\n

Equities<\/strong><\/p>\n

US stock markets rallied boosted by better-than-expected Retail Sales figures and the assurance of Asian countries to keep stimulus policies in place. The Dow advanced 1.3%<\/strong> and the S&P added 1.5%<\/strong> reaching its highest level in 13 months. Energy companies were on the driver\u2019s seat as oil climbed the most in four weeks. The positive sentiment was felt all across the globe as the APEC members expressed their commitment to maintain stimulus measures to support the recovery of their national economies. In Europe the DAX advanced 2.1%<\/strong> and the FTSE 100 rose 1.6%<\/strong> hitting a 14-month high. Japanese Nikkei 225 gained 0.3%<\/strong>.<\/p>\n

<\/strong><\/p>\n

Forex<\/strong><\/p>\n

The Dollar continues to weaken remaining slightly above 15-month lows against its major counterparts. During Europe\u2019s trading hours the greenback remained little changed even with the release of a weak CPI for the Euro-zone. Later on, as chairman Bernanke reassured the Fed\u2019s commitment to a strong Dollar the greenback spiked. The move was rapidly reversed as Bernanke\u2019s pessimistic views about a slow economic recovery was interpreted by traders as grounds for the US central bank to keep low interest rates and quantitative easing policies for as long as possible. The EUR\/USD jumped to an intraday high above 1.50<\/strong> but corrected to remain expectant slightly below this psychological level. The Pound was the best performer of the day versus its US peer trading above 1.68<\/strong>, its highest levels in 3 months. The currencies tied to commodities advanced as Oil rallied and Gold hit a new record high. The Aussie dollar briefly topped above 0.94<\/strong> reaching a fresh 15-month intraday high but corrected to settle around 0.9360<\/strong> ahead of RBA\u2019s Monthly Minutes. USD\/JPY lost strongly consolidating around 89<\/strong>, its lowest level in a month.<\/p>\n

<\/strong><\/p>\n

Commodities<\/strong> <\/strong><\/p>\n

Gold hit a new record once again trading above $1143<\/strong> as investors turn to alternative investments to the weakening Dollar. Silver soared to top above $18.40<\/strong> reaching its highest level in 15 months. Crude Oil rallied touching the $80<\/strong> mark to finally close around $79.50<\/strong>.<\/p>\n

The Day Ahead<\/strong><\/p>\n

The day will start with the Reserve Bank of Australia\u2019s Monthly Minutes which will be followed by traders to assess the pace of rate hikes and removal of monetary stimulus. During the European session Swiss Retail Sales and UK CPI figures will be released followed by the Euro-zone Trade Balance, in which better-than-expected numbers could send the EUR\/USD to test the 1.50<\/strong> once again. Moving to the US, Produce Price Index, Treasury International Capital Flows report\u00a0and Industrial Production are due for release.<\/p>\n

Technical Analysis<\/strong><\/p>\n

NZD\/USD DAILY<\/strong><\/p>\n

\"\"<\/a><\/strong><\/p>\n

After topping at 0.7629<\/strong> NZD\/USD corrected finding support just below 0.71<\/strong>. It regained strength developing a new bullish attempt to reach for higher highs. The following sessions should be closely followed for the opportunity to join the uptrend wave or the chance to go Short if the break fails and a double-top formation appears.<\/p>\n

Daily Forex 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 – The Dollar continues to weaken remaining slightly above 15-month lows against its major counterparts. During Europe\u2019s trading hours the greenback…<\/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-4856","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4856","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=4856"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4856\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}