{"id":5149,"date":"2009-12-08T08:00:13","date_gmt":"2009-12-08T13:00:13","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5149"},"modified":"2009-12-08T08:00:13","modified_gmt":"2009-12-08T13:00:13","slug":"forex-daily-market-review-dec-08-09","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/08\/forex-daily-market-review-dec-08-09\/","title":{"rendered":"Forex Daily Market Review Dec 08, 09"},"content":{"rendered":"
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Market Movers of the Day<\/strong><\/p>\n

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

*Swiss Adjusted Retail Sales better than expected at 3.1%<\/strong><\/p>\n

*EU Sentix Investor Confidence worse than expected at -5.5<\/strong><\/p>\n

*German Factory Orders surprised for the worst at -2.1%<\/strong><\/p>\n

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

*Canadian Building Permits beat market forecasts at 18.0%<\/strong><\/p>\n

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

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

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

US stock markets advanced as Federal Reserve Chairman Ben Bernanke stated in his speech that US economy confronts \u201cformidable headwinds\u201d to sustain expansion at a moderate pace. Bernanke added that inflation is likely to remain subdued suggesting that the Fed will not raise interest rates in the near future. The S&P was up 0.3%<\/strong> and the Dow 0.5%<\/strong> after Bernanke\u2019s declarations. In Europe, the British FTSE 100 slid 0.2%<\/strong> driven by losses from natural resources companies as metal prices continued to decline. The German DAX Index dropped 0.6%<\/strong> as Factory Orders unexpectedly fell in Europe\u2019s largest national economy. The Japanese Nikkei 225 added 1.5%<\/strong> led by electronic companies as the strength of the Dollar against the Yen improves conditions for Japanese exporters.<\/p>\n

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

The Dollar continued to advance after the surprisingly strong Nonfarm payrolls on Friday but gave up some gains after Fed\u2019s Chairman Bernanke\u2019s views on the US economy. EUR\/USD fell to the 1.4750<\/strong> area but corrected above 1.4850<\/strong> as Bernanke\u2019s declarations suggested no rate hikes for the time being. GBP\/USD extended its decline as well, briefly falling below 1.6320,<\/strong> but recuperated to trade above 1.6450<\/strong>. The Canadian dollar rose as Canada\u2019s Building Permits came much stronger than expected with an 18% gain in October. The Yen strengthened across the board with USD\/JPY failing to hold above 90<\/strong> after last week\u2019s rally.<\/p>\n

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

Gold continued to weaken as the Dollar advanced touching $1135<\/strong> an ounce intraday but managed to climb above $1155<\/strong> as the Greenback gave up gains. Silver traded below $17.85<\/strong> before Bernanke\u2019s speech and corrected to settle in the $18.15<\/strong> area. Crude Oil extended losses for a fourth straight day falling below $74<\/strong> a barrel.<\/p>\n

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

GBP\/JPY DAILY<\/strong><\/p>\n

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GBP\/JPY has been trading in a volatile manner with swift changes in direction. After a steep fall that took the cross to a brief visit below 140<\/strong> came an equally sharp bullish movement to the critic area around 148.50<\/strong>. \u00a0This price level acted in the past as a resistance as well as a support, and the current failed attempt to break above it suggests that GBP\/JPY\u2019s next move could be a bearish one.<\/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 – US stock markets advanced as Federal Reserve Chairman Ben Bernanke stated in his speech that US economy confronts…<\/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-5149","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5149","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=5149"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5149\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5149"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5149"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5149"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}