{"id":5202,"date":"2009-12-10T08:02:24","date_gmt":"2009-12-10T13:02:24","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5202"},"modified":"2009-12-10T08:02:24","modified_gmt":"2009-12-10T13:02:24","slug":"forex-daily-market-review-dec-10-09","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/10\/forex-daily-market-review-dec-10-09\/","title":{"rendered":"Forex Daily Market Review Dec 10, 09"},"content":{"rendered":"
\"\"<\/a><\/div>\n

 <\/p>\n

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

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

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

Asia-Pacific<\/strong><\/p>\n

*Japanese GDP for the third quarter worse than expected at 1.3%<\/strong> annualized<\/p>\n

*Australian Trade Balance worse than expected at -2379M<\/strong><\/p>\n

*The Reserve Bank of New Zealand kept benchmark interest rate at 2.5%<\/strong><\/p>\n

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

*UK Nationwide Consumer Confidence better than expected at 73<\/strong><\/p>\n

*Switzerland\u2019s Unemployment rate lower than forecasted at 4.1%<\/strong><\/p>\n

*German CPI better than expected at 0.4%<\/strong> annualized<\/p>\n

*German Trade Balance better than expected at 13.6B<\/strong><\/p>\n

*UK Total Trade Balance in line with market estimations at -\u00a33.2B<\/strong><\/p>\n

*UK Pre-Budget Report<\/p>\n

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

*US EIA Crude Oil stocks dropped 3.8<\/strong> million barrels<\/p>\n

*US Wholesale Inventories better than expected at 0.3%<\/strong> <\/strong><\/p>\n

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

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

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

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

US stock markets recovered from earlier losses, closing on the positive side, in a day where Europe provided the headlines. The S&P closed up 0.4%.<\/strong> European stock markets reacted negatively as Standard & Poor\u2019s Ratings Services lowered Spain\u2019s outlook on its debt to negative, one day after Fitch Ratings downgraded five Greek banks, raising worries about further debt grade reductions in additional European countries. The British FTSE 100 dropped 0.4%<\/strong> and the German DAX Index declined 0.7%<\/strong> led by losses from banks and financial institutions. The Japanese Nikkei 225 fell 1.3%<\/strong> on disappointing GDP figures showing that the country\u2019s economy grew in the third quarter at a much slower pace than initially reported.<\/p>\n

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

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

The Dollar traded in a volatile manner against most majors in a day with no key US economic data releases. EUR\/USD altered between gains and losses, moving up to 1.4780<\/strong> to fall back below 1.4680<\/strong> and finally settling around 1.4725<\/strong>. The Pound weakened against the Euro and the Dollar ahead of the BoE\u2019s rate decision as the Chancellor of the Exchequer Alistair Darling\u00a0imposed a 50% tax on bank bonuses in his Pre-Budget Report and stated its intention to increase income taxes next year. The New Zealand dollar strengthened as the RBNZ left benchmark interest rate unchanged at 2.5%<\/strong> and its Governor Alan Bollard suggested that rate hikes may start in mid-2010. USD\/CHF continued to move away from parity aiming the 1.03<\/strong> level ahead of the SNB\u2019s interest rate decision. \u00a0The Yen strengthened against its US counterpart as the Japanese GDP for the third quarter increased by 1.3%<\/strong>, a much weaker expansion than the 4.8%<\/strong> initially reported.<\/p>\n

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

Gold extended losses with a visit under $1120<\/strong> as risk aversion and the Dollar\u2019s strength remain in place. Silver followed dropping below $17.40<\/strong>. Crude Oil briefly advanced as the weekly EIA stockpiles report showed an unexpected drop of 3.8 million barrels but quickly reversed to a massive sell-off, almost to the $70<\/strong> level, as the strong Dollar and the proximity of the holidays prompt investors to start unwinding their positions.<\/p>\n

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

EUR\/CAD DAILY<\/strong><\/p>\n

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

GBP\/JPY has been trading sideways in the wide 156-160<\/strong> range for the last six weeks. The cross has recently stepped out of the range, moving south to the 155 level, presenting the opportunity to open a Short position to take advantage of the building bearish pressure towards the 152.50<\/strong> support.<\/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 recovered from earlier losses, closing on the positive side, in a day where Europe provided the headlines…<\/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-5202","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5202","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=5202"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5202\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}