{"id":5275,"date":"2009-12-15T07:56:12","date_gmt":"2009-12-15T12:56:12","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5275"},"modified":"2009-12-15T07:56:12","modified_gmt":"2009-12-15T12:56:12","slug":"daily-market-review-dec-15-09","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/15\/daily-market-review-dec-15-09\/","title":{"rendered":"Daily Market Review Dec 15, 09"},"content":{"rendered":"
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 <\/p>\n

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

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

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

*Japanese Industrial Production at 0.5%<\/strong>, in line with market expectations<\/p>\n

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

*UK Rightmove House Price Index worse than expected at –2.2%<\/strong><\/p>\n

*Swiss PPI at 0.0%<\/strong> as expected<\/p>\n

*EU Employment Change for 3Q worse than forecasted -2.1%<\/strong> annualized<\/p>\n

*EU Industrial Production worse than expected at -11.1%<\/strong> annualized<\/p>\n

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

*Canadian Capacity Utilization fell to 67.5%<\/strong> in the third quarter<\/p>\n

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

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

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

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

Stock markets rose around the globe as Abu Dhabi, the richest country of the UAE, declared it will support Dubai World consortium with $10 billion, a week after it announced a renegotiation of its debt. In the US, EXXON Mobile stated it will acquire XTO Energy for $31 billion but its shares dropped by 4.3%, thus limiting the advance of the S&P to a modest 0.7%.<\/strong> In Europe, the main indices also climbed as the news of Abu Dhabi\u2019s intervention relieved concerns about Dubai World defaulting on its debt. The British FTSE 100 added 1%<\/strong> driven by financial institutions and the German DAX rose 0.8%.<\/strong><\/p>\n

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

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

The Dollar weakened in a day with no economic data releases coming from the US. EUR\/USD advanced from 1.46<\/strong> to the 1.4650<\/strong> level in a relatively quiet manner, following the huge sell-off that closed last week. The Pound experienced great volatility in early trading hours bouncing between 1.62<\/strong> and 1.63<\/strong> against the Greenback to finally settle slightly above 1.63<\/strong>. All Commodity linked currencies climbed versus its US counterpart. AUD\/USD consolidated around 0.9165<\/strong> ahead of the RBA\u2019s Monthly Minutes. The Yen declined against most majors as Abu Dhabi\u2019s support of Dubai World\u2019s debt alleviated worries of a default reducing the demand for safe-haven currencies.<\/p>\n

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

The weak Dollar helped push Gold up for the day, from last week\u2019s lows around $1110<\/strong> to a closing above $1126. <\/strong> Silver advanced as well, ending slightly below $17.35<\/strong>. Crude Oil recuperated modestly above $69<\/strong> with a brief intraday visit over $70,<\/strong> drifting a little lower to close around $69.60<\/strong>.<\/p>\n

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

The day will start early in Australia with the Dwelling Starts, which is seen as a key indicator of the Australian housing market\u2019s health. The RBA Minutes will be closely followed by traders to try to assess the chances of further rate hikes after three consecutive months of rising interest rates. In Europe, the Swiss Industrial Production and the British CPI are due for release. The ZEW Survey will shed light on the current economic sentiment of investors in Germany and the Euro-zone. During the US session Canada will release its Leading Indicators and the US PPI is expected to rise indicating commodity inflation. Towards midnight GMT the attention will go back to the Asia-Pacific region for the Australian Westpac Leading Index and the Japanese Tertiary Industry Index.<\/p>\n

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

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

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

After a pronounced bullish trend that originated in early August EUR\/GBP peaked just above 0.94<\/strong> and changed direction developing a bearish tendency. The last sessions, although volatile, are in line with the recent downwards movement, presenting the opportunity to open a Short position to take advantage of the current trend towards the next reliable support at 0.8835<\/strong>.<\/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 – After a pronounced bullish trend that originated in early August EUR\/GBP peaked just above 0.94 and changed direction…<\/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-5275","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5275","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=5275"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5275\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}