{"id":5500,"date":"2009-12-24T07:47:27","date_gmt":"2009-12-24T12:47:27","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5500"},"modified":"2009-12-24T07:47:27","modified_gmt":"2009-12-24T12:47:27","slug":"forex-daily-market-review-dec-24-09","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/12\/24\/forex-daily-market-review-dec-24-09\/","title":{"rendered":"Forex Daily Market Review Dec 24, 09"},"content":{"rendered":"
\"\"<\/a><\/div>\n

 <\/p>\n

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

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

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

*Japanese BSI Large Manufacturing down to 13.2<\/strong> from previous 15.5<\/strong><\/p>\n

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

*Bank of England Minutes<\/p>\n

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

*Canadian GDP lower than expected at 0.2%<\/strong> MoM<\/p>\n

*US Personal Consumption Expenditures rose 0.5%<\/strong> vs. 0.6%<\/strong> expected<\/p>\n

*US Personal Income rose 0.4%<\/strong>, in line with market forecasts<\/p>\n

*US New Home Sales worse than expected at 355K<\/strong><\/p>\n

*US Michigan Consumer Sentiment Index lower than estimations at 72.5<\/strong><\/p>\n

*US EIA Crude Oil stockpiles dropped 4.9M<\/strong><\/p>\n

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

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

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

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

US stock markets advanced in reaction to the rise in consumer spending, even though it came lower than predicted, but gave up gains as the New Home Sales report showed negative numbers for the housing sector. The S&P managed to close up by 0.2%<\/strong> and the Dow added 0.1%<\/strong>. In Europe, the British FTSE 100 continued to advance for a third day gaining 0.8%<\/strong> as the BoE\u2019s policy makers voted unanimously to maintain the magnitude of their Quantitative Easing \u00a0program unchanged at 200 billion pounds. The German DAX ended virtually unchanged, gaining less than 0.1%<\/strong>.<\/p>\n

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

In a relatively quiet day of trading, the Dollar weakened against most majors after the recent rally that lasted over a week. Following the disappointing US economic data market participants felt a correction was due for the greenback. EUR\/USD found support slightly above 1.42<\/strong> and advanced towards 1.4350<\/strong>. The Pound was the worst performer against its US counterpart as the BoE Minutes failed to ignite positive sentiment in the market, which still perceives that the UK economy is lagging behind most countries\u2019 improvements. The Canadian dollar strengthened as the country\u2019s GDP figures showed a 0.2%<\/strong> expansion in October. The growth was lower than the expected 0.3%<\/strong> but the loonie managed to advance, with USD\/CAD breaking below 1.05<\/strong>. The Aussie and New Zealand dollars, commodity-linked currencies like the Canadian dollar, climbed versus its US peer as Crude Oil jumped on a larger-than-expected drop in stockpiles.<\/p>\n

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

Crude Oil jumped over $2<\/strong>, trading above $76.50<\/strong>, as the weekly EIA report showed that US stockpiles decreased by 4.9<\/strong> million barrels, when market expectations pointed to a 1.8 million drop. Gold rebounded from $1080<\/strong> reaching $1092<\/strong> an ounce as the Dollar weakened for the day. Silver followed, strengthening to $17.15<\/strong>.<\/p>\n

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

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

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

Bullish Scenario<\/strong>– A daily closing above 147<\/strong> will signal the continuation of the bullish momentum.<\/p>\n

Target A<\/strong>– 149<\/strong><\/p>\n

Target B<\/strong>– 150<\/strong><\/p>\n

Bearish scenario<\/strong>– A failure to break above the 147<\/strong> level will send the cross south for a correction.<\/p>\n

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

Target A- 144<\/strong><\/p>\n

Target B<\/strong>– 142<\/strong><\/p>\n

Daily Forex Market Analysis provided by eToro<\/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><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

By eToro – US stock markets advanced in reaction to the rise in consumer spending, even though it came lower than predicted, but gave up gains…<\/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-5500","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5500","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=5500"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5500\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}