Full Description: Euro slides on renewed EU Bank Capital concerns!
The US Dollar Traded thinly against most pairs in a range bound fashion as the US market was closed for Labor Day Holiday. The USD remained near post Nonfarm lows though as Asian and European stocks rallied. Looking ahead we have Europe's August Employment Trends previously 97.
The Euro yesterday stalled above 1.2900 in Europe buoyed by strong stocks before profit taking inspired a pull back. September Sentix Index slipped 7.6 vs. 8.5 previously. As the session went on a Wall Street Journal article was released claiming that some European banks did not reveal the true extent of their sovereign holdings during the stress test results. This renewed concern over European Banking capital has weighed on the Euro which got hammered back down to 1.2788. EUR/USD traded with a low of 1.2788 and a high of 1.2920 before closing at 1.2810. Looking ahead, July German Industrial Orders are forecast 0.5% vs. 3.2%.
Currency to watch out for: EURUSD & USDJPY
§ The EURUSD pivot point is at 1.2850 with a preference to enter into Short positions at 1.2840
§ The USDJPY pivot point is at 84.40 with a preference to enter Short positions at 84.35
Today's calendar and market movers:
§ German Industrial Orders for the month of July is forecasted at 0.5%
§ United States Employment Trend for August, prior months reading was 97
Equity Markets:
US equities closed negative yesterday with the S&P500 at -0.04% and the DJIA at -0.05%. The European bourses were positive with the FTSE up 0.20% the DAX and the CAC closing at 0.33% and 0.34% respectively. The NIKKEI and the HSI at the time of writing is -0.73% and 0.01% respectively.
This listing has been viewed 210 times.
