Daily review 18/07/12
Wall Street has been closed yesterday (Tuesday) in prices increase after the speech of the Federal Reserve Chairman Ben Bernanke, who spoke in front of Congress.
On the background, investors continued to respond to the recent announcement of the IMF that it cuts its forecast for global economic growth. In Europe- Spain completed successfully bond issue yesterday, while mixed macro data published in Germany and the UK.
The Spanish government has sold short-term bonds worth 3.56 billion euros, slightly above the funding target that has been set by themselves.
Mixed trend characterizes the Asian stock markets trading today (Wednesday), after a positive closing in New - York last night.
Increases were recorded in Tokyo, However Hong Kong is down.
As mentioned above, investors reacted to the Federal Reserve Chairman Ben Bernanke speech; his semi- annual testify in the Senate.
Bernanke gave a partial response to the hopes of investors and economists that the Fed will launch quantitative easing: "U.S. growth frustratingly slow" . Bernanke made it clear that the Fed "will act" in light of the weak economic environment, but did not provide a direct indication to launch the expected QE3.
U.S. Consumer Price Index remained unchanged in June, when increase of food prices deletes the falling energy prices.
DOW 0.62%↑ S&P 0.74%↑ NSDQ 0.45%↑
EUR / USD:
EUR/USD trading at 1.2267 a decrease of 0.19% in writing.
The pair may find support at 1.2233 Wednesday low and resistance at- 1.2315 Tuesday high.
Meanwhile, the Euro weakens against the British Pound and against the Japanese Yen, when the -EUR/GBP drop a 0.12% to 0.7846 and –EUR/JPY add 0.29% to 96.93.
The British Pound weakens against the U.S Dollar today, trading at 1.5640 a decrease of 0.08%.
The pair may find support at 1.5552 Tuesday low and resistance at 1.5674 Tuesday high.
Meanwhile, the British Pound gain strength against the Euro and weakens against the Japanese Yen, while the EUR/GBP drop a 0.12% to 0.7846 and the GBP/JPY drop 0.20% to 123.51.
The U.S Dollar gain strength against the Canadian Dollar today, trading at 1.0125 an increase of 0.07%.
The pair may find support at 1.0114 today low and resistance at 1.0167 Tuesday high.
Meanwhile, the U.S Dollar gain strength against the Euro and against the British pound, while the EUR /USD drop 0.19% to 1.2267 and the GBP/USD drop 0.08% to 1.5640.
WTI- Crude Oil:
The WTI weakens today, trading at 88.72 a decrease of 0.56%.
May find support at 87.40 Tuesday low and resistance at 89.44 Tuesday high.