Daily Review 2/5/2012

U.S. light crude oil contracts for June settled to record its highest close since March, after the activities of U.S. and Chinese factories in April, have had a positive impact on the outlook for oil demand. This data reduced fears about economic growth and the euro zone debt.

The report of the U.S. Institute for Supply Management as a positive that the pace of growth of the manufacturing sector in the United States rose unexpectedly when the index of national factory activity rose to 54.8 from 53.4, much above then expected.

The trading in most European stock exchanges was closed on the occasion of Labor Day holiday. The British Stock Market closed in a positive direction with a sudden acceleration in the industry in the United States.

FTSE 100 closed with an increase  as much as 75.45 points, or 1.3% to close at 5812.23.

Wall Street, yesterday closed in a positive direction due to a sudden acceleration in the growth of the manufacturing sector in the United States. The Dow Jones industrial average rose to its highest level in four years after it recorded giant  quarterly profit higher than expected.

Dow jones got increased for 65.69 points, or 0.5% to close at 13279.32 poin.

The Nsdq Composite Index, also rose 4.08 points, or by 0.13% to close at 3050.44. While the benchmark S & P 500 SPX,  rose for 7.91 points, or 0.57% to close at 1405.82.

EUR/USD

Euro found new resistance levels at 1.3270. If the price remains below the survival of these levels indicates  downward trend. The pair hit the highest level at 1.3285 yesterday,while the lowest level at 1.3205. To close almost without change in price levels at 1.3234.

GBP/USD

The pair found resistance at 1.6280,if the price remains below the survival of these levels indicates downward trend. GBPUSD reached its highest level at 1.6246 and the lowest level at 1.6185 dollars per pound sterling. To close almost without change in price levels at 1.6220.

USD/CAD

The pair found support levels at 0.9817 new, if price remains above these levels indicates upward trend. USDCAD hit the highest level at 0.9895 yesterday, while the lowest level at 0.9830. To close with a decrease of 19 points at 0.9850.

WTI
Oil found new levels of support at 104.80, if the price remains above these levels indicates upward trend. U.S. crude futures rose lightly in New York Mercantile Exchange (NYMEX) as much as $ 1.10 per barrel to close at 106.01, having fallen from a peak of 106.45 dollars per barrel, which touched its lowest level at 104.40 dollars per barrel.

Nicole Lewis