Daily Review 29.06 2012
European stock markets closed in a negative trend for the fifth time in six trading sessions caused by the announcement that EU summit may not take decisions on important steps to reduce the debt crisis in the continent.
Banking stocks led the declines after the fined attempt of Barclays to manipulate the interest rate between banks. The penalty is estimated at more than $ 450 million.
FTSE 100 Index, got decreased for 30.86 points, or 0.56% to close at the level of 5493.06 points.
Germany's DAX 30, got declined for 79.08 points, or 1.27% to close at the level of 6149.91 points.
French CAC 40 got decreased for 11.44 points or 0.37% to close at the level of 3051.68 points.
European concerns caused a decline in Wall Street for the first time in 3 days, Wall Street shares closed in a negative direction .
the S & P 500 fell for the first time in three days, in light of estimates that the EU summit, which opened yesterday, may not take decisions on important steps to reduce of the debt crisis in the continent.
S & P 500 SPX, got decreased for 2.81 points or 0.21% to close at the level of 1329.04 points.
The Nasdaq Composite Index, got declined for 25.83 points, or 0.9% to close at the level of 2849.49 points.
The Dow Jones industrial average was where this falls under the cursor and closed trading session on Wall Street with a decline of 24.75 points, or 0.2% to close at the level of 12602.26 points.
Japanese unemployment rate data for May got increased by 4.4%, which was predicted to rise by 4.5%. While the previous reading recorded an increase of 4.6%
U.S. jobless claims for the weekend of 23rd of June being exported published around 386 thousand applications, where the current reading is higher than analysts' forecasts, which indicated about 385 thousand applications. The previous reading issued about 392 thousand requests.
The final reading of GDP in the United States for the first quarter, showed economic growth by 1.9% in line with the forecast.
EUR/USD
In morning trading the pair rose for 150 points, and hit its highest level at 1.2625, while the lowest at 1.2431
EUR/USD found new resistance level at 1.2580, if the pair break through the key resistance at 1.2630, it is expected to face the next level of 1.2660, while the breaking the level of 1.2525 could postpone achieving these expectations.
The trading range for the day:
Resistance 1.2630 1.2660 1.2700
Support 1.2400 1.2460 1.2525
GBP/USD
Sterling rose against the dollar in Asian trading more than 100 points. The pair reached its highest level at 1.5626 , while the lowest in the 1.5507.
Most likely the pair will try to test the resistance level at 1.5690, while breaking the level of 1.5540 would delay the achievement of these expectations.
The trading range for the day:
Resistance 1.5645 1.5690 1.5735
Support 1.5470 1.5500 1.5540
GOLD
The precious metal in morning trading more got increased more than 15$ an ounce, but still the gold is traded below the level of 1600 due to fears that the global economic slowdown and worsening debt crisis in Europe, which will prompt investors to shift to the U.S. dollar, and The precious metal reached its highest level at 1568.83, while lowest at 1550.41.
Most likely the gold will try to test the support level at 1543 while breaking the level of 1569 may postpone achieving these expectations.
The trading range for the day:
Resistance 1569 1578 1586
Support 1530 1536 1543
Oil WTI - Crude Oil
Crude oil prices rose in Asian and American markets more than 1 USD per barrel. In yesterdays trading the pieces ranged between 79.44 and $ 78.25 a barrel.
Most likely the oil will try to test support level at 77.60 while breaking the level of 80.40 could postpone achieving these expectations.
The trading range for the day:
Resistance 80.40 81.40 82.00
Support 77.00 77.60 78.65
Nicole Lewis
