Weekly review 28/5-1/6/12
Wall Street trading week is expected to open tomorrow (Tuesday) awaiting for news from Europe, and hope that this week will pass without special upheavals from the debt-ridden continent.
We note that the trading week will take only 4 days, in light of the U.S. Memorial Day events on Monday.
U.S. investors also will wait anxiously for publication of the employment report for May, this Friday.
Thr monthly employment report for May, is expected to vote on 152 thousand new jobs were created this month, compared with 115 thousand jobs in April.
Employment figures are a indicator key of U.S. economic recovery, as job growth affects consumer spending, which is 70% of U.S. GDP.
In addition in the U.S., will publish a number of significant data in the coming week, such as the Case - Shiller Index and consumer confidence on Tuesday, the ADP survey and weekly unemployment claims on Thursday.
In Europe, news about the elections in Greece expected to be publish (which are expected to take place on June 17) and set the tone.
According to recent surveys, the radical Left Party, which opposes the policy of austerity and Greek rescue plan, expected to win a majority in parliamentary elections - will take place in Greece for the second time in two months.
Last week EU leaders gathered to discuss the debt crisis on the continent, and came out with a joint statement on the need to keep Greece in the Eurozone.
On the other hand, the leaders of the continent disagreement as to whether or not to issue Euro – Bonds, as a solution to the crisis.
At the Forex scene, the dollar and the Yen will continue to move in accordance with the general sentiment in the markets.
EUR / USD:
EUR/USD trading at -1.2587 an increase of 0.58% in writing.
The pair may find support at 1.2495 Friday low and resistance at- 1.2618 Thursday high.
Meanwhile, the Euro gain strength against the British Pound and against the Japanese Yen, when the -EUR/GBP add a 0.42% to 0.8020 and –EUR/JPY add 0.25% to 99.96.
The British Pound gains strength against the U.S Dollar today, trading at 1.5690 an increase of 0.19%.
The pair may find support at 1.5629 Friday low and resistance at 1.5725 Thursday high.
Meanwhile, the British Pound weakens against the Euro and against the Japanese Yen, while the EUR/GBP add a 0.42% to 0.8020 and the GBP/JPY drop 0.12% to 124.60.
The U.S Dollar weakens against the Canadian Dollar today, trading at 1.0249 a decrease of 0.42%.
The pair may find support at 1.0224 Thursday low and resistance at 1.0310 Friday high.
Meanwhile, the U.S Dollar weakens against the Euro and against the British pound, while the EUR /USD add 0.58% to 1.2587 and the GBP/USD add 0.19% to 1.5690.
WTI- Crude Oil:
The WTI gain strength today, trading at 91.69 an increase of 0.42%.
May find support at 89.Thursday low and resistance at 93.24 Tuesday high.