Tuesday November 11, 2008 - 14:01:16 GMT
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Forex News: Semi Holiday but stock market is open
Today is Veterans Day in the US and Rememberance Day in Canada. Although the stock markets are open, it is a banking holiday and as a result, the activity is likely to be light. We at FXDD honor those who have served in the armed forces in America and Canada today and thank you for serving. We also remember those who died fighting for freedom around the globe.
Overnight, the ZEW Economic Sentiment indicators in Germany and the Eurozone improved overnight as efforts by the central banks to fight the financial turmoil were viewed positively. Nevertheless, the overall levels are still at low, low levels. The German ZEW came out at -53.5 versus -63.0 last month. Meanwhile the Eurozone ZEW came in at -54.0 vs. -62.7. The two measures tend to mirror each other (see chart above).
In other news overnight, the UK Trade Balance improved to -7.4 billion pounds from -8.2 billion. The lower pound contributed to an increase in exports. Going forward, the benefits from the lower pound may be offset by the slower global growth.
Last night, the NAB Business Confidence and Conditions indices fell sharply. The Confidence fell to -29 from -8 and the Conditions index fell from -1 to -11. The AUDUSD fell off the news but has since stabilized. Yesterday, the AUDUSD fell after rallying early on the China stimulus. Fundamentally, a infrastructure package by China should be a benefit to the Australia mining industry. Australia has been a large exporter of commodities like copper to China for their building needs.
From a technical perspective the AUDUSD remains near the lows but is consolidating (like most other currencies). The currency will be influenced by the trends in the commodities. Currently, copper and the precious metals are all down on the day as is the CRB index.
Trading forex is risky and should only be done with risk capital that will not change your lifestyle. Traders could lose all of their risk capital trading forex. FXDD does not guarantee any recommendation made within this commentary. Traders should make market assessments and take trading positions based on their own personal market analysis, risk tolerance and financial condition. In addition, care should be made to only use leverage which is congruent with your personal risk tolerance. Although care was taken in creating this report, FXDD does not guarantee the accuracy of the information
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