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Tuesday March 30, 2010 - 23:44:01 GMT
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Stock Markets Flounder on Low Volume

U.S. stock markets struggled most of the day to stay positive in another round of low volatility, light volume trading. Early in the session, the markets rallied following the release of a better than expected consumer confidence report but sellers took the opportunity to sell the move.

 

The prospect of higher interest rates seems to be weighing on equities at this time. In addition, investors seem reluctant to buy equities ahead of Friday’s U.S. Jobs data. The E-mini S&P 500 is still in an uptrend, but threatening to break further as buyer seem to be searching for value.

 

June Treasury Bonds and June Treasury Notes traded in a tight range on light volume. Last week yields in both of these instruments rose substantially as demand was less than stellar at the bond and note auctions. This week traders have been standing aside because of Friday’s U.S. Jobs Report. Traders seem to be reluctant to take a sizeable position ahead of this important report. Oversold conditions could trigger a short-covering rally as traders may lighten up positions ahead of the report.

 

The direction of the Dollar dictated the direction in June Gold today. With inflation “subdued’ and the situation in Greece under control, it looks as if gold will have to rely on the Dollar once again. The stronger Dollar helped push gold toward the important $1000 psychological support level.

 

Stronger demand for higher risk failed to boost June Crude Oil, but this market was mostly affected by the falling Euro. Upside momentum was building which could have driven this market through a pair of main tops at 83.70 and 83.80. Throughout most of the session, crude oil traded sideways to lower. Unless the Euro turns positive, look for the downside pressure to continue.

 

The Dollar reversed earlier weakness to close higher after U.S. consumer confidence data came out better than expected. The friendly report served as further evidence that the U.S. economy may be recovering faster than the Euro Zone. This means the Fed is likely to begin raising interest rates before the European Central Bank.

 

Upside momentum slowed considerably overnight which helped weaken the Euro on the New York session opening. The buzz over the European Union/International Monetary Fund Greece bailout plan seemed to be fading also. As expected, the June Euro broke back into a minor 50% retracement level at 1.3402. This price held, but the short-covering rally following the test of this level was weak.

 

Traders also reacted to a shift in the interest rate spread between U.S. Treasury and German financial instruments. 10-Year Note yields rose above the German Bund making an investment in U.S. Treasuries a more attractive investment. This also helped to pressure the Euro throughout day session.

 

Finally, the Dollar rose against the Euro as Greece’s seven-year notes fell in the initial day of trading. News that the auction of Greek 12-year bonds attracted less than half the debt offered also contributed to the weakness in the June Euro.

 

The June British Pound posted a strong gain early in the trading session following an upward revision in Fourth Quarter GDP. The final GDP figure showed the economy expanded by 0.4% during the fourth quarter, up from the previous estimate of 0.3%. Economists claim upward revisions in services and construction were responsible for the increase.

 

Despite the bullish news, this market is still in a down trend and struggled with a key 50% level at 1.5080. By the end of the day, the British Pound was trading well below its high for the day.

 

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Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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Amazing Trader EVENT RISK Calendar:

Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
13:30 US Weely Jobless
13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
00:00 Christmas Holidays

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  • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

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EXCLUSIVE: Global-View Free Forex Database updated




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