Friday July 9, 2010 - 20:54:45 GMT
Share This Story
Forex Hound - www.forexhound.com
Stocks Finding Support on Light Volume
equity markets were trading better at the mid-session bolstered by
bidding in a sluggish trade. The current holiday shortened week is
much better than expected results ahead of earnings season. This time
week, equities were under pressure due to the bearish U.S. jobs data so
the turnaround is
a welcomed surprise.
Stocks opened slightly lower on Wall Street
this morning, in what appeared to be profit-taking or position evening
the start of earningâ€™s season next week. Unless the market were to get a
from a much better than expected Wholesale Trade or Inventories report
were looking for the stock indices to remain rangebound, very similar to
Thursdayâ€™s sluggish intraday action. Taking out yesterdayâ€™s high and
key 50% level at 1066.00 were seen as positives.
The U.S. Dollar is trading mixed against
most major currencies with the exception of the Canadian Dollar and New
Dollar. Traders seemed to shy away from riskier currencies throughout
despite a stronger equity market. Some of this weakness can be
end of the week profit-taking, but many traders believe confusion over
to follow the economic reports or the bank stress test rumors is
investors to pare positions.
The September Canadian Dollar is the big
winner today. The Canadian Dollar strengthened earlier in the session
government released a better than expected jobs report for June. This
news is a
strong sign that the Bank of Canada will raise interest rates a second
late July. Since the U.S./Canadian has been range bound for several
traders see this market as one with great opportunity because of the
possibility of a breakout move.
Weakness in global equity markets is
helping to put pressure on the September Euro and the commodity-linked
currencies. Risk sentiment seems to have shifted overnight with
becoming more risk averse. Profit-taking and position squaring ahead of
start of the U.S.
earnings season appears to be the catalyst behind this morningâ€™s early
The Euro is trading inside of major
retracement zone at 1.2609 to 1.2782. The current chart pattern suggests
developing daily closing price reversal top. This could lead to the
start of a
2 to 3 day break. At this time 1.2609 is holding as support. A failure
this level could trigger the start of an acceleration to the downside.
Forex Trading News
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
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."