EU Morning Report - Nasdaq bullish amidst investor support
By NikolasX | February 6, 2013 8:56 PM EST
The euro (EUR) has regained some lost territory and remains aloof versus the US dollar (USD) at 1.3565 after finding support at 1.34577. The single currency, which has gained strength after last month’s confident announcement by Mario Draghi, is set to look for new levels of support before tomorrow’s European Central Bank (ECB) press conference. At the same time, the stronger euro was a cause for French socialist President Francois Hollande to remark that the single currency is stirring higher than is optimal for the European economy; without however commenting whether the ECB should intervene.
§ Silver (XAG) consolidated previous gains moving from 32.05 down to 31.73. The precious metal failed to move above previous support as investors move to riskier territory.
§ The Australian dollar (AUD) dropped to 1.0354 against the US dollar (USD) after the Reserve Bank of Australia signalled it could slash interest rates further, probing markets to push the pair into lower territory.
§ The British Pound (GBP) found lower support against the US dollar (USD) at 1.5655 just before the new Bank of England Governor Mark Carney takes control.
Stay in tune throughout the day with foreign exchange bullets!
|.||EURUSD||1.3540||LONG @ 1.3540||34% of deals buy EUR|
|.||USDJPY||93.00||LONG @ 93.00||35% of deals buy USD|
|.||GBPUSD||1.5710||SHORT @ 1.5710||67% of deals buy GBP|
|.||AUDUSD||1.0390||SHORT @ 1.0390||73% of deals buy AUD|
|.||GOLD||1661||LONG @ 1661||73% of deals buy GOLD|
|.||OIL||97.00||SHORT @ 97.00||61% of deals buy OIL|
|.||EUR||11:00||German Factory Orders m/m||0.8%|
The US Tech (NDQ), which tracks the Nasdaq index of American technology companies, has been through bouncy trading after it moved up to 2758 from a recent low of 2709. The index has been moved by uncertainty over industry giants such as Dell’s move to go private and strong earnings releases.