Is This Going To Be a Copycat Day? Similar to yesterday’s session the major stock indices started off strong but quickly lost their steam. After touching 9620 the Dow has dropped to 9563 as investors are still not sure about the current follow through.
On the news front President Obama nomintated Bernanke for an additional term, mentioning that the Chairman dealt with the financial crisis in a calm and bold manner. In addition the S&P/CS Home Price indices composite showed a better than expected figure coming out at -15.40%, while the house price index increased by 0.5%. Even though it was lower than last month’s figure, the result came out better than expected
The Forex market showed some movement today as Dollar counterparts strengthened during the first half of the session. Due to the lack of momentum from the U.S market, the pairs are still finding it hard to break and continue their trends. When taking a glance at the following hourly chart of the EUR/USD one can see the minor resistance.
Looking forward, the U.S is scheduled to release its ABC/Washington Post consumer confidence figure, while Japan will follow with its CSPI yearly result.
To view the full economic calendar click here.
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