Traders Brush Aside Good Data Positive data didn’t help the markets Wednesday, as a lack of movement from U.S equities sent investors to cash in on recent gains. Even though economic data from across the world showed a positive picture during morning hours, Ex-Durable Goods released at the start of the session weighed on consumer confidence. The number came out modestly lower at 0.8%, compared to a consensus of 0.9%. On the up side, New Home Sales surprised analysts, as the result showed that the gloomy sector had risen for the forth month in a row, jumping by approximately 9.6%. The result helped the intraday session as it showed a 433k figure, compared to an expected 393k. Even though the number has had an effect on the intraday session, the major indices are currently flat, trading around their opening price. On the Forex market, the Dollar strengthened during the session, as Crude oil lost further strength, due to higher than expected inventory numbers. One must note that Crude oil and the Dollar tend to trade in an inverse relationship. The EUR/USD gave up further strength, despite Germany’s better than expected IFO numbers. The Pound broke recent range and is now heading down to support number 2. For the charts, please feel free to visit our chart analysis page. Looking Forward, New Zealand is expected to release its trade balance, while Australia is scheduled to release its Private New Capital Expenditure. One should note that both the Australian and the New Zealand Dollar are still presenting relative strength against the U.S Dollar compared to other counterparts.
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