Equities opens new year with positive sentiment

Friday, January 2, 2009

I hope you all enjoyed the holidays. The FX market is reopened already but I would like to use the fact you are all off work to update you on some vital events. There are two of them actually, The Manufacturing PMI in the UK (GBP) and The ISM Manufacturing PMI. Above 50.0 indicates industry expansion, below indicates contraction.

Equity Headlines:

• Stock market sentiment in Asia is positive as speculation that government policies will help shelter the region from global recession.

• Crude Oil dropped in New York on concern that the contracting global economy will spur off a further drop in demand.

• Expectation is that ISM Prices Paid will be out at 20.0. This will be the lowest level since 1949.

Forex Headlines:

• EURUSD: Ranging within a near term down-channel. Resistance at 1.4046, support 1.3825.

• EURJPY: Prefer short play. Target at 125.38. S/L at 127.032.

• USDJPY: Little higher. Support at 90.28, Resistance at 91.29

• GBPUSD: Retracing after gapped higher on opening. Next support at 1.456, resistance on 1.462.

• AUDUSD: Trading lower. Next support 0.692, resistance at 0.696.

Read more Market Analysis at: http://www.finexo.com/marketReview

Calculate Pivot tables at: http://www.finexo.com/pivotCalculator

View Detailed Economic Calendar at: http://www.finexo.com/calendar


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