Closing Price Reversal Top Pattern Pressuring Euro
The lack of confidence in Australia’s growth prospects has been helping to pressure the AUD USD. Traders started selling the Aussie after reports surfaced that some economists were cutting short-term gross domestic product forecasts for Australia following recent flooding in the state of Queensland.
Fundamental and Technical Factors Pressuring Crude Oil
U.S. stocks are trading weaker ahead of the opening. The market started to weaken on Tuesday following a drop in consumer confidence. This report seemed to carry more weight than a string of better earnings reports. Equity futures actually reached their highs shortly before the opening and never really got on track, forming a top even before the consumer confidence data was released.
Falling Equities Pressuring Commodity-Linked Currencies
Weakness in global equity markets is helping to put pressure on the Euro and the commodity-linked currencies. Risk sentiment seems to have shifted overnight with investors becoming more risk averse. Profit-taking and position squaring ahead of the start of the U.S. earnings season appears to be the catalyst behind this morning’s early weakness.
Stocks called Lower; Weak Healthcare Stocks Pressuring Equities
U.S. stock indices are called lower after a lackluster performance on Wednesday. Worries are the healthcare industry put a drag on the S&P 500 and Dow. Several healthcare companies issued lower futures earnings because of uncertainty over how much the new government healthcare plan will cost the economy.
Greek Financial Problems Pressuring European Currencies
The Euro has been under pressure since late last week when it failed to attract strong buying after the main trend turned to up. The overnight weakness has pierced the last swing bottom at 1.3384, turning the main trend back down. Downside pressure could build if this market takes out two key retracement levels at 1.3402 and 1.3370.