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Daily market review for June 22nd

Posted by forexpromos on June 22nd, 2011

If Greece avoids defaulting on its sovereign debt, it could help renew confidence in the single currency, though the head of the world’s largest bond fund Pimco said Greece’s way out of its debt problem would be through default.

Daily forex market update reviews for June 15th. Updates on currencies, commodities and indices from around the. Read our daily market reviews

As foretold on Monday, U.S. equity indices finished flat for the week. Although there were some sizeable swings triggered by news stories and speculation, for the most part, investors were not willing to take a position in front of next week’s Federal Open Market Committee Meeting.

The scenario for next week is simple in my opinion. Maximum liquidity is bullish.

Weak economic reports from China ignited a sell-off in the equity markets on Wednesday but the embers were burning well ahead of the release of reports showing a decline in Chinese industrial output and weak retail sales.

The September E-mini S&P 500 hemmed and hawed throughout the middle part of the day but still managed to post a strong gain into the close. Today’s rally was triggered by a better than expected U.S. Weekly Initial Claims Report and renewed appetite for risk.

A stronger Euro overnight is helping to drive up demand for risky assets, sending U.S. equity markets higher before the opening. The ability to regain the psychological 1.20 price level triggered short-covering rallies in the global equity market, leading to the call for higher openings in New York this morning.

Machines attacked the Dow and sank the stock markets today.

There's no other explanation for what happened on the U.S. exchanges. Only machine trading could shave almost 1,000 points from the Dow in less time than the typical hard-working American takes for lunch.

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