EUR/GBP Broke its Trend Line, Will GBP Strength Continue?
Low Volume at the Start of the Week, Mortgage Stocks Surge
The U.S stock market started the week on a positive note, ending the session with mild gains. Even though the intraday session was characterized by choppy trading, the indices received a boost towards the end of the session, backed by individual stocks from the housing sector.
Positive sentiment already came during morning hours, as China stated that its growth could reach 10% by next year.
The Christmas rally started a little earlier, with the markets finishing the holiday shortened week on a strong note. The S&P 500 finished the week above resistance closing with a weekly gain of 2.18%. Global equity markets made new highs for 2009 with the Nasdaq composite leading the charge finishing the week up 3.4%.
The U.S stock market presented another disappointing session as economic data and news headlines weighed on the intraday session. The start of the session was characterized by a major drop as U.S traders were influenced by the Asian and European markets. The FTSE for example, finished the session with a loss of -1.65%, just above its 50 day moving average.
Commodities fail to climb, Gold shows relative strength, Will $1100 act as resistance?
Friday’s unemployment rate in the U.S had a surprising subtle affect on the market as the number climbed to a 26 year high. The Bureau of Labor Statistics released a whopping 10.2% result, far worse than analyst’s expectations. In addition they showed a -190k NFP figure, compared to expectations of -175k.