| Dow |
10,270 |
+73.00 |
|
| Nasdaq |
2,168 |
+18.86 |
|
| Russell 2K |
619 |
-3.78 |
|
| S&P 500 |
1,095 |
-3.07 |
|
  
|
Jan. 9th, 2009 03:03:35 AM
Global Currency Roundup: European FX Surge
The following has been sent to CMC Markets clients right after today's Bank of England rate announcement.
Sterling has already knived through our projected resistance of $1.5150, making yesterday's $1.5280 high a less challenging target, especially amid potentially negative US jobs data ahead (weekly claims and payrolls). GBP is likely to demonstrate the usual pattern of tempering current gains going into the US opening bell before rebounding later in NY trading. $1.5350 appears a viable target based on retracement/recoveries of the past 5 sessions.
Shifting onto the US session, Obama's speech comes one day after the Congressional Budget Office did the inevitable and revised up its 2009 budget deficit estimate to $1.2 trillion, fuelling the imbalance to 8.0% of GDP from the last $438 billion estimate (3.0% of GDP). The FY2010 estimate was revised to $703 billion from $438 billion.
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