Chart of the Day
The Aussie/Dollar pair found resistance at the swing low marked by the red line and created a Pin Bar for a short opportunity. Next stop could be support at ~ 1.0479 but we must stay flexible and watch how value is perceived in the market.
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U.S. Fed Chairman Bernanke did little to excite the currency markets with a lack of details on plans to goose economic growth. The euro lost ground on concerns the debt crisis is worsening as Greece failed to meet fiscal targets. The ECB signaled a pause on rate hikes.
Equity & other Markets
DOW finished down -1.04% (-119.05) @ 11,295.81
S&P 500 finished down -1.06% (-12.72) @ 1185.90
NASDAQ finished down -0.78% (-19.80) @ 2529.14
Spot Gold was up 2.93% (54.40) @ 1,872.50
Oil was down -0.60% (0.54) @ 89.88
U.S. stocks fell as the lack of details from Fed Chairman Bernanke on stimulating the economy and the upcoming Obama jobs speech. Markets remain hopeful that Obama’s speech will telegraph some meaningful change to the U.S. economy as bold ideas from Washington are awaited.
On The Calendar
09/09 – Friday (EST)
4:30AM – GBP PPI input m/m
Day 1 – ALL G7 Meetings
7:00AM – CAD Employment Change
7:00AM – CAD Unemployment Rate
8:15AM – CAD Housing Starts