Daily Analysis – Chart of the Day
The Pound/Dollar pair continued lower once a bullish pullback completed after price moved up and tested two areas of resistance: a 50% retracement and the 8 period moving average. It’s now broken through the next level of support and looks to continue it’s downward trajectory.
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The Swiss Franc’s rise against most currencies is due to safe haven demand as investors concerned themselves with the possibility of global recession. US debt gained as well for the same reason: safe haven in times of uncertainty. The euro dropped across the board on better than expected US manufacturing data.
Equity & other Markets
DOW finished down -1.03% (-119.96) @ 11,493.57
S&P 500 finished down -1.19% (-14.47) @ 1204.42
NASDAQ finished down -1.30% (-33.42) @ 2,546.04
Spot Gold was down –0.22% (-4.10) @ 1,824.60
Oil was down -0.07% (-0.06) @ 88.75
Bank stocks dragged the U.S. stock market lower today and Goldman Sachs fell when regulators announced action would be taken over mortgage and foreclosure practices at a unit of the bank.
On The Calendar
09/02 – Friday
4:30AM – GBP Construction PMI
8:30AM – USD Non-Farm Employment Change
8:30AM – USD Employment Rate