EUR/GBP Approaching Target 1, Crude Oil Forms Higher-Lows

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EUR/GBP Approaching Target 1, Crude Oil Forms Higher-Lows

Post  harpal1980 on Fri Sep 18, 2009 1:51 am

Despite positive economic data from the U.S yesterday the major stock indices failed to present a clear direction, hovering around their open throughout the whole of the session. The day started off on a positive note, but the indices quickly lost their steam, forming an intraday double top. After dropping back into negative territory, the indices managed to close off their lows of the day, with mild losses. The S&P500 finished the session with a loss of -0.14%, while the Nasdaq closed the session down by -0.3%.

On the data front, the Federal Reserve Bank of Philadelphia’s index jumped to 14.1, from last month’s 4.2 figure. The figure showed that despite recent comments from officials, mentioning that the economic recovery could take longer than expected, the manufacturing sector is on the right path to recovery. Furthermore, housing starts jumped to 0.6m, from 0.59m, while initial claims showed a drop of 12,000 last week.

From a technical point of view the major indices are now slightly over extended, therefore the positive data didn’t have much of a positive impact on the session, as investors preferred to take their money off the table, ahead of the weekend break.

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