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Russell Sandiford / Dealer |
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Australia (toll free) T 1800 176 935
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The euro (EUR) dropped below 1.3000, and is currently at 1.2995 versus the US dollar (USD) as European markets open. Investors are weary of political developments in Europe as Eurogroup members meet today. The Italian election and the hung parliament result means that Europe’s largest debtor country will be without government for some time. A new vote may be possible if a compromise is not found. In other news we expect Spanish unemployment to rise further in a country where unemployment has reached 26.6%. These developments may put further pressure on the euro as the European indebted periphery looks far from growth.
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Movers & Shakers
AUDUSD
The Australian dollar (AUD) slid versus the US dollar (USD) and is currently trading at 1.0125. The move comes after worse than expected economic data coming out of China, Australia’s main trading partner and importer of metals and energies.
Outlook
EURUSD Pivot Point 1.3050 with a preference to go SHORT at 1.3050.
Sentiment is 52% of deals to buy EUR
USDJPY Pivot Point 92.70 with a preference to go LONG at 92.70.
Sentiment is 41% of deals to buy EUR
GBPUSD Pivot Point 1.5090 with a preference to go SHORT at 1.5090.
Sentiment is 66% of deals to buy GBP
AUDUSD Pivot Point 1.0185 with a preference to go SHORT at 1.0185.
Sentiment is 74% of deals to buy AUD
GOLD Pivot Point 1565 with a preference to go LONG at 1565.
Sentiment is 64% of deals to buy GOLD
OIL Pivot Point 91.40 with a preference to go SHORT at 91.40.
Sentiment is 72% of deals to buy OIL
US 500 Pivot Point 1497 with a preference to go Long at 1497.
Sentiment is 21% to buy US 500
UK 100 Pivot Point 6275 with a preference to go Long at 6275.
Sentiment is 23% to buy UK 100
Calendar
EUR – Spanish Unemployment Change at 08:00(GMT) Forecast 77.5k
GBP – Construction PMI at 09:30(GMT) Forecast 49.2
EUR – Producers Price Index at 10:00(GMT) Forecast 0.5%