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Morning Forex Report : Markets in the red after US afternoon slump

Morning Forex Report : Markets in the red after US afternoon slump

07/07/2010 by ukcitymedia.co.uk about : Forex Trading - 0 Comments - 403 words


A market report by : Betonmarkets Market update: 06.30 GMT

US stock markets broke their seven day losing streak last night with the Dow Jones closing up 0.6% on the day. Although this seems a positive move on the face of it, the strength of the bears in the US afternoon session is noteworthy. The Dow Jones gave up 100 points into the close as buyers were unable to hang on to the early enthusiasm.

This is best seen on the Nasdaq 100, which managed to close above Monday's close, but the bears still managed to push the market lower below the open for a record 11th session in a row.


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Markets are still jittery about the strength of the global recovery. Will the UK or US economy lurch back into recession? Or will we have the best case scenario of below trend growth?

There are concerns surrounding Europe still, particularly Spain and Greece. Germany appears to be struggling through economically, especially thanks to the weaker euro, but investors are still unnerved by the unknowns surrounding German and French banks (not to mention the Spanish regional banks).

As Der Speigel reports, the forthcoming European bank stress tests are aimed at reassuring markets, but this could have the opposite effect and torpedo confidence. Make the tests too easy and no-one will pay attention to the results, make them too stringent and it could erode confidence in the recovery.

With so many unknowns still out there, it's not surprising that the bears were able to take 100 points off the Dow's gains yesterday. The big test will be whether markets can build on yesterday for the rest of the week.

Forex markets

This morning we're back to 'risk off' mode as the late US session negativity spills over into the morning session. The main victims are the Aussie dollar and euro, though in neither case has the morning's sell off come close to erasing yesterday's gains.


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This article and trading idea is supplied/ written by Betonmarkets


   

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