Todayâ€˜s Forex heads includes consequences of most awaited yesterdayâ€˜s news of the Norway election reports, changes in the US equity market and the outcome of trade disputes between US and China.
So, without wasting more time, letâ€˜s have a quick assessment of the Forex top heads for the day.
The Red-Green Government in Norway had a very close won in yesterdayâ€˜s election and PM Stoltenberg is still holding the Prime Minister seat firmly. Therefore, Forex trading is supposed to be thin.
With the big achievement of S&P500 in this year, and the returns in utility and Forex shares, the US equity stocks and shares has retained its lost thrust and this incidence helped the market to recover from the deteriorating market positions as on Monday morning.
Yesterday, the S&P500 ended at 0.6% as compared to the Dow that closed at 0.2%. This sudden rise in S&P500 has made the Asian session a mixed Forex session with unassuming returns. According to the morning reports, the Nikkie opens with rise of 0.1%.
The Forex market is supposed to be thin in US, because of the trade disputes between US and China regarding the tariffs on import of Chinese tyres. The Chinese Government is arguing that the tariffs are abused and they have taken the matter to the WTO, yesterday.
Yesterday was the day for weak currencies, as the weak currencies are having stable positions in the overnight Forex market. Outcome The US retail sales will determine the market strength today.
Whatever be the small variations are likely to occur in the market today is all due to the cash for clunkers program. Bernanke statement on financial crisis will be the centre of attraction for the day.
The Federal Reserve is expected to purchase bonds and shares in the today Forex sessions. These changes in the economy are making the experts to suggest that the EURUSD is going to sustain its past six-monthâ€˜s momentum with EUR showing strong position in the market.
The short-term technical position is also heading towards higher level of around 1.4720. The other factor that is going to affect the market will be the inflation rates data release from the UK and BoE that can ignite the volatility in the GBP FX market.
Overall, there will be vicissitudes in todayâ€˜s Forex sessions and we will wait and watch for the closing prices of the currencies to analyze the impact of these happenings in the world floor.
The article puts forth the expected outcome of the Forex trading for the day due to various movements in the world economy and trade.
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