USD/JPY heading for its lowest level in 15 years, EUR/USD breaks its triangle

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USD/JPY heading for its lowest level in 15 years, EUR/USD breaks its triangle

Post  harpal1980 on Thu Nov 26, 2009 2:05 am

Economic data drove the major stock indices into a positive session yesterday, as employment figures showed a slight improvement, while the closely watched housing sector surprised investors for the better.

Initial jobless claims dropped to 466,000 from 501,000, beating analystís expectations. The numbers showed that the people collecting unemployment insurance dropped in the prior week, while those getting extended payments also declined. Housing starts also showed a major improvement as the numbers came out at 430,00k, compared to a forecast of 408,00k. The 6.2% jump was mainly due to an increase in demand in more southern states.

The Federal Reserve also had its daily affect on the markets, giving a statement that stressed the importance of a low rate environment. Even though the fed acknowledged that the current 0.25% rate is causing speculation of a higher stock market, they stated that current conditions are required to help the economy. The Fed mentioned that the lagging sectors in the economy should start to turn around; including housing and personal consumption, but the recovery will take time.

Stocks pushed forward yesterday and closed the session with mild gains. The S&P500 finished the session with a 0.45% gain, around prior resistance, while the Nasdaq climbed by a mere 0.42% to close at 1793.67 points.

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